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MyConcordia - Concordia University Course: ECON 201 1 2204 Principles of Microeconomics - Lyryx Learning Lab 3 (Question 4) - Lyryx Learning Inc Course Hero lyryx Print Preferences Help Lab 3 (Question 4) Name: Dilany Mailvaganam Date: 2021-02-04 Question 4 [12 points] The demand for chicken is represented by Pp = 64 - 2Q and the supply for chicken is represented by Ps = 2Q + 4. Determine for each of the following prices if it is a price floor, price ceiling, or neither. For each price determine the quantity shortage or surplus. a) P=$38. Price ceiling/floor: Price Floor Surplus/Shortage: Surplus Amount b) P = $40. Price ceiling floor. Price Floor Surplus/Shortage: Surplus Amount 6 Official Time: 22:35.30 SUBMIT AND MARK SAVE AND CLOSE