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- Market Equil. and Policy Saved 19 The table below presents the average monthly demand and supply of 4' x 8' sheets of plywood from a typical home building supply store. In any month when coastal states such as Florida are threatened by hurricanes, the typical monthly demand for plywood Increases by 600 sheets at every price. Imagine Florida passes a "price gouging" law that prevents home building supply stores from raising the price of plywood when hurricanes threaten. Market for Plywood Initial Initial Quantity of Quantity of New Quantity Plywood Plywood of Plywood Price remanded Supplied (dollars) Demanded (sheets) (sheets) sheets) $10 5, 700 3, 600 6, 300 Print 5, 600 3, 800 6,200 12 5, 500 1, 000 5, 100 5, 400 4, 200 5, 000 5,300 4, 400 5,900 5,200 4, 600 5, 800 5, 100 4, 800 5, 700 17 5, 000 5,000 5, 600 4,900 5, 200 5,500 4, 800 5, 400 5, 400 4, 700 5, 600 5, 300 1, 600 5,800 200 Instructions: Enter your answers as a whole number. a. When there are no hurricanes threatening Florida, and without the "price gouging" law in place, what are the equilibrium price and quantity in the plywood market? P= $ Q= sheets plywood market? b. When hurricanes threaten Florida, and without the "price gouging" law In place, what are the equilibrium price and quantity in the P = $[ Q = sheets c. When hurricanes threaten Florida, and with the "price gouging" law in place, what are the equilibrium price of plywood, the quantity demanded of plywood, and the quantity supplied of plywood? P= $ Qd= sheets Qs=[ sheets d. If the "price gouging" law goes into effect, the result of the law during hurricane season will be: to create a shortage of 400 sheets of plywood. to create a shortage of 600 sheets of plywood. O to create a surplus of 400 sheets of plywood. to create a surplus of 600 sheets of plywood