Q3

P($)QdQs

0 100

1 83

2 66

3 49

4 212

5 015

a.Plot the Demand and Supply Curve from the given data and show the Equilibrium Price and Equilibrium Quantity.

b.If the price is set at $1 per slice, how would it impact the market? Calculate shortage or surplus.

c.If the price is set at $4 per slice, Calculate shortage or surplus.

d.Is there any shortage or surplus if Govt Impose price ceiling of $3?