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The below figure shows a market in equilibrium: FIGURE 6P-1 Price ($) 22 20 1888 16 14 12 10 8 6 4 2 S D
The below figure shows a market in equilibrium: FIGURE 6P-1 Price ($) 22 20 1888 16 14 12 10 8 6 4 2 S D 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity a. Draw a price ceiling at $12. What is the amount of shortage at this price? Draw and calculate the deadweight loss. b. Draw a price ceiling at $4. What is the amount of shortage at this price? Draw and calculate the deadweight loss. 
The below figure shows a market in equilibrium: a. Draw a price ceiling at $12. What is the amount of shortage at this price? Draw and calculate the deadweight loss. b. Draw a price ceiling at $4. What is the amount of shortage at this price? Draw and calculate the deadweight loss
The below figure shows a market in equilibrium: FIGURE 6P-1 Price ($) 22 20 1888 16 14 12 10 8 6 4 2 S D 0 1 2 3 4 5 6 7 8 9 10 11 12 Quantity a. Draw a price ceiling at $12. What is the amount of shortage at this price? Draw and calculate the deadweight loss. b. Draw a price ceiling at $4. What is the amount of shortage at this price? Draw and calculate the deadweight loss.
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