The market for Fidget Spinners is represented by the following graph: Fidget Spinners P S $6 $4 $1 .. .. D 60 75 100 125 150 Q Answer the following questions based on the information contained in the graph above. . In the competitive market for Fidget Spinners, when no price controls have been put in place: 1. What is the competitive equilibrium price of a Fidget Spinner?: P* = $. 2. What is the competitive equilibrium quantity of Fidget Spinners?: Q* = SpinnersI It has been found that Fidget Spinners are useful in preventing distraction when learning new tasks and activities. As such, the US. Government has decided that every citizen should own a dget spinner, although some cannot a'ord one. To remedy this situation, the government implements a Price Ceiling : $6 per Fidget Spinner. 3. With a Price Ceiling = $6 in place, what will be the Quantity of Fidget Spinners Sup- plied?: Q, = ____________ Fidget Spinners 4. With a Price Ceiling = $6 in place, what will be the Quantity of Fidget Spinners De- manded?: C2,; = ____________ Fidget Spinners o The Government decides that the previous Price Ceiling was too lenient. A new Price Ceiling = $1 is implemented instead: 5. With a Price Ceiling = $1 in place, what will be the Quantity of Fidget Spinners Sup- plied?: C2,, = ,,,,,,,,,,,, Fidget Spinners 6. With a Price Ceiling = $1 in place, what will be the Quantity of Fidget Spinners De- manded?: Q; = __ __________ Fidget Spinners 7. What will be the amount of the shortage or surplus created by this price control? (a) Shortage of 50 Fidget Spinners (b) Surplus of 60 Fidget Spinners (c) Shortage of 90 Fidget Spinners (d) Surplus of 100 Fidget Spinners (e) Shortage of 150 Fidget Spinners (f) No Shortage or Surplus will be created 0 The government realizes it has neglected the role of the Fidget Spinner producers in this market, and decides to remove the Price Ceiling, and implement a Price Floor = $6. 8. With a Price Floor = $6 in place, what will be the Quantity of Fidget Spinners Supplied?: Q, = ___________ Fidget Spinners 9. With a Price Floor = $6 in place, what will be the Quantity of Fidget Spinners De- manded?: Q; = _ _________ Fidget Spinners 10. What will be the amount of the shortage or surplus created by this price control? (a) Surplus of 50 Fidget Spinners (b) Shortage of 60 Fidget Spinners (c) Surplus of 90 Fidget Spinners (d) Shortage of 100 Fidget Spinners (e) Shortage of 150 Fidget Spinners (f) No Shortage or Surplus will be created