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The table below shows The Party Place market in Mexico. Price per Unit Quantity Quantity S Demanded Supplied 700 10 650 200 600 300 550
The table below shows The Party Place market in Mexico. Price per Unit Quantity Quantity S Demanded Supplied 700 10 650 200 600 300 550 100 500 500 450 600 400 700 350 800 a) Plot the quantity demanded and quantity supplied for The Party Place in Mexico. Quantity Demanded 10- 8- Price per unit ($) 6- N 150 300 450 600 750 900 Reset Quantity (Q) b) What are the equilibrium values of price and quantity? Price =50 Quantity = 0 c) Suppose that the government imposes an effective price floor that is $1 different from the present equilibrium price. What would be the resulting shortage/surplus? (Select Answer) of 0 d) Suppose instead that the government imposes an effective price ceiling that is $2 different from the present equilibrium price. What would be the resulting shortage/surplus? Select Answer) of 0
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