Using the data provided in the accompanying table, fill in the last column and then provide answers to the following:

1. Identify whether the number is a surplus, shortage, or neither.

2. What is the efficient quantity?

3. What price results in the efficient quantity? Using the data from the table, draw graphs of a demand and supply curve and indicate the point of equilibrium with the help of the Grapher tool. Press the Alt+ Print Scrn keys simultaneously. Open a Microsoft Word document and insert the image by pressing the Ctrl+ V.

Transcribed Image Text:

Price Quantity Demanded $12 $11 $10 $9 $8 $7 7 8 9 10 11 12 Quantity Supplied 987654 5 Surplus (+) or Shortage (-) Price Quantity Demanded $12 $11 $10 $9 $8 $7 7 8 9 10 11 12 Quantity Supplied 987654 5 Surplus (+) or Shortage (-)

Answer rating: 100% (QA)

Introduction Price ceiling is the law that sets a maximum price below the equilibrium mark... View the full answer