Hello,

I have solved my question but I am not sure about the higlighted parts...Price ceiling or Price floor.

Could you help with that please?

Thank you,

Question 4 [12 points] The demand for oranges is represented by Pp = 74 - 2Q and the supply for oranges is represented by Ps = 4Q + 2. Determine for each of the following prices if it is a price floor, price ceiling, or neither. For each price determine the quantity shortage or surplus. a) P = $38. Price ceiling/floor. Price Floor Surplus/Shortage: [Shortage Amount 9 b) P = $46. Price ceiling/floor: Price Ceiling Surplus/Shortage: Shortage Amount: 3