Review the following data and fill in the blanks Quantity Demand Price Quantity Supply 200 4 40 800 250 4 20 700 300 4 00 600 350 3 80 500 400 3 60 400 450 3 40 300 500 3 20 200 The equilibrium price and quantity are EP and EQ If a legal price floor is established at $4 20, there will be a (shortag...

The equilibrium price and quantity are EP 360 and EQ 400 If a legal price floor is established at ...

Review the following data and fill in the blanks: Quantity Demand Price Quantity Supply 200 4.40 800

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Review the following data and fill in the blanks:

Quantity Demand	Price	Quantity Supply
200	4.40	800
250	4.20	700
300	4.00	600
350	3.80	500
400	3.60	400
450	3.40	300
500	3.20	200

The equilibrium price and quantity are EP = _______ and EQ = __________.

If a legal price floor is established at $4.20, there will be a (shortage/surplus) at a price of ______ and quantity of _________?

If the legal price is established at ________, there will be a shortage of 150 pounds at this price.

Related Book For answer-question

Economics

ISBN: 978-1285738321

12th edition

Authors: Roger A. Arnold

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Posted Date: Sep 13, 2020 10:30 PM

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Review the following data and fill in the blanks: Quantity Demand Price Quantity Supply 200 4.40 800

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