The demand for vegetables is given by Qd = 500-? P and supply is given by...
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The demand for vegetables is given by Qd = 500-? P and supply is given by Qs=? P-100? Where Q represents quantity of vegetables in kilos and P represents the price of vegetable. In an attempt to increase the amount of vegetables consumption, the government has imposed a price ceiling on the price of vegetables at T.Shs 200. (a)? Explain the effects of such a policy on the market for vegetables; explicitly stating what will happen to equilibrium price and quantity on this market. (b)? At the price ceiling, determine whether or not there is excess demand or excess supply. (c)? Will this policy have the desired effect on the amount of vegetables consumed? Explain The demand for vegetables is given by Qd = 500-? P and supply is given by Qs=? P-100? Where Q represents quantity of vegetables in kilos and P represents the price of vegetable. In an attempt to increase the amount of vegetables consumption, the government has imposed a price ceiling on the price of vegetables at T.Shs 200. (a)? Explain the effects of such a policy on the market for vegetables; explicitly stating what will happen to equilibrium price and quantity on this market. (b)? At the price ceiling, determine whether or not there is excess demand or excess supply. (c)? Will this policy have the desired effect on the amount of vegetables consumed? Explain
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