The table below presents the average monthly demand and supply of 4' x 8' sheets of...

 

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The table below presents the average monthly demand and supply of 4' x 8' sheets of plywood from a typical home building supply store. In any month when coastal states such as Florida are threatened by hurricanes, the typical monthly demand for plywood increases by 400 sheets at every price. Imagine Florida passes a "price gouging" law that prevents home building supply stores from raising the price of plywood when hurricanes threaten. Market for Plywood Price (dollars) $10 11 12 13 14 15 16 17 18 19 20 21 Initial Quantity of Plywood Demanded (sheets) 6,700 6,500 6,300 6,100 5,900 5,700 5,500 5,300 5,100 4,900 4,700 4,500 Initial Quantity of New Quantity of Plywood Demanded (sheets) 7,100 6,900 6,700 sheets Plywood Supplied (sheets) 3,900 4,100 4,300 4,500 4,700 4,900 5,100 5,300 5,500 5,700 5,900 6,100 6,500 6,300 6,100 5,900 5,700 5,500 5,300 5,100 4,900 Instructions: Enter your answers as a whole number. a. When there are no hurricanes threatening Florida, and without the "price gouging" law in place, what are the equilibrium price and quantity in the plywood market? P= $ b. When hurricanes threaten Florida, and without the "price gouging" law in place, what are the equilibrium price and quantity in the plywood market? P=$ Q= c. When hurricanes threaten Florida, and with the "price gouging" law in place, what are the market price of plywood, the quantity demanded of plywood, and the quantity supplied of plywood? P= $ Qd=1 sheets sheets sheets The table below presents the average monthly demand and supply of 4' x 8' sheets of plywood from a typical home building supply store. In any month when coastal states such as Florida are threatened by hurricanes, the typical monthly demand for plywood increases by 400 sheets at every price. Imagine Florida passes a "price gouging" law that prevents home building supply stores from raising the price of plywood when hurricanes threaten. Market for Plywood Price (dollars) $10 11 12 13 14 15 16 17 18 19 20 21 Initial Quantity of Plywood Demanded (sheets) 6,700 6,500 6,300 6,100 5,900 5,700 5,500 5,300 5,100 4,900 4,700 4,500 Initial Quantity of New Quantity of Plywood Demanded (sheets) 7,100 6,900 6,700 sheets Plywood Supplied (sheets) 3,900 4,100 4,300 4,500 4,700 4,900 5,100 5,300 5,500 5,700 5,900 6,100 6,500 6,300 6,100 5,900 5,700 5,500 5,300 5,100 4,900 Instructions: Enter your answers as a whole number. a. When there are no hurricanes threatening Florida, and without the "price gouging" law in place, what are the equilibrium price and quantity in the plywood market? P= $ The table below presents the average monthly demand and supply of 4' x 8' sheets of plywood from a typical home building supply store. In any month when coastal states such as Florida are threatened by hurricanes, the typical monthly demand for plywood increases by 400 sheets at every price. Imagine Florida passes a "price gouging" law that prevents home building supply stores from raising the price of plywood when hurricanes threaten. Market for Plywood Price (dollars) $10 11 12 13 14 15 16 17 18 19 20 21 Initial Quantity of Plywood Demanded (sheets) 6,700 6,500 6,300 6,100 5,900 5,700 5,500 5,300 5,100 4,900 4,700 4,500 Initial Quantity of New Quantity of Plywood Demanded (sheets) 7,100 6,900 6,700 sheets Plywood Supplied (sheets) 3,900 4,100 4,300 4,500 4,700 4,900 5,100 5,300 5,500 5,700 5,900 6,100 6,500 6,300 6,100 5,900 5,700 5,500 5,300 5,100 4,900 Instructions: Enter your answers as a whole number. a. When there are no hurricanes threatening Florida, and without the "price gouging" law in place, what are the equilibrium price and quantity in the plywood market? P= $ b. When hurricanes threaten Florida, and without the "price gouging" law in place, what are the equilibrium price and quantity in the plywood market? P=$ Q= c. When hurricanes threaten Florida, and with the "price gouging" law in place, what are the market price of plywood, the quantity demanded of plywood, and the quantity supplied of plywood? P= $ Qd=1 sheets sheets sheets b. When hurricanes threaten Florida, and without the "price gouging" law in place, what are the equilibrium price and quantity in the plywood market? P=$ Q= c. When hurricanes threaten Florida, and with the "price gouging" law in place, what are the market price of plywood, the quantity demanded of plywood, and the quantity supplied of plywood? P= $ Qd=1 sheets sheets sheets

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a Equilibrium price and quantity without hurricanes o... View the full answer