where Qd = million tons of rice the Japanese would like to buy each year, Qs...

 

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where Qd = million tons of rice the Japanese would like to buy each year, Qs = million tons of rice Japanese farmers would like to sell each year, and P = price per ton of rice (in hundreds) a.Calculate the equilibrium price and quantity in the market for rice in Japan. b.lf the government sets the maximum price of rice at 1.5, will there be a surplus or a shortage? Of how many units? Is it not binding or binding price ceiling? where Qd = million tons of rice the Japanese would like to buy each year, Qs = million tons of rice Japanese farmers would like to sell each year, and P = price per ton of rice (in hundreds) a.Calculate the equilibrium price and quantity in the market for rice in Japan. b.lf the government sets the maximum price of rice at 1.5, will there be a surplus or a shortage? Of how many units? Is it not binding or binding price ceiling?