Assessment Brief
Price
Quantity Demanded
Quantity Supplied
Surplus (+) or Shortage
(–)
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$12
7
9
$11
8
8
$10
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9
7
$9
10
6
$8
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11
5
$7
12
4
·
Identify whether the number is a surplus,
shortage, or neither.
·
What is the efficient quantity?
·
What price results in the efficient quantity?
Using the data from the table, draw graphs of a demand and supply curve and
indicate the point of equilibrium with the help of the Grapher tool. Press the Alt+PrintScrn keys simultaneously. Open a Microsoft
Word document and insert the image by pressing the Ctrl+V.
·
Suppose a price ceiling of $8 is established.
Does a surplus or shortage result? What is the amount of surplus or shortage?
·
Suppose a price ceiling of $12 is established.
What is its effect?
·
Suppose a price floor of $12 is established.
Explain its effect.
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