A low-income country decides to set a price ceiling on bread so they can make sure that bread is affordable to the poor.

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A Low Income Country Decides To Set A Price Ceiling On Bread So They Can Make Sure That Bread Is Affordable To The Poor 1 (27.33 KiB) Viewed 9 times

A low-income country decides to set a price ceiling on bread so they can make sure that bread is affordable to the poor. The conditions of demand and supply are given in the table below. Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8,000 6,400 $2.80 7,500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 $4.00 6,000 15,000 What is the equilibrium price before the price ceiling? (include decimal point) What is equilibrium quantity before the price ceiling? (exclude comma, whole number only) What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling is set at $2.40? What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling is set at $2.00? What will the excess demand or the shortage (that is, quantity demanded minus quantity supplied) be if the price ceiling is set at $3.607