question archive The table below shows the demand and supply of coats in CedarsVille
The table below shows the demand and supply of coats in CedarsVille
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The table below shows the demand and supply of coats in CedarsVille.
a. What is the equilibrium price of coats?
b. Will a shortage or surplus occur?
c. At what price will the most coats sold be sold?
d. The mayor of CedarsVille in order to "help the poor by making coats cheaper", imposes a price ceiling of $40. How many coats will be bought and sold? Will a surplus or shortage of coats occur?
e. The mayor of CedarsVille, in order to "help protect our coat industry," imposes a price floor of $80 instead. How many coats will be bought and sold? Will a shortage of coats or surplus occur?
| Price | Quantity of Coats demanded (per day) | Quantity of Coats Supplied (per day) |
| $80 | 50 | 110 |
| $70 | 60 | 90 |
| $60 | 70 | 70 |
| $50 | 80 | 50 |
| $40 | 90 | 30 |
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