QUESTION 19 5 points Save Answer Market for Quality Wheel Barrels. (P stands for

Question

QUESTION 19 5 points Save Answer Market for Quality Wheel Barrels. (P stands for Price) The Quantity Demanded Equation is: Qd 810 5P The Quantity Supplied Equation is: Qs-150+ 5P Therefore, the Equilirum Price is equal to $ and the equilibrium Quantity is equal to wheel barrels. $25; 685 O $66, 480 $535, 55 $40; 430 QUESTION 20 5 points Save Answer Given the previous question answer the following of $45 was imposed Government believes more people should have at least one wheel barrel in every garage. To make this happen a price on the market. This will create a surplus or shortage of wheel barrels floor, surplus; 120 floor; shortage; 100 ceilings; shortage; 100 O ceiling; shortage; 210

Explanation / Answer

1- to find the equilibrium we have to equate the demand and supply,

810-5p = 150+5p

= 10p = 660

so p = 66 and q = 480

so answer is B

2- so now prices have to be decreased thus price ceiling has to be imposed , thus there will be a shortage of

QD-QS at p = 45, tthis comes out to be 210

so answer is D

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