1 answer

Pretty sure that I have the equilibrium concept down. I am confused about price ceilings and...

Question:

Pretty sure that I have the equilibrium concept down. I am confused about price ceilings and how they impact markets. The market for packs of AA batteries during a typical week in Tulsa, Oklahoma is described in the table below. Market for AA Batteries Quantity of Quantity of Batteries Demanded (packs) Batteries Supplied (packs) 150 130 110 90 70 50 30 10 Price (dollars) $20 18 16 14 12 10 10 20 30 40 50 60 70 Instructions: Enter your answers as a whole number a. During a typical week in Tulsa, Oklahoma, what are the initial equilibrium price and quantity in the market for packs of AA batteries? 50 packs

The market for packs of AA batteries during a typical week in Tulsa, Oklahoma is described in the table below. Market for AA Batteries Quantity of Quantity of Batteries Demanded (packs) Batteries Supplied (packs) 150 130 110 90 70 50 30 10 Price (dollars) $20 18 16 14 12 10 10 20 30 40 50 60 70 Instructions: Enter your answers as a whole number a. During a typical week in Tulsa, Oklahoma, what are the initial equilibrium price and quantity in the market for packs of AA batteries? 50 packs
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Answers

Starting from point C because above that all your answers are correct.

c) when the price ceiling is in effect the demand of the AA batteries is 70 and the supply is 40. As the price is lower than the equilibrium price(12) the demand will be greater than the supply in the market. there will be a shortage of 30 in the market.

d) The price ceiling will impact the market by creating a shortage in the market.

e) "A"

As a result the quantity demanded exceeds the quantity supplied by 30 packs of AA batteries in a week when tornadoes threaten Tulsa.

.

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