Price floor and price ceilings
All in One PlaceEverything you need for JC, LC, and college level maths and science classes. | Learn with EaseWe’ve mastered the national curriculum so that you can revise with confidence. | Instant Help24/7 access to the best tips, walkthroughs, and practice exercises available. |
Make math click 🤔 and get better grades! 💯Join for Free
Intros
Examples
Lessons
- Understanding Price Ceilings
Consider the following graph of the market: - Suppose the demand function is P = 300 - 2Q, and the supply function is S = 100 + 3Q.
- Understanding Price Floors
Consider the following graph of the market: - Suppose we have the following information:
Wage rate (dollars per hour)
Quantity demanded (hours per month)
Quantity Supplied (hours per month)
7
1500
500
8
1250
750
9
1000
1000
10
750
1250
11
500
1500