Price floor and price ceilings
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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