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28 January, 20:19

Exhibit 4-9 Price of Good X Quantity Demanded Quantity Supplied $10 220 90 11 200 100 12 180 130 13 150 150 14 120 190 15 80 260 Refer to Exhibit 4-9. Suppose that the government imposes a price ceiling at a price of $11. How many fewer units would be exchanged at the price ceiling than would be exchanged at the equilibrium price?

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  1. 28 January, 23:08
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    The market of good X will experiment a decrease of 50 units in the untis available as will drop to 100 units from 150

    Explanation:

    Price Qd Qs

    10 220 90

    11 200 100

    12 180 130

    13 150 150

    14 120 190

    15 80 260

    At a celling of $11 dollars the people would demand for 200 untis but suppliers will only be willing to produce and sell 100 untis.

    The equilibrium price of $13 match for 150 units

    Therefore, the decrease will be 50 units
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