Homework #2 - Economics 102-02 Spring 2012 Homework #2 Due...

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Economics 102-02 Spring 2012 Homework #2 Due February 27, 2012 NO LATE ASSIGNMENTS WILL BE ACCEPTED. Chapter 3 Page 64 Question #9 parts g and h only Chapter 6 Page 132 Questions #9, 10 Complete the following question as well. 1. The following table summarizes the market for new textbooks at the NCC Bookstore. Price Quantity Supplied Quantity Demanded $175 3000 4000 $200 3500 3500 $225 4000 3000 $250 4500 2500 $275 5000 2000 a. Graph the above supply and demand schedules on the same graph. b. What are the equilibrium price and quantity? Show the point of equilibrium on your graph. c. At all prices other than equilibrium, state whether there is a shortage or surplus of textbooks and how large this shortage or surplus is. d. Suppose the school places a $175 limit on the price of textbooks. Would this represent an effective price ceiling or an effective price floor? Explain. e. At this price of $175, how many textbooks will now be sold?
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This note was uploaded on 02/29/2012 for the course ECON 201 taught by Professor Glaser during the Spring '12 term at Bergen Community College.

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Homework #2 - Economics 102-02 Spring 2012 Homework #2 Due...

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