Secure https://newconnect.mheducation.com/flow/connect.html 5 40 4 Instructions:

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Secure https://newconnect.mheducation.com/flow/connect.html 5 40 4 Instructions: Under setings, click "Price Rloor so select it When it is selecced, it will be n dark blue s What is the equilibrium price and quentity in the sbsence of an effective price Soor b.Whet is the new price end que my price foor (s set $600? c. Is the price foor $600 effective di d Whet is the new price and quantity if the price floor is set e $3.00 e. is the price foor at $300 effective? C t When she price fioor is efflective, whert happens to the quentty vensscted in the merke Ck

Explanation / Answer

a. P=5 and Q=25
b. P = 6 and Q=20
c. Yes, It is the minimum price or wages needs to be paid to purchase or hire a resource
d. P=3 and Q= 15
e. No, As the minimum price is effective only when it is above equilibrium price
f. As the price floor is minimum price like minimum wage, with the effective price floor, the demand decreases and supply increases leading to excess supply.

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