show all work if needed Image transcription text 1. Price Ceilings: Use the ﬁgure below to do these tasks and answer questions. (6 pts) 3. 999.0 Suppose there is a price ceiling imposed on this market at $1500. Draw a horizontal line at

$1500 and label it Pc. Identify the quantity supplied when P; = $1500. Label it as (15. Identify the quantity demanded when Pa = $1500. Label it as 0.". Calculate the shortage when we have a price ceiling of Fe. Identify the equilibrium price and quantity if we let the market reach equilibrium. Label it PE

and GE on the graph below. Suppose this price ceiling is a limit on the rent that someone would pay for a two-bedroom

apartment. How does this outcome differ from your answer in part e above? Do you think this

ceiling is a good idea? Why or why not? 5000 price Supply 2500 IL’IIIIV

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## I toss a coin 1000 times and observe the outcome “heads” 481 times. Which of the following can be concluded from this result? A) This

I toss a coin 1000 times and observe the outcome “heads” 481 times. Which of the following can be concluded from this result? A) This