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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.

San Francisco, US

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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