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A supply schedule (or function or curve) defined analogously shows the total quantities (Q) that sellers are willing to sell at various prices (P) in a given period of time. One very special case is that of a fixed supply, where the quantity supplied is a constant, independent of price, such as Q = 1200
1. Plot the above supply curve on your diagram and label it S1. What is the equilibrium price in this market?
2. Presume that demand now increases suddenly to: Q = 2700 - 50P State the corresponding demand-price function and plot it on your diagram, labelling it D2.
3. Decide the equilibrium price for this new demand.
4. Presume that consumers, indignant about this price increase, persuade the government to institute a price-ceiling equal to the former price. What are the quantities demanded and the quantity supplied at this controlled price? Is there a shortage or a surplus in this market? How much?
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