Business
Business, 07.03.2020 03:40, hehefjf8610

The table below gives information on bottled water in Florida. As you would expect, the demand for water is higher than normal during a hurricane.

Price (per bottle) Quantity supplied Normal times quantity demanded Hurricane quantity
$6 100 25 75
$5 85 35 85
$4 70 45 95
$3 55 55 105
$2 40 65 115
$1 25 75 125
Concerned with citizen complaints of price gouging during past hurricanes, Florida's state government passes a law setting a price ceiling for a bottle of water equal to the market equilibrium price during normal times. After all, it seems unfair that sellers of water gain because of a hurricane.

During a hurricane, there would be a shortage of bottles of water.

Without the antiprice gouging law, consumers would have to pay $ more than the ceiling price, but they would bv able to buy more bottles of water.

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The table below gives information on bottled water in Florida. As you would expect, the demand for w...

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