If sales are $1,150,000 in 2016 and this represents a 15% increase over sales in 2015, what were sales in 2015?

1 answer:

5 0

Take $1,150,000 multiply by 15% to get the money increase between 1 years which is $172500 then take $1,150,000 subtract by $172,500 to get the final sales in 2015 which is $977,500

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no surplus or shortage

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Equilibrium price is the price at which quantity demand equal quantity supplied. Above equilibrium price there is a surplus - quantity supplied exceeds quantity demanded.

Below equilibrium price there is a shortage - quantity demanded exceeds quantity supplied

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Thus, ceiling price equal equilibrium

Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.

Effects of a binding price ceiling

It leads to shortages

it leads to the development of black markets

it prevents producers from raising price beyond a certain price

It lowers the price consumers pay for a product. This increases consumer surplus