I am attaching an excel spreadsheet with a simple supply and demand example where you would have an equilibrium price of 25, but a price ceiling of 15. As you can see by examining the information in this spreadsheet: at the price of 15, while the buyers would like to buy 7 units, the sellers would only be willing to offer 3. This means that the amount actually traded would only be 3 also, since you cannot buy what nobody is willing to sell. To explore these kinds of things, we would like you to explore and play around with this spreadsheet a bit. In particular, change the assumption about a price ceiling of $15 to a price floor of $35 and then redraw the price control lines to reflect this new and different price control and how it would affect the amount traded in this market and why. Please attach your revised excel spreadsheet as part of your response.
SimplesupplyanddemandexamplewithPriceCeilingof15.xlsx
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