The following table contains the demand schedule and supply schedule for a market for a particular good. Price Quantity Demanded Quantity Supplied $0 15 0 $1 13 3 $2 11 6 $3 9 9 $4 7 12 $5 5 15 $6 3...

The following table contains the demand schedule and supply schedule for a market for a particular good.

Answer the following four questions based on the table above.

2.1. What is the size of the shortage a price ceiling of $2 would create?
Briefly explain.

2.2. What is the size of the shortage a price ceiling of $5 would create?
Briefly explain.

2.3. What is the size of the surplus a price floor of $2 would create?

Briefly explain.

2.4. What is the size of the surplus a price floor of $5 would create?

Briefly explain.