Use the following supply and demand schedules for skate boards in table 18.1, to answer the questions 18(a). to 18(d) below. Table 18.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55...

Use the following supply and demand schedules for skate boards in table 18.1, to answer the questions
18(a). to 18(d) below.

Table 18.1

a. In response, to lobbying by the skate board association, the government places a price ceiling st the price of $700 on skate boards. What will this have on the market for skate boards? Explain your answer.


b. In response, to lobbying by the skate board association, the government places a price ceiling of $400 on skate boards. Use the information provided in Table 18.1, to plot the supply and demand curve for skate boards


c. Use the information provided in Table 18.1, to plot the price ceiling of $400 on skateboards.

d. What will be the result of a price ceiling of $400 on skate boards?