Solved: How does a demand shift affect consumer and producer, Econometrics

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How does a demand shift affect consumer and producer

1. How does a demand shift affect consumer and producer surplus in a given market? Consider both inward and outward shifts of the demand curve.

2. What is a price ceiling? Why does a price ceiling create excess demand for (shortage of) a good?

3. What is a price floor? Why does a price floor create an excess supply of (surplus of) a good?

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Econometrics: How does a demand shift affect consumer and producer

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