E-ASSIGNMENT ( CLASS PROBLEM )

The Problem:
          It was determined that demand for rice was represented by the linear equation 1000-90 P. Because of the drought existing in the rice producing provinces of the country, supply was approximately: 200+ 18 P. The National Food Authority (NFA) and the IRRI located at UP Los Baños feared that because of the low supply level, prices of rice in the market might go up. The IRRI and NFA also estimated that demand for rice will exceed the current output by 300 cavans (i.e shortage of 300 cavans) for the first quarter alone. If you were the economist and you were asked to recommend to the President a certain price which will protect consumers, will you recommend a price ceiling or a price floor? If so, how much will that price be?
          Show the solution. First, determine the price (price ceiling or price floor) and solve for the Market Equilibrium assuming there is no shortage.
         Answers should appear on this blogs as comments. Help each other since i expect all can comment. If all in your class can access, comment, and answer the problem correctly, I will give you an 80% advantage in passing the Midterm. Good luck.

just in case it works

you are all IT students right? i know you are smarter than me when it comes to computer technology application. i will post some economic problem in this blog later which you have to answer using the same technology. leave a message or a comment so i know if you are able to access this blog. good luck to us.