(Solved): 1. Using the supply and demand curves in the figure below, answer the following questions: (10) 4. ...

1. Using the supply and demand curves in the figure below, answer the following questions: (10) 4. The market price for parking facilities in downtown Dallas in recent months has soared to a price of $$\$10\left(P_c=\$10\right)$$. Pressure from voters has convinced the Dallas City Council to impose a price ceiling of $$\$5$$ on all parking garages and lots per day. Explain and graph the effect this will likely have on the market for parking spaces in Dallas? Assuming the quantity supplied, and the quantity demanded is 50,000 and 69,000 respectively at the price ceiling, calculate the surplus or shortage? ( 8 )