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The utilities commission in a city is currently examining pay telephone service in the city. The commission has been asked to evaluate a proposal by a city council member to place a $0.10 price ceiling on local pay phone service. The staff economist at the utilities commission estimates the demand and supply curves for pay telephone service as follows A. Determine the equilibrium price quantity that will prevail without the price ceiling. B. Analyze the quantity that will be available with the price ceiling (long-run). QD = 1600 - 2400PQS = 200 + 3200P P = Price Of A Pay Phone Call Q = No.of Pay Phone Calls/month
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