3. What is the equilibrium price?4. Now suppose that the government imposes a Price Floor equal to $8. As a result of this newpolicy, what is the quantity demanded?5. What is the new quantity supplied?6. As a result of this Price Floor, is there shortage or surplus, or is the price control non-binding?7. What is the amount of the shortage or surplus?Use the following information to answer questions 8 through 10:The graph below shows the supply and demand curves for pizza rolls.13+Demand12Supply10-987-6.2. 3. 45 68 910 11 12 13Quantity of pizza rolls8. What is the size of consumer surplus?9. What is the size of producer surplus?10. What is the size of social (total) surplus?Price of pizza rolls 1. The graph below shows the supply and demand curves for burritos. Suppose that thegovernment imposes a Price Ceiling equal to $5.12-Supply109.Demand87-6.Price Ceiling543910 11 12 13Quantify of burritosWill this result in a binding or non-binding price ceiling?Use the following information to answer questions 2 through 7:The graph below shows the supply and demand curves for soda.13+12Demand8Price Floor6-1 28 910 11 12 136.Quantity of soda2. First consider a situation without any government interventions and no price controls. In thatcase, what is the equilibrium quantity?Price of burritosvpos fo aɔud

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1. The graph below shows the supply and demand curves for burritos. Suppose that the government imposes a Price Ceiling equal to $5. 13+ Supply 10 9 Demand 8 7- 6. Price Ceiling 10 1I 12 13 8 burritos 9 Quantify of Will this result in a binding or non-binding price ceiling? Use the following information to answer questions 2 through 7: The graph below shows the supply and demand curves for soda. 13+ 12- Demand Price Floor 7. 6. 4. Quantity of soda 10 11 12 13 2 6. 8 9. 2. First consider a situation without any government interventions and no price controls. In that case, what is the equilibrium quantity? Price of soda Price of burritos

1. The graph below shows the supply and demand curves for burritos. Suppose that the government imposes a Price Ceiling equal to $5. 13+ Supply 10 9 Demand 8 7- 6. Price Ceiling 10 1I 12 13 8 burritos 9 Quantify of Will this result in a binding or non-binding price ceiling? Use the following information to answer questions 2 through 7: The graph below shows the supply and demand curves for soda. 13+ 12- Demand Price Floor 7. 6. 4. Quantity of soda 10 11 12 13 2 6. 8 9. 2. First consider a situation without any government interventions and no price controls. In that case, what is the equilibrium quantity? Price of soda Price of burritos

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 3n On January 1, 2020, California initiated a state-wide rent control. Landlords may not raise rents more than 5% (in real terms) in a given year. Do you expect the price control to produce a surplus or shortage in 2020? It will create a shortage because it is a price ceiling It will create a surplus because it is a price ceiling It will create a shortage because it is a price floor It will create a surplus because it is a price floor
2 What generally happens when the government sets a price ceiling?
Q 2
Suppose that the demand curve for wheat is Q-140-10p and the supply curve is Q=10p. The government imposes a price ceiling of p =$4 per unit. a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices to the nearest penny) and the price without the price ceiling is The equilibrium quantity without the price ceiling is 7 $ The equilibrium quantity with the price ceiling is b. What effect does this ceiling have on consumer surplus, producer surplus, and deadweight loss? The change in consumer surplus (CS) is $ 75.00 The change in producer surplus (PS) is $ 165.00 (round your answer to the nearest penny). (round your answer to the nearest penny). (round your answer to the nearest penny). The deadweight loss (DWL) is $ 90.00 - 70 40
2. In Application Question 5 of Chapter 3, we examined the market for DVDs where the supply and demand curves are given by Q = 3P and Q = 60-2P, respectively. Refer to the following diagram. $ 59 30 50 S Price 12 0 36 Quantity 60 (a) If the government imposes a price ceiling of $5 in this market, what will happen to the positions of the demand and supply curves? (b) Calculate the consumer surplus at the equilibrium price. (c) Calculate the producer surplus at the equilibrium price. Now suppose that a $6 per unit maximum price is imposed in this market. The diagram shows the impact on quantity demanded and quantity supplied. (d) Calculate the consumer surplus. (Careful!) (e) Calculate the producer surplus. (f) Calculate the deadweight loss.
When the price ceiling will be removed, market efficiency would____________ by _________ . A) Decreases by $60 B) Increases by $150 C) Decreases by $300 D) Increases by $60
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3. The figure to the right illustrates the market for apples in which the government has imposed a price floor of $13 per crate. 20- 18- How many crates of apples will be sold after the price floor has been imposed? per year. (Enter your response as an integer.) 16- million crates of apples Supply 14- Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? 12- 10- There will be a (1). million crates of apples per year. (Enter your response as an integer.) 8- of 6- 4- Will apple producers benefit from the price floor? 24 Demand OA Apple producers who are able to sell their apples at the $13 price per crate will beneft. O B. Appie producers who are not able to sell their apples will not benefit. OC. Total revenue for apple producers as a group will decrease from $220 million to $208 million. 8 12 16 20 24 28 32 36 40 Quantity (millions of crates per year) 4. O D. Both a and b. OE All of the above (1) O nhortage O surplus Price
6 a)Draw a demand and supply schedule showing that a good will not be produced or sold? b) Draw a demand and supply schedule and show the deadweight loss of banning a good that buyers are willing to pay a price greater than the minimum supply price. c) What does it mean to say there is an “affordable” housing shortage?
30. Refer to figure (6-1) Figure (0-1) D b. $7. c. $9. d. $5. quantity Which of the following price cellings would be binding in this market? a. $8. 31. Refer again to figure (6-1): If the government imposes a price ceiling of $4 on this market, then there will be a a. shortage of 0. b. shortage of 20. c. shortage of 40. d. surplus of 40.