Don’t answer question 9 just look at the chart and the words next to question 9 and apply it to question 10 in the next picture. PLEASE PUT ANSWERS IN TYPED FORM NOT IN IMAGE FORM. ework 4 Compatibility ModeSearcdierencesMailingsReviewViewHelpAa- AE E-EE E 2 TAaBbCcl AaBbCc AaBbC AaBA三三。T Normal T No Spac. Heading 1TitleParagraphStyles9. Toasters again! The demand and supply schedule for toasters, is given below.a. Graph the supply and demand curves to scale and identify the areas that representthe consumer surplus and producer surplusQs($)(millions)(millions)12010100102080203060304040405020506060Qe = 40P. = $40b. What are the equilibrium quantity and price?C.Calculate consumer surplus, producer surplus and total surplus.Consumer Surplus- *40* (60-40) = S400Pocushp 10. Toasters last time! With the same data as the last problem. What happens ifgovermment imposes a price ceiling of $30.a. How many toasters will be sold?b. What is consumer surplus with price ceiling?c. What is producer surplus with price ceiling?d. What is the total surplus with price ceiling?e. How did the price ceiling change the total surplus compared to free marketequilibrium of #9?hpf5f6f7f8fg144f10$4.&5.6.7.8.近%24

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10. Toasters last time! With the same data as the last problem. What happens if govermment imposes a price ceiling of $30. a. How many toasters will be sold? b. What is consumer surplus with price ceiling? c. What is producer surplus with price ceiling?

10. Toasters last time! With the same data as the last problem. What happens if govermment imposes a price ceiling of $30. a. How many toasters will be sold? b. What is consumer surplus with price ceiling? c. What is producer surplus with price ceiling?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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