125 175 Quantity How many fewer units are exchanged because of the price ceiling than would be exchanged in a free market? 50 60 65 100 Price ceiling Price (dollars)
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- Tornado Bulbul hits Bangladesh and affects the crops and fish hatcheries in the coastal areas.What will happen to shrimp production if the hatcheries were affected due to the tornado? Howwill it affect the equilibrium price and quantity of the local shrimp market? On the other hand, if aneighboring country, who exports crops and fishes to Bangladesh, experiences a bumper harvestand export their surplus products to us, say shrimp, what will happen to the equilibrium price andquantity of local shrimp market again in Bangladesh? Draw a diagram and explain your answer.A low-income country decides to set a price ceilingon bread so it can make sure that bread is affordable tothe poor.Table 3.11 provides the conditions of demandand supply. What are the equilibrium price andequilibrium quantity before the price ceiling? What willthe excess demand or the shortage (that is, quantitydemanded minus quantity supplied) be if the priceceiling is set at $2.40? At $2.00? At $3.60?Which of the following would be the most likely result of a binding price ceiling imposed on the market for rental cars? Select one: O a. slow replacement of old rental cars with newer ones Ob. frequent rental programs such as "Rent nine times and the tenth rental is free!" O c. free gasoline given to people as an incentive to a rent a car O d. enhanced maintenance programs to promote the high quality of the cars Next page IMG_7969.jpeg UPEG
- 1) Listen After weather system Derecho produccrs were accused of pricé gouging because bottled water skyrocketed in price. Consumers clamored for price controls to be implemented to keep the price of bottled water at pre- Derecho levels. What are the economic conscquences of the government placing a price ceiling on bottled water at the previqus price? Please explain.A recent study found that the demand and supply schedules for financial calculators are as follows: Price/calculators Quantity Demanded Quantity Supplied 20 160 40 40 140 60 60 120 80 80 100 100 100 80 120 120 100 Co an Coll 80 60 40 D. 20 40 60 80 100 120 140 160 a) Determine: Price of Equilibrium_ and Quantity of Equilibrium b) Determine the effect of $60 Price Ceiling. Is it binding? Why? Will it cause Shortage or Surplus? And by how much? c) Determine the effect of $120 Price Floor. Is it binding? Why? Will it cause Shortage or Surplus? And by how much?uestion 23 of 70 > Macmillan Learning Suppose that policy makers are concerned that the price of wheat may get too high. The market for wheat is depicted in the accompanying diagram. a. What type of price control would policy makers use to keep the price of wheat from getting too high? O a price floor O a price war a price ceiling O a price wall a price marker b. Suppose that the government implements the price control that you have selected. Which of these prices. would be binding? $7 O $6 10 9 8 7 Price ($) 6) 5 4 3 2 1 0 1 Supply Demand 2 3 4 5 6 7 8 Quantity (in thousands of kilograms) 9 10
- In a nation without any price controls, a surplus occurs when O quantity demanded is greater than quantity supplied O the equlibrium price is too high O quantity supplied is greater than quantity demanded O the equilibrium price is too lowThe following graph shows intra-industry trade in the United States for two types of yogurts: Yoplait (a famous French brand) and Dannon (a famoud American brand): 13 12 11. 10 A 9 83 7 2 1 0 -1 10 1 -11 CHG. O GHOI. O HLP. US Market for Yoplait (Y) Supply of Yoplait O GHPK. 8 Demand for Yoplait 9 10 11 12 13 Yoplak 15 12 Price 11 10 A 0 1 2 US Market for Dannon (D) Refer to the above graph. At the price of $6 for Y, and relative to an autarkic situation, intra- industry trade leads to a loss for producers of: Supply of Dannon Demand for Dannon Dannon 10 11 12 13The following graph shows intra-industry trade in the United States for two types of yogurts: Yoplait (a famous French brand) and Dannon (a famoud American brand): -1 13 12 11 10 A 9 8G 7 2 Price 1. 0 0 2 US Market for Yoplait (Y) Supply of Yoplait 5 6 7 Loss of LQM. Gain of LQM. Loss of KLMR. Demand for Yoplait Gain of KLMR. Yoplak 9 10 11 12 13 14 12 Price 11 10 A US Market for Dannon (D) 2 3 4 5 7 Supply of Dannon Refer to the above graph. At the price of $6 for D, intra-industry trade leads to which of the following for the United States: 8 Demand for Dannon Dannon 9 10 11 12 13
- Price $8.00 7.00 6.00 5.00 4.00 30 40 50 6O 70 Quantity Refer to Figure 4-17. Which of the following price controls would cause a shortage of 10 units of the good? O a price ceiling of $5.50 O a price floor of $5.50 O a price ceiling of $6.50 a price floor of $6.50The Ministry of Misallocation has decreed that the production of widgets must be 2000 each month and the production of gizmos must be 14000 each month Calculate the deadweight loss in each market caused by these restrictions. Please note the scale of the quantity axis is in thousands Price of widgets Price of gizmos $10 $100 90 80 70 60 50 9 8 4 3 2 T 0 Supply Demand 1 2 3 4 5 6 7 8 9 10 Quantity of widgets (in thousands) A4,000 in widgets and 180,000 in giamos O88,000 in widgets and 160,000 in gizmos OC 16,000 in widgets and 300,000 in gizmos OD.16,000 in widgets and 320,000 in gizmos OE4,000 in widgets and 360,000 in gizmos 8 8 8 8 8 40 30 20 10 0 Supply Demand 2 4 6 8 10 12 14 16 18 20 Quantity of gizmos (in thousands)Why would a free market mar operate at a quantity greater than the equilibrium quantity? Hint: What would be required for at transaction to occur at that quantity?