16 14 E 12 10 8 2 3 Quantity of Good X Suppose demand is D and supply is sº. If a price celling of $6 is imposed, what are the resulting shortage and full economic price? mortage: [ economic price: $[ Suppose demand is D and supply is sº. If a price floor of $12 is imposed, what is the resulting surplus? What is the cost to the vernment of purchasing any and all unsold units? units plus: st to government: $[ 5 Suppose demand is D and supply is so so that equilibrium price is $10. If an excise tax of $6 is imposed on this product, what opens to the equilibrium price paid by consumers? The price received by producers? The number of units sold? uilibrium price paid by consumers: $ [ ce received by producers: $ [ mber of units sold: [ Calculate the level of consumer and producer surplus when demand and supply are given by D and so respectively. nsumer surplus: $ [ ducer surplus: $ [ Suppose demand is D and supply is SO. True or False: A price ceiling of $2 would be beneficial to consumers? units

16 14 E 12 10 8 2 3 Quantity of Good X Suppose demand is D and supply is sº. If a price celling of $6 is imposed, what are the resulting shortage and full economic price? mortage: [ economic price: $[ Suppose demand is D and supply is sº. If a price floor of $12 is imposed, what is the resulting surplus? What is the cost to the vernment of purchasing any and all unsold units? units plus: st to government: $[ 5 Suppose demand is D and supply is so so that equilibrium price is $10. If an excise tax of $6 is imposed on this product, what opens to the equilibrium price paid by consumers? The price received by producers? The number of units sold? uilibrium price paid by consumers: $ [ ce received by producers: $ [ mber of units sold: [ Calculate the level of consumer and producer surplus when demand and supply are given by D and so respectively. nsumer surplus: $ [ ducer surplus: $ [ Suppose demand is D and supply is SO. True or False: A price ceiling of $2 would be beneficial to consumers? units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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7 If the supply curve remains unchanged and the demand curve shifts left price increases; quantity increases price increases, decreases, or remains unchanged; quantity decreases price decreases; quantity increases, decreases, or remains unchanged price decreases; quantity decreases
E. Only E. ASAP.
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Refer to the attached graph. Assume that the governments of the six states comprising New England impose a uniform price ceiling on electricity that is below the equilibrium price P2 you arrived at in Question 3. Please illustrate the impact of this price ceiling policy on New England’s electricity market graphically. Label this new effective price ceiling as PC; and indicate graphically the impact of the price ceiling, the quantity demanded and quantity supplied at this price, and clearly show any possible surpluses or shortages of electricity.
E1
2. Below is a tabular data of price and quantity demand and quantity supply for banana que. 10 40 5 50 10 15 30 30 20 20 25 10 Qd Qs 20 40 50 Using the appropriate method for the given data set, derive the following a) demand and supply equation in terms of Q-f(P) b) equilibrium price and equilibrium quantity using the appropriate method c) compute for the consumer's surplus then graph d) compute for the producer's surplus then graph e) if the price changes from P15 to P17, how much is the change in consumer's and producer's surplus? f) what is the economic surplus? Show your solution e) if government imposed tax of P2 per unit of product in the supply side, what is the new price with tax and new equilibrium quantity with tax?