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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

Survey Of Economics
Survey Of Economics
10th Edition
ISBN:9781337111522
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter4: Markets In Action
Section: Chapter Questions
Problem 1SQP
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Price of X ($) 18 16 14 12 10 8 2 0 1 2 3 4 Quantity of Good X 5 a. Suppose demand is D and supply is sº. If a price ceilling of $6 is imposed, what are the resulting shortage and full economic price? Shortage: [ Full economic price: $ b. 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 government of purchasing any and all unsold units? Surplus: [ units Cost to government: $[ c. 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 happens to the equilibrium price paid by consumers? The price received by producers? The number of units sold? Equilibrium price paid by consumers: $ Price received by producers: $ Number of units sold: units d. Calculate the level of consumer and producer surplus when demand and supply are given by D and so respectively. Consumer surplus: $ [ Producer surplus: $[ e. Suppose demand is D and supply is SO. True or False: A price ceiling of $2 would be beneficial to consumers?
Transcribed Image Text:Price of X ($) 18 16 14 12 10 8 2 0 1 2 3 4 Quantity of Good X 5 a. Suppose demand is D and supply is sº. If a price ceilling of $6 is imposed, what are the resulting shortage and full economic price? Shortage: [ Full economic price: $ b. 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 government of purchasing any and all unsold units? Surplus: [ units Cost to government: $[ c. 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 happens to the equilibrium price paid by consumers? The price received by producers? The number of units sold? Equilibrium price paid by consumers: $ Price received by producers: $ Number of units sold: units d. Calculate the level of consumer and producer surplus when demand and supply are given by D and so respectively. Consumer surplus: $ [ Producer surplus: $[ e. Suppose demand is D and supply is SO. True or False: A price ceiling of $2 would be beneficial to consumers?
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