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4. Producer surplus PS is a. $128 b. $129 c. $130 d. $131 5. Total surplus TS is a. $221 b. $222 c. $223 d. $224 6. When the government imposes a price ceiling = $12, disequilibrium between quantity demanded and quantity supplied results in a. Deficit = 10 b. Surplus = 10 c. Deficit = 14 d. Surplus = 14

4. Producer surplus PS is a. $128 b. $129 c. $130 d. $131 5. Total surplus TS is a. $221 b. $222 c. $223 d. $224 6. When the government imposes a price ceiling = $12, disequilibrium between quantity demanded and quantity supplied results in a. Deficit = 10 b. Surplus = 10 c. Deficit = 14 d. Surplus = 14

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please answer for questions 4 to 7
4:20 4 PART A - Questions 1-9 Consider a market where demand is D: P = 60 – 3Q and supply is S: P = 4 + 4Q. 1. Equilibrium quantity Qe is a. $8 b. $9 c. $10 d. $11 2. Equilibrium is price Pe а. 33 b. 34 с. 35 d. 36 3. Consumer surplus CS is a. $94 b. $95 c. $96 d. $97 4. Producer surplus PS is a. $128 b. $129 c. $130 d. $131 5. Total surplus TS is a. $221 b. $222 c. $223 d. $224 6. When the government imposes a price ceiling = $12, disequilibrium between quantity demanded and quantity supplied results in a. Deficit = 10 b. Surplus = 10 c. Deficit = 14 d. Surplus = 14 7. Total surplus TS' with the price ceiling is a. $96 b. $98 c. $100 d. $104
Transcribed Image Text:4:20 4 PART A - Questions 1-9 Consider a market where demand is D: P = 60 – 3Q and supply is S: P = 4 + 4Q. 1. Equilibrium quantity Qe is a. $8 b. $9 c. $10 d. $11 2. Equilibrium is price Pe а. 33 b. 34 с. 35 d. 36 3. Consumer surplus CS is a. $94 b. $95 c. $96 d. $97 4. Producer surplus PS is a. $128 b. $129 c. $130 d. $131 5. Total surplus TS is a. $221 b. $222 c. $223 d. $224 6. When the government imposes a price ceiling = $12, disequilibrium between quantity demanded and quantity supplied results in a. Deficit = 10 b. Surplus = 10 c. Deficit = 14 d. Surplus = 14 7. Total surplus TS' with the price ceiling is a. $96 b. $98 c. $100 d. $104
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