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7. Total surplus TS' with the price ceiling is a. $96 b. $98 c. $100 d. $104 8. Based on your calculation of equilibrium and price ceiling quantities, demand is a. elastic b. perfectly elastic c. inelastic d. perfectly inelastic 9. Based on your calculation of equilibrium and price ceiling quantities, supply is a. elastic b. perfectly elastic c. inelastic d. perfectly inelastic

7. Total surplus TS' with the price ceiling is a. $96 b. $98 c. $100 d. $104 8. Based on your calculation of equilibrium and price ceiling quantities, demand is a. elastic b. perfectly elastic c. inelastic d. perfectly inelastic 9. Based on your calculation of equilibrium and price ceiling quantities, supply is a. elastic b. perfectly elastic c. inelastic d. perfectly inelastic

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 7 to 9.
PART A – Questions 1-9 Consider a market where demand is D: P = 60 – 3Q and supply is S: P = 4 + 4Q.
Transcribed Image Text:PART A – Questions 1-9 Consider a market where demand is D: P = 60 – 3Q and supply is S: P = 4 + 4Q.
4:21 9 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 8. Based on your calculation of equilibrium and price ceiling quantities, demand is a. elastic b. perfectly elastic inelastic d. perfectly inelastic 9. Based on your calculation of equilibrium and price ceiling quantities, supply is a. elastic b. perfectly elastic c. inelastic d. perfectly inelastic
Transcribed Image Text:4:21 9 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 8. Based on your calculation of equilibrium and price ceiling quantities, demand is a. elastic b. perfectly elastic inelastic d. perfectly inelastic 9. Based on your calculation of equilibrium and price ceiling quantities, supply is a. elastic b. perfectly elastic c. inelastic d. perfectly inelastic
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