Don’t do question 9, just look at the info and chart on question 9 and apply it to question 10 in the next image. 1 Normal1 No Spac... Heading 1Title0-A-Paragraph.Styles9. Toasters again! The demand and supply schedule for toasters, is given below.a. Graph the supply and demand curves to scale and identify the areas that representthe consumer surplus and producer surplusPQoQs($)(millions)(millions)12010100102080203060304040405020506060D Focus23hpfof714410& omework 4 Compatibility ModeReferencesMailingsReviewViewHelpText BoxA Aa AoAaBbCcl AaBbCI AaBbC AaB AaBbcccA- D- A -1 Normal1 No Spac. Heading 1.TitleSubtitleParagraphStyles10. Toasters last time! With the same datathe last problem. What happens ifgovermment inmposes a price ceiling of $30.How many toasters will be sold?b. What is consumer surplus with price ceiling?c. What is producer surplus with price ceiling?d. What is the total surplus with price ceiling?a.e. How did the price ceiling change the total surplus compared to free marketequilibrium of #9?Focushpho144f7f610立

Equilibrium is achieved where Qs=Ad Thus, Q*= 40 mn units P*=$40

9. Toasters again! The demand and supply schedule for toasters, is given below. a. Graph the supply and demand curves to scale and identify the areas that represent the consumer surplus and producer surplus Qo (S) (millions) (millions) 120 10 100 10 20 80 20 30 60 30 40 40 40 50 50 20 60 60 DFo 2:

9. Toasters again! The demand and supply schedule for toasters, is given below. a. Graph the supply and demand curves to scale and identify the areas that represent the consumer surplus and producer surplus Qo (S) (millions) (millions) 120 10 100 10 20 80 20 30 60 30 40 40 40 50 50 20 60 60 DFo 2:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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