Consider the market for some product X that is represented in the accompanying demand-and-supply diagram.a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity.The total economic surplus is $ per day.(Round your response to the nearest cent as needed.)b. Calculate the total economic surplus in this market when a price ceiling at $21 is in effect.The total economic surplus is $ per day.(Round your response to the nearest cent as needed.)c. After imposition of the price ceiling at $21, how many units of this good are no longer being produced andconsumed per day compared to the free-market equilibrium?unit(s) of this good are no longer being produced and consumed per day compared to the free-marketequilibrium.(Round your response to the nearest whole number as needed.)d. Calculate the deadweight loss that results from the imposition of the price ceiling at $21.The deadweight loss that results from the imposition of the price ceiling at $21 is $(Round your response to the nearest cent as needed.)per day.e. Calculate the total economic surplus in this market when a price floor at $33 is in effect.The total economic surplus is $ per day.(Round your response to the nearest cent as needed.)f. Calculate the deadweight loss that results from the imposition of the price floor at $33.The deadweight loss that results from the imposition of the price floor at $33 is $ per day.(Round your response to the nearest cent as needed.)Price ($)57.00-51.00-45.00-39.00+33.00-27.00-21.00-15.00-9.00-3.00-04080 120 160 200Quantity (units per day)SD240 280Q Consider the figure on the right. When the market price is $40 and 10 units are purchased, then the consumer surplusequalsO A. $410.50.O B. $20.00.O C. $100.00.OD. $50.00.OE. $150.00.Price ($)50402515A10Figure 6-3B25Quantity (units)с35D50Q

Consider the market for some product X that is represented in the accompanying demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity. The total economic surplus is $ per day. (Round your response to the nearest cent as needed.) b. Calculate the total economic surplus in this market when a price ceiling at $21 is in effect. The total economic surplus is $ per day. (Round your response to the nearest cent as needed.) c. After imposition of the price ceiling at $21, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? unit(s) of this good are no longer being produced and consumed per day compared to the free-market equilibrium. (Round your response to the nearest whole number as needed.) Price ($) 57.00- 51.00- 45.00 39.00- 33.00- 27.00+ 21.00- 15.00- 9.00- 3.00- 0 40 80 Questi 120 160 200 240 D 280 Q

Consider the market for some product X that is represented in the accompanying demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity. The total economic surplus is $ per day. (Round your response to the nearest cent as needed.) b. Calculate the total economic surplus in this market when a price ceiling at $21 is in effect. The total economic surplus is $ per day. (Round your response to the nearest cent as needed.) c. After imposition of the price ceiling at $21, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? unit(s) of this good are no longer being produced and consumed per day compared to the free-market equilibrium. (Round your response to the nearest whole number as needed.) Price ($) 57.00- 51.00- 45.00 39.00- 33.00- 27.00+ 21.00- 15.00- 9.00- 3.00- 0 40 80 Questi 120 160 200 240 D 280 Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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11
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