Create an original graph in equilibrium like the one in the last problem. Label including the letters that would correspond to CS, PS, etc. qor Q In equilibrium what are the letters and the total dollar amounts that correspond to the area for the... ix. original consumer Surplus? x. original producer Surplus? Xi. Total Market Surplus? Show what happens when an effective price floor is placed on this market. what are the letters and the total dollar amounts that now correspond to the... xii. New Consumer Surplus? xiii. New Producer Surplus? I Xiv. Area that was transferred? XV. Dead weight Loss? Xvi. Remaining Surplus?

Create an original graph in equilibrium like the one in the last problem. Label including the letters that would correspond to CS, PS, etc. qor Q In equilibrium what are the letters and the total dollar amounts that correspond to the area for the... ix. original consumer Surplus? x. original producer Surplus? Xi. Total Market Surplus? Show what happens when an effective price floor is placed on this market. what are the letters and the total dollar amounts that now correspond to the... xii. New Consumer Surplus? xiii. New Producer Surplus? I Xiv. Area that was transferred? XV. Dead weight Loss? Xvi. Remaining Surplus?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

That’s the graph of the last problem

10.00-
8.00-
6.00-
4.00-
2.00-
0.00
0.00
Price
A
G
M N
S
Original Consumer Surplus
H
Equilibrium
Original Producer Surplus
2.00 4.00 6.00
Qty in Thousands
D
S
8.00 10.00

Create an original graph in equilibrium like the one in the last problem. Label everything,
including the letters that would correspond to CS, PS, etc.
P
qor Q
In equilibrium what are the letters and the total dollar amounts that correspond to the
area for the...
ix. original consumer Surplus?
x. original producer Surplus?
Xi. Total Market Surplus?
Show what happens when an effective price floor is placed on this market. what are
the letters and the total dollar amounts that now correspond to the...
xii. New Consumer Surplus?
xiii. New Producer Surplus?
I
Xiv. Area that was transferred?
XV. Dead weight Loss?
Xvi. Remaining Surplus?

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Step 1: Define Price Floor

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Step 2: Draw the graph and identify the necessary elements.

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Step 3: Determine the market condition after price floor.

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