Please refer to the image below and answer question 13 In each of the following markets find the market equilibrium. Calculate consumersurplus, producer surplus and total surplus. Then consider the effect of a price floor(or ceiling) imposed by the government. Find the quantity demanded Qd, quantitysupplied Qs and the corresponding surplus (or deficit) in the market. Find the effectof the policy on consumer, producer and total surplus.Demand:Supply:1 Q1 Q1P = 10Price floor =7P =2 +Demand:Supply:P =10 -Price floor =2 Q2 Q7P =2 +Demand:Supply:0.5 Q Price ceiling =2 + 0.5 Q3P =6 -3P =Demand:Supply:P = 18 -2 QPrice floor = 10P =3 + 0.5 QDemand:Supply:0.5 Q Price ceiling2 QP = 14 -= 7P =4 +Demand:Supply:P = 24 -Price floor = 123 Q1 QP =4 +Demand:Supply:7P =30 -0.5 Q Price ceiling= 14P =2 +3 QDemand:Supply:8P =28 -2 QPrice floor = 24P =3 +3 QDemand:Supply:9.P = 30 -3 Q2 QPrice floor = 21P =5 +4 Q1 Q10Demand:P = 24 -Price floor = 12Supply:P =4 +Demand:Supply:11P =603 Q Price ceiling = 11P =4 +4 QDemand:Supply:4 Q2 + 0.5 Q12P =20Price floor =8P =Demand:Supply:4 Q Price ceiling =4 Q13P = 10 -P =2 +

Question 13 Demand equation: P=10-4Q .... (1) Supply equation: P=2+4Q .... (2) Price…

Answered: Demand: Supply: P = 10 P = 2 + 4 Q…

Business

Economics

Demand: Supply: P = 10 P = 2 + 4 Q Price ceiling 4 Q 13 4

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

Please refer to the image below and answer question 13

In each of the following markets find the market equilibrium. Calculate consumer
surplus, producer surplus and total surplus. Then consider the effect of a price floor
(or ceiling) imposed by the government. Find the quantity demanded Qd, quantity
supplied Qs and the corresponding surplus (or deficit) in the market. Find the effect
of the policy on consumer, producer and total surplus.
Demand:
Supply:
1 Q
1 Q
1
P = 10
Price floor =
7
P =
2 +
Demand:
Supply:
P =
10 -
Price floor =
2 Q
2 Q
7
P =
2 +
Demand:
Supply:
0.5 Q Price ceiling =
2 + 0.5 Q
3
P =
6 -
3
P =
Demand:
Supply:
P = 18 -
2 Q
Price floor = 10
P =
3 + 0.5 Q
Demand:
Supply:
0.5 Q Price ceiling
2 Q
P = 14 -
= 7
P =
4 +
Demand:
Supply:
P = 24 -
Price floor = 12
3 Q
1 Q
P =
4 +
Demand:
Supply:
7
P =
30 -
0.5 Q Price ceiling
= 14
P =
2 +
3 Q
Demand:
Supply:
8
P =
28 -
2 Q
Price floor = 24
P =
3 +
3 Q
Demand:
Supply:
9.
P = 30 -
3 Q
2 Q
Price floor = 21
P =
5 +
4 Q
1 Q
10
Demand:
P = 24 -
Price floor = 12
Supply:
P =
4 +
Demand:
Supply:
11
P =
60
3 Q Price ceiling = 11
P =
4 +
4 Q
Demand:
Supply:
4 Q
2 + 0.5 Q
12
P =
20
Price floor =
8
P =
Demand:
Supply:
4 Q Price ceiling =
4 Q
13
P = 10 -
P =
2 +

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