Look at question 9 and use the info on chart to answer question 10 E on how did the price change the total surplus compared to free market equilibrium on question 9 Total Surplus $400 + $800 = $1200%3D10. Toasters last time! With the same data as the last problem. What happens ifgovermment imposes a price ceiling of $30.a. How many toasters will be sold?30b. What is consumer surplus with price ceiling?c. What is producer surplus with price ceiling?d. What is the total surplus with price ceiling?MILLION$675MILLION$450MILLIONe. How did the price ceiling change the total surplus compared to freemarket equilibrium of #9?D Focohpfofg144f710&5.6.8.4%23立%24%23 Homework 4 Compatibility Mode9SearchayoutReferencesMailingsReviewViewHelpText Box-12、A A Aa- Ao| 三、三. EE TAaBbCcl AaBbCcI AaBbC AaB AABBCDab x, x A- - A-三三=|三、、田。1 Normal T No Spac. Heading 1TitleSubtitleStylesFontParagraph9. Toasters again! The demand and supply schedule for toasters, is given below.a. Graph the supply and demand curves to scale and identify the areas that representthe consumer surplus and producer surplusQs(millions)PPDF($).(millions)Homework 4Question 9.pdf12010100102080203060304040405020506060P. = $40Qe = 40b. What are the equilibrium quantity and price?c.Calculate consumer surplus, producer surplus and total surplus.Consumer Surplus- 4*40* (60-40) = $400Producers Surplus- *40 (40-0) = S800Total Surplus = $400 + $800 = $120023earchhpfyof8tg144米f4IDI8.#3345.6.96%24

(Q) How did the price ceiling change the total surplus compared to the free-market equilibrium? We…

Answered: e. How did the price ceiling change the…

Business

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e. How did the price ceiling change the total surplus compared to free market equilibrium of #9?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter13: Positive Externalities And Public Goods

Section: Chapter Questions

Problem 9RQ: In what ways (it) company investments in research and development create positive externalities?

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