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

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ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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Question

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
%3D
10. Toasters last time! With the same data as the last problem. What happens if
govermment imposes a price ceiling of $30.
a. How many toasters will be sold?
30
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?
MILLION
$675
MILLION
$450
MILLION
e. How did the price ceiling change the total surplus compared to free
market equilibrium of #9?
D Foco
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144
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Homework 4 Compatibility Mode
9Search
ayout
References
Mailings
Review
View
Help
Text Box
-12
、A A Aa- Ao| 三、三. EE T
AaBbCcl AaBbCcI AaBbC AaB AABBCD
ab x, x A- - A-
三三=|三、、田。
1 Normal T No Spac. Heading 1
Title
Subtitle
Styles
Font
Paragraph
9. Toasters again! The demand and supply schedule for toasters, is given below.
a. Graph the supply and demand curves to scale and identify the areas that represent
the consumer surplus and producer surplus
Qs
(millions)
P
PDF
($).
(millions)
Homework 4
Question 9.pdf
120
10
100
10
20
80
20
30
60
30
40
40
40
50
20
50
60
60
P. = $40
Qe = 40
b. What are the equilibrium quantity and price?
c.
Calculate consumer surplus, producer surplus and total surplus.
Consumer Surplus- 4*40* (60-40) = $400
Producers Surplus- *40 (40-0) = S800
Total Surplus = $400 + $800 = $1200
23
earch
hp
fyo
f8
tg
144
米
f4
IDI
8.
#3
3
4
5.
6.
96
%24

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