Ee the graph below to amswer questions 6 through Supply NAME PRINT LASENME, FISENAME Use the g Price ($) 20 15 10 7.5 Demand Quantity and producer 0 10 20 30 40 50 60 70 $400; $200 $200; $400 When this market is in equilibrium, consumer surplus is equal to 6. surplus is equal to a. d. $200; $100 $100; $200 If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market 7. 60. C. will be equal to: 20. 80. d. a. b. 40. f there is a price floor set at $15, consumer surplus will be equal to surplus will be equal to $50; $100 $50; $175 and producer 8. $100; $100 $100; $175 C. a. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this 9. market will be equal to: 60. 20. 40. a. C. b. d. 80. 10. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 $175; $50 and a. $200; $25 $200; $50 b. C. d. Chapter 7 Assignments 142

Ee the graph below to amswer questions 6 through Supply NAME PRINT LASENME, FISENAME Use the g Price ($) 20 15 10 7.5 Demand Quantity and producer 0 10 20 30 40 50 60 70 $400; $200 $200; $400 When this market is in equilibrium, consumer surplus is equal to 6. surplus is equal to a. d. $200; $100 $100; $200 If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market 7. 60. C. will be equal to: 20. 80. d. a. b. 40. f there is a price floor set at $15, consumer surplus will be equal to surplus will be equal to $50; $100 $50; $175 and producer 8. $100; $100 $100; $175 C. a. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this 9. market will be equal to: 60. 20. 40. a. C. b. d. 80. 10. If there is a price ceiling set at $7.50, consumer surplus will be equal to producer surplus will be equal to $175; $25 $175; $50 and a. $200; $25 $200; $50 b. C. d. Chapter 7 Assignments 142

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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