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For problems requiring calculation, show your work for full credit. 1. Draw a graph showing the supply and demand curves. Then, shade in consumer and producer surplus. 2. (2 points) Draw a graph showing the supply and demand curves. Then, shade in consumer surplus, producer surplus, and deadweight loss after a price floor has been implemented. Show Q supplied & Q demanded. se the following graph to answer questions 3-4. Supply 3. If the price per pen = $3, then: a. Would that be considered a price floor or ceiling? PRICE (Dolars per pen 1 о 1 2 T QUANTITY (Millions of pens) Demand B 0 10 b. Would there be a shortage of surplus of pens? How much would that shortage or surplus be? c. Is there deadweight loss in this scenario? 4. Now suppose that a quota of 3 million pens has been implemented to reduce plastic waste: a. Supply price = $ b. Quota rent per pen = $ Demand price = $ C. Quota rent or suggested license fee = $

For problems requiring calculation, show your work for full credit. 1. Draw a graph showing the supply and demand curves. Then, shade in consumer and producer surplus. 2. (2 points) Draw a graph showing the supply and demand curves. Then, shade in consumer surplus, producer surplus, and deadweight loss after a price floor has been implemented. Show Q supplied & Q demanded. se the following graph to answer questions 3-4. Supply 3. If the price per pen = $3, then: a. Would that be considered a price floor or ceiling? PRICE (Dolars per pen 1 о 1 2 T QUANTITY (Millions of pens) Demand B 0 10 b. Would there be a shortage of surplus of pens? How much would that shortage or surplus be? c. Is there deadweight loss in this scenario? 4. Now suppose that a quota of 3 million pens has been implemented to reduce plastic waste: a. Supply price = $ b. Quota rent per pen = $ Demand price = $ C. Quota rent or suggested license fee = $

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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For problems requiring calculation, show your work for full credit. 1. Draw a graph showing the supply and demand curves. Then, shade in consumer and producer surplus. 2. (2 points) Draw a graph showing the supply and demand curves. Then, shade in consumer surplus, producer surplus, and deadweight loss after a price floor has been implemented. Show Q supplied & Q demanded. se the following graph to answer questions 3-4. Supply 3. If the price per pen = $3, then: a. Would that be considered a price floor or ceiling? PRICE (Dolars per pen 1 о 1 2 T QUANTITY (Millions of pens) Demand B 0 10 b. Would there be a shortage of surplus of pens? How much would that shortage or surplus be? c. Is there deadweight loss in this scenario? 4. Now suppose that a quota of 3 million pens has been implemented to reduce plastic waste: a. Supply price = $ b. Quota rent per pen = $ Demand price = $ C. Quota rent or suggested license fee = $
Transcribed Image Text:For problems requiring calculation, show your work for full credit. 1. Draw a graph showing the supply and demand curves. Then, shade in consumer and producer surplus. 2. (2 points) Draw a graph showing the supply and demand curves. Then, shade in consumer surplus, producer surplus, and deadweight loss after a price floor has been implemented. Show Q supplied & Q demanded. se the following graph to answer questions 3-4. Supply 3. If the price per pen = $3, then: a. Would that be considered a price floor or ceiling? PRICE (Dolars per pen 1 о 1 2 T QUANTITY (Millions of pens) Demand B 0 10 b. Would there be a shortage of surplus of pens? How much would that shortage or surplus be? c. Is there deadweight loss in this scenario? 4. Now suppose that a quota of 3 million pens has been implemented to reduce plastic waste: a. Supply price = $ b. Quota rent per pen = $ Demand price = $ C. Quota rent or suggested license fee = $
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