6 The market for hamburgers can be described by the tollowingequations:Demand: P = 22 - QSupply: P = -2 + Qwhere P is the price in dollars per unit and Q is the quantity inthousands of units.a. The equilibrium quantity isthousand hamburgersand the equilibrium price is $b. Consumer surplus equals $c. Deadweight loss is equal to $Now suppose the government imposes a price floor = $14 to reducehamburger consumption (people are becoming unhealthy eating toomany burgers).d. After this price floor, the new quantity bought and sold will beburgers.e. Consumer surplus will now be $

The market for hamburgers can be shown as: Demand P = 22 - Q…

Answered: he mai equations: Demand: P =22 - Q…

he mai equations: Demand: P =22 - Q Supply: P = -2 + Q %3D where P is the price in dollars per unit and Q is the quantity in thousands of units. a The equilibrium quantity is thousand hamburger

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

The market for hamburgers can be described by the tollowing
equations:
Demand: P = 22 - Q
Supply: P = -2 + Q
where P is the price in dollars per unit and Q is the quantity in
thousands of units.
a. The equilibrium quantity is
thousand hamburgers
and the equilibrium price is $
b. Consumer surplus equals $
c. Deadweight loss is equal to $
Now suppose the government imposes a price floor = $14 to reduce
hamburger consumption (people are becoming unhealthy eating too
many burgers).
d. After this price floor, the new quantity bought and sold will be
burgers.
e. Consumer surplus will now be $

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