Use chart on question 2 to do letters D through E ParagraphStyles120 Milliond. If the government enacts a price ceiling of $60 per month,i What will be the price?11. What will be the quantity traded?111. What will be the excess demand?Connectionse. One of the price ceilings is clearly bad for consumers.i. Which one?11. Why?3. The supply and demand schedules below describe the market for compactfluorescent lightbulbs (CFLS).Demand(millions)Same Supply Q nowat higher price withPrice +Supply(millions)PricetaxFocushphof8fg144f610& 2. Suppose that the government determines that the price of high speed internetservice is too high. In order to reduce the price, it proposes three alternative priceceilings: $20 a month, $40 a month, and $60 a month. The demand and supplyschedules for high speed internet service are given below.Quantity demanded(millions of connections)Quantity supplied(millions of connections)Price$15220$202001020180$301604014060$35$4012080100$45$5010080130170$55$60$65604021020250DFocushpfg4+f9144fsf6f7IDI&3.4.5.8.Y%24%23

equilibrium is achieved where Qs=Qd thus Q* = 100 million units, P* =$45

If the government enacts a price ceiling of $60 për morith, Connect i What will be the price? 11. What will be the quantity traded? 111. What will be the excess demand? One of the price ceilings is clearly bad for consumers.

If the government enacts a price ceiling of $60 për morith, Connect i What will be the price? 11. What will be the quantity traded? 111. What will be the excess demand? One of the price ceilings is clearly bad for consumers.

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

Use chart on question 2 to do letters D through E

Paragraph
Styles
120 Million
d. If the government enacts a price ceiling of $60 per month,
i What will be the price?
11. What will be the quantity traded?
111. What will be the excess demand?
Connections
e. One of the price ceilings is clearly bad for consumers.
i. Which one?
11. Why?
3. The supply and demand schedules below describe the market for compact
fluorescent lightbulbs (CFLS).
Demand
(millions)
Same Supply Q now
at higher price with
Price +
Supply
(millions)
Price
tax
Focus
hp
ho
f8
fg
144
f6
10
&

2. Suppose that the government determines that the price of high speed internet
service is too high. In order to reduce the price, it proposes three alternative price
ceilings: $20 a month, $40 a month, and $60 a month. The demand and supply
schedules for high speed internet service are given below.
Quantity demanded
(millions of connections)
Quantity supplied
(millions of connections)
Price
$15
220
$20
200
10
20
180
$30
160
40
140
60
$35
$40
120
80
100
$45
$50
100
80
130
170
$55
$60
$65
60
40
210
20
250
DFocus
hp
fg
4+
f9
144
fs
f6
f7
IDI
&
3.
4.
5.
8.
Y
%24
%23

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