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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