Refer to the images below and answer sub questions 9 to 13 please. In each of the following markets find the market equilibrium. Calculate consumersurplus, producer surplus and total surplus. Then consider the effect of a price floor(or ceiling) imposed by the government. Find the quantity demanded Qd, quantitysupplied Qs and the corresponding surplus (or deficit) in the market. Find the effectof the policy on consumer, producer and total surplus.Demand:Supply:1 Q1 Q1P = 10Price floor =7P =2 +Demand:Supply:P =10 -Price floor =2 Q2 Q7P =2 +Demand:Supply:0.5 Q Price ceiling =2 + 0.5 Q3P =6 -3P =Demand:Supply:P = 18 -2 QPrice floor = 10P =3 + 0.5 QDemand:Supply:0.5 Q Price ceiling2 QP = 14 -= 7P =4 +Demand:Supply:P = 24 -Price floor = 123 Q1 QP =4 +Demand:Supply:7P =30 -0.5 Q Price ceiling= 14P =2 +3 QDemand:Supply:8P =28 -2 QPrice floor = 24P =3 +3 QDemand:Supply:9.P = 30 -3 Q2 QPrice floor = 21P =5 +4 Q1 Q10Demand:P = 24 -Price floor = 12Supply:P =4 +Demand:Supply:11P =603 Q Price ceiling = 11P =4 +4 QDemand:Supply:4 Q2 + 0.5 Q12P =20Price floor =8P =Demand:Supply:4 Q Price ceiling =4 Q13P = 10 -P =2 +

Hi! Thank you for the question As per the honor code, We’ll answer the first question (question 9…

In each of the following markets find the market equilibrium. Calculate consumer surplus, producer surplus and total surplus. Then consider the effect of a price floor (or ceiling) imposed by the government. Find the quantity demanded Qd, quantity supplied Qs and the corresponding surplus (or deficit) in the market. Find the effect of the policy on consumer, producer and total surplus.

In each of the following markets find the market equilibrium. Calculate consumer surplus, producer surplus and total surplus. Then consider the effect of a price floor (or ceiling) imposed by the government. Find the quantity demanded Qd, quantity supplied Qs and the corresponding surplus (or deficit) in the market. Find the effect of the policy on consumer, producer and total surplus.

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

Refer to the images below and answer sub questions 9 to 13 please.

In each of the following markets find the market equilibrium. Calculate consumer
surplus, producer surplus and total surplus. Then consider the effect of a price floor
(or ceiling) imposed by the government. Find the quantity demanded Qd, quantity
supplied Qs and the corresponding surplus (or deficit) in the market. Find the effect
of the policy on consumer, producer and total surplus.
Demand:
Supply:
1 Q
1 Q
1
P = 10
Price floor =
7
P =
2 +
Demand:
Supply:
P =
10 -
Price floor =
2 Q
2 Q
7
P =
2 +
Demand:
Supply:
0.5 Q Price ceiling =
2 + 0.5 Q
3
P =
6 -
3
P =
Demand:
Supply:
P = 18 -
2 Q
Price floor = 10
P =
3 + 0.5 Q
Demand:
Supply:
0.5 Q Price ceiling
2 Q
P = 14 -
= 7
P =
4 +
Demand:
Supply:
P = 24 -
Price floor = 12
3 Q
1 Q
P =
4 +
Demand:
Supply:
7
P =
30 -
0.5 Q Price ceiling
= 14
P =
2 +
3 Q
Demand:
Supply:
8
P =
28 -
2 Q
Price floor = 24
P =
3 +
3 Q
Demand:
Supply:
9.
P = 30 -
3 Q
2 Q
Price floor = 21
P =
5 +
4 Q
1 Q
10
Demand:
P = 24 -
Price floor = 12
Supply:
P =
4 +
Demand:
Supply:
11
P =
60
3 Q Price ceiling = 11
P =
4 +
4 Q
Demand:
Supply:
4 Q
2 + 0.5 Q
12
P =
20
Price floor =
8
P =
Demand:
Supply:
4 Q Price ceiling =
4 Q
13
P = 10 -
P =
2 +

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