Macmillan Learning Price Ceilings and Floors: End of Chapter Problem Let's measure consumer surplus if the government imposes price controls and goods end up being randomly allocated among those consumers willing to pay the controlled price. Use the demand and supply curves in the figure to answer the questions. a. What is consumer surplus (CS) under the price control? CS price control: $ Price ($) 110 100 Supply Controlled price 10 Demand 1000 4000 Quantity b. What would consumer surplus be if the quantity supplied were 1,000 but the goods were allocated to the highest-value users? CShighest value: $ 95000

Macmillan Learning Price Ceilings and Floors: End of Chapter Problem Let's measure consumer surplus if the government imposes price controls and goods end up being randomly allocated among those consumers willing to pay the controlled price. Use the demand and supply curves in the figure to answer the questions. a. What is consumer surplus (CS) under the price control? CS price control: $ Price ($) 110 100 Supply Controlled price 10 Demand 1000 4000 Quantity b. What would consumer surplus be if the quantity supplied were 1,000 but the goods were allocated to the highest-value users? CShighest value: $ 95000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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