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Match the following in terms of rent control and the example I covered in class

Match the following in terms of rent control and the example I covered in class

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Match the following in terms of rent control and the example I covered in class A small shortage [ Choose ] a big shortage [ Choose ] would not occur a small surplus occurs in the long run due to inelastic supply occurs in the long run due to elastic supply occurs in the short run due to elastic supply occurs in the short run due to inelastic supply Question 18 Sketch out (on scratch paper) or else imagine a market for pizza with a linear demand curve that starts at zero Q-demanded when P =$12 and then intersects Supply at P = $8 Q = 100. Find the total consumer surplus for the equilibrium scenario. Just the $ amount but no $ sign. Question 19 For that same scenario, in the previous question. Assume the supply curve is linear and runs from $6 at Q = 0 to the equilibrium. Find the producer surplus associated with the 1st pizza only (again just give the # with no $ sign)
Transcribed Image Text:Match the following in terms of rent control and the example I covered in class A small shortage [ Choose ] a big shortage [ Choose ] would not occur a small surplus occurs in the long run due to inelastic supply occurs in the long run due to elastic supply occurs in the short run due to elastic supply occurs in the short run due to inelastic supply Question 18 Sketch out (on scratch paper) or else imagine a market for pizza with a linear demand curve that starts at zero Q-demanded when P =$12 and then intersects Supply at P = $8 Q = 100. Find the total consumer surplus for the equilibrium scenario. Just the $ amount but no $ sign. Question 19 For that same scenario, in the previous question. Assume the supply curve is linear and runs from $6 at Q = 0 to the equilibrium. Find the producer surplus associated with the 1st pizza only (again just give the # with no $ sign)
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