please answer for questions 1 to 9 as they are part of a subsection. Please refer to the images below d. 363. Consumer surplus CS isa. $94b. $95c. $96d. $974. Producer surplus PS isa. $128b. $129c. $130d. $1315. Total surplus TS isa. $221b. $222c. $223d. $2246. When the government imposes a priceceiling = $12, disequilibrium betweenquantity demanded and quantity suppliedresults ina. Deficit = 10b. Surplus = 10c. Deficit = 14d. Surplus = 147. Total surplus TS' with the price ceiling isa. $96b. $98c. $100d. $1048. Based on your calculation of equilibrium andprice ceiling quantities, demand isa. elasticb. perfectly elasticc. inelasticd. perfectly inelastic9. Based on your calculation of equilibrium andprice ceiling quantities, supply isa. elasticb. perfectly elasticc. inelasticd. perfectly inelastic PART A – Questions 1- 9Consider a market where demand is D: P = 60 –3Q and supply is S: P = 4 + 4Q.1. Equilibrium quantity Qe isa. $8b. $9c. $10d. $112. Equilibrium is price Peа. 33b. 34с. 35d. 363. Consumer surplus CS isa. $94b. $95c. $96d. $974. Producer surplus PS isa. $128b. $129c. $130d. $1315. Total surplus TS isa. $221b. $222c. $223d. $2246. When the government imposes a priceceiling = $12, disequilibrium betweenquantity demanded and quantity suppliedresults ina. Deficit = 10b. Surplus = 10c. Deficit = 14d. Surplus = 147. Total surplus TS' with the price ceiling isa. $96b. $98c. $100d. $104

“Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

PART A - Questions 1-9 Consider a market where demand is D: P = 60 – 3Q and supply is S: P = 4 + 4Q. 1. Equilibrium quantity Qe is a. $8 b. $9 c. $10 d. $11 2. Equilibrium is price Pe а. 33 b. 34 с. 35 d. 36 3. Consumer surplus CS is a. $94 b. $95 c. $96 d. $97

PART A - Questions 1-9 Consider a market where demand is D: P = 60 – 3Q and supply is S: P = 4 + 4Q. 1. Equilibrium quantity Qe is a. $8 b. $9 c. $10 d. $11 2. Equilibrium is price Pe а. 33 b. 34 с. 35 d. 36 3. Consumer surplus CS is a. $94 b. $95 c. $96 d. $97

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

please answer for questions 1 to 9 as they are part of a subsection. Please refer to the images below

d. 36
3. Consumer surplus CS is
a. $94
b. $95
c. $96
d. $97
4. Producer surplus PS is
a. $128
b. $129
c. $130
d. $131
5. Total surplus TS is
a. $221
b. $222
c. $223
d. $224
6. When the government imposes a price
ceiling = $12, disequilibrium between
quantity demanded and quantity supplied
results in
a. Deficit = 10
b. Surplus = 10
c. Deficit = 14
d. Surplus = 14
7. Total surplus TS' with the price ceiling is
a. $96
b. $98
c. $100
d. $104
8. Based on your calculation of equilibrium and
price ceiling quantities, demand is
a. elastic
b. perfectly elastic
c. inelastic
d. perfectly inelastic
9. Based on your calculation of equilibrium and
price ceiling quantities, supply is
a. elastic
b. perfectly elastic
c. inelastic
d. perfectly inelastic

PART A – Questions 1- 9
Consider a market where demand is D: P = 60 –
3Q and supply is S: P = 4 + 4Q.
1. Equilibrium quantity Qe is
a. $8
b. $9
c. $10
d. $11
2. Equilibrium is price Pe
а. 33
b. 34
с. 35
d. 36
3. Consumer surplus CS is
a. $94
b. $95
c. $96
d. $97
4. Producer surplus PS is
a. $128
b. $129
c. $130
d. $131
5. Total surplus TS is
a. $221
b. $222
c. $223
d. $224
6. When the government imposes a price
ceiling = $12, disequilibrium between
quantity demanded and quantity supplied
results in
a. Deficit = 10
b. Surplus = 10
c. Deficit = 14
d. Surplus = 14
7. Total surplus TS' with the price ceiling is
a. $96
b. $98
c. $100
d. $104

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