Price 10 9 8 7 6 5 4 2 1 D 10 20 30 40 50 60 70 80 90 100 Quantity a. Suppose this market exists as a free market without any government intervention and with no market failure. What will be the outcome for the market? In other words, what price will consumers be charged and will producers receive for cach unit, how much of the good will be bought and sold, how much economic surplus will be earned by consumers, how much economic surplus will be earned by producers and how much economic surplus will be earned by society a result of the frce functioning of this market? b. What will be the impact of $4 price floor? (Please calculate new CS, PS, TS, Qs, Qd, Resource Misallocation, and DWL)

Price 10 9 8 7 6 5 4 2 1 D 10 20 30 40 50 60 70 80 90 100 Quantity a. Suppose this market exists as a free market without any government intervention and with no market failure. What will be the outcome for the market? In other words, what price will consumers be charged and will producers receive for cach unit, how much of the good will be bought and sold, how much economic surplus will be earned by consumers, how much economic surplus will be earned by producers and how much economic surplus will be earned by society a result of the frce functioning of this market? b. What will be the impact of $4 price floor? (Please calculate new CS, PS, TS, Qs, Qd, Resource Misallocation, and DWL)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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