Price 18 16 14 12 10 8 6 4 2 0 I 1 I 0 5 I I 1 Market for Computer Games 1 I I I 10 15 20 25 I 15 30 There is no surplus quantity 45 I I 30 35 I 40 Quantity I I I I I I I 45 50 55 60 10 I 65 70 75 Consider the market for computer games in the graph above. The quantity supplied decreases by 15 games at each price as a result of an increase in input costs. After the supply decreases, the government sets a price floor at $12 per game. What is the resulting surplus quantity from this policy (considering the new supply curve)?

Price 18 16 14 12 10 8 6 4 2 0 I 1 I 0 5 I I 1 Market for Computer Games 1 I I I 10 15 20 25 I 15 30 There is no surplus quantity 45 I I 30 35 I 40 Quantity I I I I I I I 45 50 55 60 10 I 65 70 75 Consider the market for computer games in the graph above. The quantity supplied decreases by 15 games at each price as a result of an increase in input costs. After the supply decreases, the government sets a price floor at $12 per game. What is the resulting surplus quantity from this policy (considering the new supply curve)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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