Price $150 200 250 300 350 400 b. Belting i 450 500 550 600 650 b. Resulting amount of surplevshortage if any (0 if no 0 8. Remove the price floor. Impose a price ceiling $50 below the equilibrium price Equilibrium price $350 and quantity 50 Quantity Demanded 100 90 1. Equilibrium price $350 2. Quantity 50 3. Consumer Surplus? 6250 & Producer Surplus? 6250 5. What is the total surplus? 12500 & Suppose a $200 unit tax is placed on the good being sold. How much tax revenue is to be made? 4000 500 7. Remove the tax. Imposes a price floor $100 below the equilibrium price a Equilibrium price $350 and quantity 50 of surplus/shortage of one o NO 70 60 50 40 30 20 10 0 Quantity Supplied 10 20 30 40 50 60 20 80 90 100 . How much deadweight loss is created (0 if none)?

Price $150 200 250 300 350 400 b. Belting i 450 500 550 600 650 b. Resulting amount of surplevshortage if any (0 if no 0 8. Remove the price floor. Impose a price ceiling $50 below the equilibrium price Equilibrium price $350 and quantity 50 Quantity Demanded 100 90 1. Equilibrium price $350 2. Quantity 50 3. Consumer Surplus? 6250 & Producer Surplus? 6250 5. What is the total surplus? 12500 & Suppose a $200 unit tax is placed on the good being sold. How much tax revenue is to be made? 4000 500 7. Remove the tax. Imposes a price floor $100 below the equilibrium price a Equilibrium price $350 and quantity 50 of surplus/shortage of one o NO 70 60 50 40 30 20 10 0 Quantity Supplied 10 20 30 40 50 60 20 80 90 100 . How much deadweight loss is created (0 if none)?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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