Q-140-10p and the supply curve is Q-10p. The government imposes a price ceiling of p-$4 per unit. a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices nearest penny) and the price without the price ceiling is The equilibrium quantity without the price ceiling is $ 7 The equilibrium quantity with the price ceiling is b. What effect does this ceiling have on consumer surplus, producer surplus, and deadweight loss? 75.00 The change in consumer surplus (CS) is $ The change in producer surplus (PS) is S -165.00 (round your answer to the nearest penny). (round your answer to the nearest penny). (round your answer to the nearest penny). The deadweight loss (DWL) is S 90.00 70 40
Q-140-10p and the supply curve is Q-10p. The government imposes a price ceiling of p-$4 per unit. a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices nearest penny) and the price without the price ceiling is The equilibrium quantity without the price ceiling is $ 7 The equilibrium quantity with the price ceiling is b. What effect does this ceiling have on consumer surplus, producer surplus, and deadweight loss? 75.00 The change in consumer surplus (CS) is $ The change in producer surplus (PS) is S -165.00 (round your answer to the nearest penny). (round your answer to the nearest penny). (round your answer to the nearest penny). The deadweight loss (DWL) is S 90.00 70 40
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 57P: A low-income county decides to set a price ceiling on bread so it can make sure that bread is...
Related questions
Question
![Suppose that the demand curve for wheat is
Q-140-10p
and the supply curve is
Q=10p.
The government imposes a price ceiling of p =$4 per unit.
a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices to the
nearest penny)
and the price without the price ceiling is
The equilibrium quantity without the price ceiling is
7
$
The equilibrium quantity with the price ceiling is
b. What effect does this ceiling have on consumer surplus, producer surplus, and deadweight loss?
The change in consumer surplus (CS) is $
75.00
The change in producer surplus (PS) is $
165.00
(round your answer to the nearest penny).
(round your answer to the nearest penny).
(round your answer to the nearest penny).
The deadweight loss (DWL) is $
90.00
-
70
40](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1d0dfcb6-4b4d-4b89-8e5a-75b691b374cc%2Fc653a97d-3712-499f-8288-d1803a7fafc4%2Fs9mvn8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that the demand curve for wheat is
Q-140-10p
and the supply curve is
Q=10p.
The government imposes a price ceiling of p =$4 per unit.
a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices to the
nearest penny)
and the price without the price ceiling is
The equilibrium quantity without the price ceiling is
7
$
The equilibrium quantity with the price ceiling is
b. What effect does this ceiling have on consumer surplus, producer surplus, and deadweight loss?
The change in consumer surplus (CS) is $
75.00
The change in producer surplus (PS) is $
165.00
(round your answer to the nearest penny).
(round your answer to the nearest penny).
(round your answer to the nearest penny).
The deadweight loss (DWL) is $
90.00
-
70
40
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