Question 1. The government intervenes by setting a maximum price to be sold of 350$. What type of Price control is it? Who is it supposed to gain and lose from this intervention? 2. Will this create a surplus or shortage? Calculate 3. Calculate the deadweight losses created by this intervention 4. Calculate the new consumer Surplus created from this intervention

Question 1. The government intervenes by setting a maximum price to be sold of 350$. What type of Price control is it? Who is it supposed to gain and lose from this intervention? 2. Will this create a surplus or shortage? Calculate 3. Calculate the deadweight losses created by this intervention 4. Calculate the new consumer Surplus created from this intervention

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter2: The One Lesson Of Business

Section: Chapter Questions

Problem 2.1IP

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Price ($ per ton) 280 300 320 340 360 380 Quantity Supplied (million tons) 8.5 9.0 9.5 10.0 10.5 11.0 Quantity Demanded (million tons) 12.5 11.0 9.5 8.0 6.5 5.0
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80-D The demand function for a product marketed by a company is p where D is the number of units and p is the price per unit. Determine the value of D and the total amount that will achieve maximum revenue.
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Price (Dollars per gallon) 4.80 4.40 4.00 3.60 3.20 2.80 2.40 2.00 1.60 1.20 0.80 0.40 0 Quantity Demanded (Gallons of water) 0 35 70 105 140 175 210 245 280 315 350 385 420 Total Revenue (Dollars) 0 $154.00 $280.00 $378.00 $448.00 $490.00 $504.00 $490.00 $448.00 $378.00 $280.00 $154.00 0 Suppose Khalid and Sabrina form a cartel and behave as a monopolist. The profit-maximizing price is is 15 gallons. As part of their cartel agreement, Khalid and Sabrina agree to split production equally. Therefore, Khalid's profit is $1.50, and Sabrina's profit is $ Suppose that Khalid and Sabrina have been successfully operating as a cartel. They each charge the monopoly price and sell half of the monopoly quantity. Then one night before going to sleep, Khalid says to himself, "Sabrina and I aren't the best of friends anyway. If I increase my production to 35 gallons more than the cartel amount, I can increase my profit even though her profit goes down. I will do that starting tomorrow." After Khalid…
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Explanation it correctly not use excel
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