QUESTIONN TO908070605040302010120 180 240 300360 420 48o540660780 840600720If there is a price floor of $60 imposed in this market, what is the deadweight loss?O a. 2400Ob. 1200O c. 1800Od. 900

The markets are the place where the buyers of the goods, and services, and the sellers of the goods,…

Answered: QUESTION TU 90 80 70 60 50 40 30 20 10…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The graph below shows a perfectly competitive market for rice in which the government has required producers meet the supply-quota of 6 million tonnes of rice. What is the size of the deadweight loss of economic welfare? O O O O $16 million $24 million $4 million O $18 million O $12 million $8 million Price ($) 10 9 8 7 6 5 4 3 2 1 0 0 1 2 3 4 5 6 7 8 MSC MSB 9 10 Quantity (millions)
90 80 70 60 50 30 20 10 120 180 240 300 360 420 480 540- 600 660 720 780 840 If there is a price floor of $60 imposed in this market, what is the new Producer Surplus? a. 7500 Ob. 10000 Oc. 12000 Od. 9000
PRICE 20 18 16 14 12 10 Demand 1 6 4 25 units. O27 units. Consumer 1 9 units. 2 units. 2460 10 12 14 16 18 20 QUANTITY PRICE 27 24 21 718 15 12 9 6 Refer to Figure 4-2. If these are the only two consumers in the market, then the market quantity demanded at a price of $3 is Consumer 2 Demand 5 10 15 20 25 30 35 40 45 50 QUANTITY
P Price £ 14 12 10 00 Supply and demand curve Price QS- 2 ON46009 2 8 10 MARKET EQUILIBRIUM 824599 0 6 10 QD 12 29864 10 S D 10 A. What is the situation at a price of $8? By how much? How should we expect the price to change in the future? B. What is the situation at a price of $2? By how much? How should we expect the price to change in the future?
2.40 2.00 1.60 1.20 0.80 0.40 0 600 O1200 12000 13000 14000 15000 Supply Demand 16000 If a price ceiling of $0.80 is imposed on this market, what is the dead weight loss? O 400 800
QUESTION 4 1.00 0.90 0.80 0.70 0.60 Supply 0.50 0.40 0.30 Démand 0.20 0.10 50 100 150 200 250 350 400 300 Suppose that a price ceiling of $0,30 is imposed on this market. Which of the following is true? Oa. the ceiling is non-binding Ob. there is a shortage of 150 Oc. there is an excess supply of 150 Od. there is a shortage of 100 units
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Returning to the corn example from before, what would happen if the government placed a price floor of $2 per bushel of corn to help Indiana (and other) farmers get through the Covid Crisis? Use this table of supply and demand to answer the question. Corn Supply and Demand Bushels Demanded Price per Bushel Bushels Supplied 47 $6 79 52 $5 75 58 $4 70 63 $3 63 69 $2 59 O The price would fall below $2 because the floor is not binding. O This would create a surplus in the corn market. O This would create a shortage in the corn market O Indiana farmers would switch to a different crop to avoid the resulting lower corn prices. O Absolutely nothing.
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-2 The graph below shows the rice market in Hatha. Price 10 6 8 7 6 LO 3 2 1 200 400 600 800 Quantity of kilos per month 1000 S D E
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QUESTION TU 90 80 70 60 50 40 30 20 10 120 180 240 300 360 420 480 540 660 780 840 600 720 If there is a price floor of $60 imposed in this market, what is the deadweight loss? O a. 2400 b. 1200 C. 1800 d. 900