Refer to the figure to answer the following two questions. P 165 150 S 135 120 105 90 75 60 45 30 15 Q 0 80 160 240 320 400 480 560 640 720 800 880 1) If the government imposes a binding price floor of $135.00 in this market, what is the result? a. There will be al of units. b. The redistribution of surplus from consumers to the producer is equal to $ c. The deadweight loss due to price floor is $ 2) If the government imposes a binding price ceiling of $15.00 in this market, what is the result? a. There will be a of units. b. The highest price that would be charged in a black market is $ c. The deadweight loss due to price ceiling is $

Refer to the figure to answer the following two questions. P 165 150 S 135 120 105 90 75 60 45 30 15 Q 0 80 160 240 320 400 480 560 640 720 800 880 1) If the government imposes a binding price floor of $135.00 in this market, what is the result? a. There will be al of units. b. The redistribution of surplus from consumers to the producer is equal to $ c. The deadweight loss due to price floor is $ 2) If the government imposes a binding price ceiling of $15.00 in this market, what is the result? a. There will be a of units. b. The highest price that would be charged in a black market is $ c. The deadweight loss due to price ceiling is $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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B. The late Anne Collins had 3 children, Mary, John and Hana who unfortunately all predeceased Anne leaving several Anne's grandchildren and great grandchildren. Unfortunately, Anne died intestate without a will or trust. She is survived by: Mary's daughters Emma and Joan John's son Patrick who has 2 children Joe and Frank; Frank has 1 child Eddy. Hana's daughter Elizabeth is also deceased leaving 2 children Jim and Eva. (i) Please fill in the table taking into consideration that Anne died without a will/trust and therefore the distribution shall be according to the CA intestacy laws (Modified Per Stirpes PC 240). Each Emma and Joan Mary's spouse Each of Patrick's 2 children Joe and Frank Each of Elizabeth's 2 children Jim and Eva Patrick's grandchild Eddy Patrick MPS Ø
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Figure A Q Figure B Figure C Price (dollars per unit) 15- Price (dollars per unit) 15 Price (dollars per unit) 15- 14- 13- 12- 11- 10- MC MC 14- 14- 13- 12- 11- 10- „MC ATC 13- 12- 11- 10- ATC ATC MR MR MR 9- 9- 9- 8- 8- 8- 7- 7- 6- 90 100 100 100 1i0 Quantity (units) 90 110 90 110 15 Qua Quantity (units) Quantity (units) Consider a perfectly competitive firm in a short-run equilibrium. Figure shows a firm in bad times because the firm produces units and makes a(n) O A. A; 100; economic loss O B. B; 90; economic profit O C. A; 110; economic loss O D. C; 100; economic loss O E. C; 100; normal profit
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ONLY NEED QUESTIONS 5,6,8,10 and 13