Suppose that the government sets a price floor for milk that is above the competitive equilibrium price. Identify the price and quantity sold when there is a price floor. Then show the change in economic surplus caused by the price floor. (Note: If you have trouble graphing the triangle, be sure to drag the "Quantity sold" label out of your way so that you can plot all three triangle points.) 1.) Use the point drawing tool to identify the quantity that is sold and the price with the price floor. Label the point 'Quantity sold'. 2.) Use the triangle drawing tool to shade the change in economic surplus as a result of the price floor. If there is an increase in surplus, label it 'new economic surplus'; if there is a decrease in surplus, label it 'deadweight loss'. Carefully follow the instructions above, and only draw the

Suppose that the government sets a price floor for milk that is above the competitive equilibrium price. Identify the price and quantity sold when there is a price floor. Then show the change in economic surplus caused by the price floor. (Note: If you have trouble graphing the triangle, be sure to drag the "Quantity sold" label out of your way so that you can plot all three triangle points.) 1.) Use the point drawing tool to identify the quantity that is sold and the price with the price floor. Label the point 'Quantity sold'. 2.) Use the triangle drawing tool to shade the change in economic surplus as a result of the price floor. If there is an increase in surplus, label it 'new economic surplus'; if there is a decrease in surplus, label it 'deadweight loss'. Carefully follow the instructions above, and only draw the

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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