Suppose the weekly demand and supply curves for used DVDs in Lincoln, Nebraska, are as shown in the diagram. Market for used DVDs Price ($/DVD) C O E FG H S Quantity (DVDs/week) B 15.00 Use the following values for the graph above: A 18.00 C 13.00 D 9.00 E 3.00 F 9 G 15 H 27 I 54 Suppose a coalition of students from Lincoln High School succeeds in persuading the local government to impose a price ceiling of $9.00 on used DVDs, on the grounds that local suppliers are taking advantage of teenagers by charging exorbitant prices. a. Calculate the weekly shortage of used DVDs that will result from this policy. Instructions: Enter your response as a whole number. used DVDs. b. Calculate the new consumer surplus, the new producer surplus, and the total economic surplus lost every week as a result of the price ceiling. Instructions: Enter your response rounded to the nearest penny (two decimal places).

Suppose the weekly demand and supply curves for used DVDs in Lincoln, Nebraska, are as shown in the diagram. Market for used DVDs Price ($/DVD) C O E FG H S Quantity (DVDs/week) B 15.00 Use the following values for the graph above: A 18.00 C 13.00 D 9.00 E 3.00 F 9 G 15 H 27 I 54 Suppose a coalition of students from Lincoln High School succeeds in persuading the local government to impose a price ceiling of $9.00 on used DVDs, on the grounds that local suppliers are taking advantage of teenagers by charging exorbitant prices. a. Calculate the weekly shortage of used DVDs that will result from this policy. Instructions: Enter your response as a whole number. used DVDs. b. Calculate the new consumer surplus, the new producer surplus, and the total economic surplus lost every week as a result of the price ceiling. Instructions: Enter your response rounded to the nearest penny (two decimal places).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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