Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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please help me solve for all blank parts
note: at the very top of the question it says suppose that the government imposes a price ceiling of 800

Transcribed Image Text:inciples of Microeconomics
se the government imposes a price 0,12 in gniline potig & 2920gmi
of $800.
this a binding or a non-binding price ceiling?
non binding
What quantity of two-bedroom homes will be
rented? Q
Briefly explain why you chose that quantity:
Is there a shortage, a surplus, or neither?
Unit 1 Study Guide (SG) 000
2000
1000
1600
1400
1200
1000
800
600
400
200
0
O 30 60 90 120 150 180 210 240 270 300 330 360
If there is a shortage or surplus, give the numerical value (Show your work!).
Calculate Consumer Surplus, Producer Surplus, Total Surplus, and Deadweight loss. Illustrate CS,
PS, and DWL (if any).
4
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