Problem 6-3Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values ortype values, as you will not receive full credit for your answers.In a competitive market, the market demand curve is Q = 28 - 2p and the market supply curve is Os = -8 + 2p.Qa28-2 p-82 pa) Detemine the quantity demanded and quantity supplied for p = $4, 5, 6, .. , 14.b) For prices p = $4, 5, 6, ... , 14, determine the consumer surplus.c) For prices p = $4, 5, 6., 14, determine the producer surplus.а)b)c)QaQsCSPS$4$5$6$7$8$9$10$11$12$13$14Determine the equilibrium quantity and price.The equilibrium quantity isand the equilibrium price isHow does an increase in price affect the consumer surplus?When the price increases, the consumer surplusdecreasesincreasesHow does an increase in price affect the producer surplus?When the price increases, the producer surplusd) Suppose the government limits the quantity traded in the market to 6 units. Calculate the resulting deadweight loss.The deadweight loss is

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Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers. In a competitive market, the market demand curve is Qd = 28 - 2p and the market supply curve is Qs = -8 + 2p. Qa 28 -2 p -8 2 р a) Determine the quantity demanded and quantity supplied for p = $4, 5, 6, .. , 14. b) For prices p = $4, 5, 6, ... , 14, determine the consumer surplus. c) For prices p = $4, 5, 6. 14, determine the producer surplus. ..... a) b) c) Qa Qs CS PS $4 $5 $6 $7 $8 $9 $10 $11 $12 $13 $14 Determine the equilibrium quantity and price. The equilibrium quantity is and the equilibrium price is How does an increase in price affect the consumer surplus? When the price increases, the consumer surplus decreases increases How does an increase in price affect the producer surplus? When the price increases, the producer surplus d) Suppose the government limits the quantity traded in the market to 6 units. Calculate the resulting deadweight loss. The deadweight loss is

Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or type values, as you will not receive full credit for your answers. In a competitive market, the market demand curve is Qd = 28 - 2p and the market supply curve is Qs = -8 + 2p. Qa 28 -2 p -8 2 р a) Determine the quantity demanded and quantity supplied for p = $4, 5, 6, .. , 14. b) For prices p = $4, 5, 6, ... , 14, determine the consumer surplus. c) For prices p = $4, 5, 6. 14, determine the producer surplus. ..... a) b) c) Qa Qs CS PS $4 $5 $6 $7 $8 $9 $10 $11 $12 $13 $14 Determine the equilibrium quantity and price. The equilibrium quantity is and the equilibrium price is How does an increase in price affect the consumer surplus? When the price increases, the consumer surplus decreases increases How does an increase in price affect the producer surplus? When the price increases, the producer surplus d) Suppose the government limits the quantity traded in the market to 6 units. Calculate the resulting deadweight loss. The deadweight loss 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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Question

Problem 6-3
Use a cell reference or a single formula where appropriate in order to receive full credit. Do not copy and paste values or
type values, as you will not receive full credit for your answers.
In a competitive market, the market demand curve is Q = 28 - 2p and the market supply curve is Os = -8 + 2p.
Qa
28
-2 p
-8
2 p
a) Detemine the quantity demanded and quantity supplied for p = $4, 5, 6, .. , 14.
b) For prices p = $4, 5, 6, ... , 14, determine the consumer surplus.
c) For prices p = $4, 5, 6., 14, determine the producer surplus.
а)
b)
c)
Qa
Qs
CS
PS
$4
$5
$6
$7
$8
$9
$10
$11
$12
$13
$14
Determine the equilibrium quantity and price.
The equilibrium quantity is
and the equilibrium price is
How does an increase in price affect the consumer surplus?
When the price increases, the consumer surplus
decreases
increases
How does an increase in price affect the producer surplus?
When the price increases, the producer surplus
d) Suppose the government limits the quantity traded in the market to 6 units. Calculate the resulting deadweight loss.
The deadweight loss is

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