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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

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter5: Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...
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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
Transcribed Image Text: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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