Use the accompanying graph to answer these questions.S¹sº20Price of X ($)181614121086420Shortage:123Quantity of Good Xa. Suppose demand is D and supply is SO. If a price ceiling of $6 is imposed, what arethe resulting shortage and full economic price?unitsProducer surplus: $O False4TrueFull economic price: $b. Suppose demand is D and supply is so. If a price floor of $12 is imposed, what is theresulting surplus? What is the cost to the government of purchasing any and all unsoldunits?56Surplus:Cost to government: $c. Suppose demand is D and supply is SO so that equilibrium price is $10. If an excise taxof $6 is imposed on this product, what happens to the equilibrium price paid byconsumers? The price received by producers? The number of units sold?Equilibrium price paid by consumers: $1Price received by producers: $1Dc. Suppose demand is D and supply is SO so that equilibrium price is $10. If an excise taxof $6 is imposed on this product, what happens to the equilibrium price paid byconsumers? The price received by producers? The number of units sold?Equilibrium price paid by consumers: $Price received by producers: $Number of units sold:unitsd. Calculate the level of consumer and producer surplus when demand and supply aregiven by D and so respectively.Consumer surplus: $e. Suppose demand is D and supply is SO. True or False: A price ceiling of $2 would bebeneficial to consumers?

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Use the accompanying graph to answer these questions. S¹ so 20 18 16 Price of X ($) 14 12 10 9 42

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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