Use the following information to answer questions 15 through 23:Use the graph below to answer the following questions.12+1-10-987-Demand6.Prtce CeuingSupply4.219 10 11 126.Оиаntity of pizza rolls45815. What is the size of consumer surplus when there is no government price control?16. What is the size of producer surplus when there is no government price control?17. What is the size of social surplus when there is no government price control?18. What is the size of deadweight loss when there is no government price control?19. What is the size of consumer surplus when a price ceiling of $5 is imposed?20. What is the size of producer surplus when a price ceiling of $5 is imposed?21. What is the size of deadweight loss from a price ceiling of $5?Price of pizza rolls 22. What is the size of social surplus when a price ceiling of $5 is imposed?23. What is the difference between total surplus before and after price control is imposed? Howdoes this number compare to the deadweight loss?Use the following information to answer questions 24 through 32:The graph below shows the supply and demand curves for beer.12+11-10Demand9+P FloOT87-3+2Supply10 20 30 40 50 60 70 80 90 100 110 12Quantity of beer24. What is the size of consumer surplus when there is no government price control?25. What is the size of producer surplus when there is no government price control?26. What is the size of social surplus when there is no government price control? What is thesize of deadweight loss when there is no government price control?27. What is the size of consumer surplus when Price Floor of $9 is imposed?Price of beer

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Use the following information to answer questions 15 through 23: Use the graph below to answer the following questions. 12+ 11- 10+ 9. 7+ Demand Prtce Ceting Supply 4. 3- 4. 5 9 10 11 12 6. 8 Quantity of pizza rolls 15. What is the size of consumer surplus when there is no government price control? 16. What is the size of producer surplus when there is no government price control? 17. What is the size of social surplus when there is no government price control? 18. What is the size of deadweight loss when there is no government price control? 19. What is the size of consumer surplus when a price ceiling of $5 is imposed? 20. What is the size of producer surplus when a price ceiling of $5 is imposed? 21. What is the size of deadweight loss from a price ceiling of $5? Price of pizza rolls

Use the following information to answer questions 15 through 23: Use the graph below to answer the following questions. 12+ 11- 10+ 9. 7+ Demand Prtce Ceting Supply 4. 3- 4. 5 9 10 11 12 6. 8 Quantity of pizza rolls 15. What is the size of consumer surplus when there is no government price control? 16. What is the size of producer surplus when there is no government price control? 17. What is the size of social surplus when there is no government price control? 18. What is the size of deadweight loss when there is no government price control? 19. What is the size of consumer surplus when a price ceiling of $5 is imposed? 20. What is the size of producer surplus when a price ceiling of $5 is imposed? 21. What is the size of deadweight loss from a price ceiling of $5? Price of pizza rolls

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 3. Refer to the market below where there are four buyers who want to buy a chair. Consumer Name Willingness to Pay 120 110 100 90 80 Sam 70 60 50 40 30 20 10 Mamta Renee Nancy Based on the table, calculate the following: (Make sure to show all the steps) a. Individual and total consumer surplus when the price of the chair was $180. b. Changes in the consumer surplus (both individual and total) when the price increases to $190. Question 4. The graph given below is for the market for a water cooler. $200 $210 E $180 $175 Supply Demand +H 5 10 15 20 25 30 35 40 45 50 55 60 QUANTITY Based on the graph given, calculate the following: (Make sure to show all the steps) a. If the market is at equilibrium, what will be the consumer surplus, producer surplus, and total surplus b. Changes in the producer surplus when the price decreases to $40 per unit. c. Also explain the reasons for those changes (such as if any producers entered or left the market, existing producers' gain or loss).…
3. In the late eighteenth century, the price of bread in New York City was controlled, set at a predetermined price. Bread could only be sold at that exact price. a. Draw a diagram showing the effect of the policy. Did the policy act as a price ceiling or a price floor? b. What kinds of inefficiencies were likely to have arisen when the controlled price of bread was above the market price? Explain in detail. One year during this period, a poor wheat harvest caused a leftward shift in the supply of bread and therefore an increase in its market price. New York bakers found that the controlled price of bread in New York was below the market price. c. Draw a diagram showing the effect of the price control on the market for bread during this one - year period. Did the policy act as a price ceiling or a price floor? d. What kinds of inefficiencies do you think occurred during this period? Explain in detail.
am. 57.
Question 2 The government has imposed an effective price control for an agricultural product of $12. The equilibrium price for this market is $8. Ainswer the followving question? a. Describle what type of price control is this? b. Draw the market (demand and supply) for this market and show the price control. c. What are the consequences of this price control
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please answer #5 letter a and b.
pe diagram below shows the market for some agricultural product, X. 6.00 5.00 4.00 3.00 2.00 1.00 300 600 900 1200 1500 1800 Quantity of X (units per week) IGURE 5-8 Refer to Figure 5-8. Assume the market for product X is at its free-market equilibrium. What is the weekly amount of producer surplus in this market? $1800 $2700 $1350 $900 $450
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Table 1: Market for Skis P 0 20 40 60 80 Qd 25 20 15 10 5 100 0 Qs 0 4 8 12 16 20
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4. [A Monetary Surprise] Consider an economy in which the demand for money is of the form M₁ = = P₁Y for t = 0, 1,2,..., where output is 150, the money velocity is 1.5. The money supply is 100 for t = 0, 1. In period 2, the central bank surprises people and announce that money supply will grow at 2 percent forever, that is, Mo = 100, M₁ = 100, M₂ = (1.02) M₁, M3 (1.02) M₂, and so on. (a) What is the inflation rate in period 1, 7? What is real money balance in period 1, ? What is the expected inflation in period 2, given the information available in period 1, E172? (b) What is the inflation rate in period 2, m₂? What is real money balance in period 2, 2? What is expected inflation in period 3, given the informa- tion available in period 2, E273? (c) What is the inflation rate in period 3, 73? What is real money balance in period 2, ? (d) Compare E₁₂ and 7₂. B
The graph shows the market for game consoles. Suppose 1 million game consoles a year are being produced Draw the deadweight loss on game consoles. Suppose the quantity of game consoles produced is 1 million and the price is the equilibrium price Price (dollars per game console) 600- 500- 400- 300 300- Calculate the consumer surplus, producer surplus, and deadweight loss 200- The consumer surplus is $million 100- The producer surplus is $ million The deadweight loss is $million 3 Quantity (millions of game consoles per year) >>> Draw only the objects specified in the question