What is the deadweight loss resulting in a $10 price ceiling on thismarket?50Supply45403530201510DemandO 10 2030 40 50 60 70 80 90 100Quantity of Cement (Bags)| 20 bags of cementO $150O 40 bags of cement$0) There will be no deadweight loss since consumers are gettingcheaper productsO none of these answers are accurate$250O $100Price per bag ($)

Answer: $250 (option G) Explanation: According to the above figure, if the price ceiling of $10 is…

Answered: What is the deadweight loss resulting…

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 21
Air fares are generally lower on Tuesdays and Wednesdays each week. What is a likely explanation for this occurrence? O Supply is relatively variable, and lower demand on these days leads to a lower equilibrium price. O Demand is relatively variable, and lower supply leads to a lower equilibrium price. Lower levels of both supply and demand on these days lead to a lower equilibrium price. Supply is relatively fixed, and lower demand on these days leads to a lower equilibrium price. Demand is relatively fixed, and lower supply leads to a lower equilibrium price. OO
Price $60 40 20 0 50 100 Quantity 150 O $60, resulting in a surplus of 100 units. O $60, resulting in a shortage of 100 units. $40, resulting in equilibrium. O $20, resulting in a shortage of 100 units. 200 Supply Demand Refer to the above diagram. A price floor could be established at:
BB Hypermarket reduces the price of salt by 10% which results in zero (0) change in demand, the demand of salt is: O a. Unitary elastic demand O b. Perfectly elastic demand O c. Elastic demand O d. Perfectly inelastic demand Why principles of microeconomics are called as Price theory? O a. Microeconomic principles are required for determining output prices O b. Microeconomic principles are required for determining input prices O c. Microeconomic principles are required for determining the prices of inputs and output O d. Microeconomic principles are required for understanding the types of market structure
What is the market equilibrium price and what is the market equilibrium quanity and why?
11. If suppliers could only provide 5 units, what would the price be? $8 Supply $6- $4 Demand $2- 0 5 10 15 20 25 30 35 Quantity $8 O $5 O $10 O $2 O O Price
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Quantity Demanded 6 7 8 9 10 11 12 Price $8 7 6 5 4 3 2 Refer to the above table. If demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would the new equilibrium price and quantity be? Multiple Choice O $6 and 6 units $5 and 5 units O $4 and 6 units Quantity Supplied 10 9 8 7 6 5 4 $7 and 7 units
Figure price 20 18+ 16 14 12 10 8. 4+ 10 20 30 40 50 60 70 80 90 quaxtity Refer to Figure. If price in this market is currently $14, then there would be a(n) O a. shortage 20 units therefore, the price will rise. O b. surplus of 20 units therefore, the price will fall. Os surplus of 40 units therefore, the price will fall. Od. surplus of 40 units therefore, the price will rise. Click Save Al Anstcers to save all answers. ま注
$4.00 $3.50- $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 0 5 10 15 20 25 30 Quantity A price floor set at a price of $1.00 will result in O no change in the market outcomes. a surplus of 20 units. a surplus of 10 units. a shortage of 20 units. a shortage of 10 units. Price O O Supply Demand 35 40
3.30 3.00 Supply 2.70 2.40 2.10 Demand 1.80 1.50 1.20 0.90 0.60 0.30 50 100 150 200 250 300 350 400 Suppose that a price ceiling is set at $2.70. Which of the following is true? O a. There will be a shortage of 200 units Ob. There will be an excess supply of 100 units Oc. There will be a excess supply of 200 units Od. The ceiling is non-binding
Suppose that a major luxury car producer exits the market in order to produce more economy cars. At the same time, a market research group reports that the average price of a luxury car is increasing, and the number of luxury cars sold is increasing. What must be happening to supply and demand. O The supply curve shifts to the left, and the demand curve shifts to the left. O The supply curve shifts to the left, and the demand curve shifts to the right. O Only the supply curve shifts to the left. O Only the supply curve shifts to the right.

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