Please answer the questions in the picture attached below What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to havean impact on the market.2Refer to the figure below and answer the questions that follow:World marketU.S. marketSuurldSus0.400.300.300.20Dus.Dworld2481012Millions of apples per dayMillions of apples per daya.At the world price of 30 cents per apple the United States importsmillion apples per day.b.If a 10-cent-per-apple tax is levied on imported apples, the United States will importmillion apples per day.Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple what are the changes that happen in the market?c.3.Refer to the figure below and answer the questions that follow:0.55* 0.50A 0.450.40QNumber of pencilsAn example of an effective price ceiling would be government setting the price of pencils atdollars.b.An example of an effective price floor would be the government setting the price of pencils atdollars.List the most common nonprice rationing systems in the market.5.What are ration coupons and what is their purpose? Provide a historical or current example.

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What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have an impact on the market. 1.

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Chapter1: Making Economics Decisions

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Please answer the questions in the picture attached below

What is the difference between a price ceiling and a price floor? Compared to the competitive equilibrium price, where must price ceilings and price floors be set to have
an impact on the market.
2
Refer to the figure below and answer the questions that follow:
World market
U.S. market
Suurld
Sus
0.40
0.30
0.30
0.20
Dus.
Dworld
2
4
8
10
12
Millions of apples per day
Millions of apples per day
a.
At the world price of 30 cents per apple the United States imports
million apples per day.
b.
If a 10-cent-per-apple tax is levied on imported apples, the United States will import
million apples per day.
Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple what are the changes that happen in the market?
c.
3.
Refer to the figure below and answer the questions that follow:
0.55
* 0.50
A 0.45
0.40
Q
Number of pencils
An example of an effective price ceiling would be government setting the price of pencils at
dollars.
b.
An example of an effective price floor would be the government setting the price of pencils at
dollars.
List the most common nonprice rationing systems in the market.
5.
What are ration coupons and what is their purpose? Provide a historical or current example.

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