1 answer

Suppose that the demand curve for wheat is Q=120 - 10p and the supply curve is...

Question:

Suppose that the demand curve for wheat is

Q=120 - 10p

and the supply curve is

Q=10p

The government imposes a price ceiling of

p= $4 per unit

per unit.

a. How do the equilibrium price and quantity​ change?  ​(round quantities to the nearest integer and round prices to the nearest​ penny)

The equilibrium quantity without the price ceiling is

60

and the price without the price ceiling is

​$6.

The equilibrium quantity with the price ceiling is

40.

B) What effect does this ceiling have on consumer​ surplus, producer​ surplus, and deadweight​ loss?

The change in consumer surplus​ (CS) is ​$ _____ ​(round your answer to the nearest​ penny).

The change in producer surplus​ (PS) is ​$ _____(round your answer to the nearest​ penny).

The deadweight loss​ (DWL) is ​$ _____ (round your answer to the nearest​ penny).


Answers

0 ven @p2 12ο _ lof Gs a lof A+ equilb rium iontity Demond Supply Pore c. Quant/형2 /20-60-60 and Mi in siny prig 12 Joxy emand > Quart So there is the Shartage20 2 do 2 160 Consumer Jur plus o+ 16 240 , Producer Jurr,us yaho, 2 0: change in Cansume Sor phus o 18 $60 producer Sumple: !(點-80 in *change 20 20 So Deod werge loss 20 +20 4

.

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