Consider a market with a demand curve given by P = 1000 - 2Q and a supply curve given by P = 3Q. Suppose the government imposes a price ceiling of 800 dollars. What is the deadweight loss? Give your answer as a whole number. Stuck between 16,667 25,000 and 50,000. But let me know what you get.
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- Consider a market with a demand curve given by P = 1000 - 2Q and a supply curve given by P = 3Q. Suppose the government imposes a price ceiling of 800 dollars. What is the deadweight loss? Give your answer as a whole number.A recent study found that the demand and supply schedules for Anti-virus software are as follows: Price per Anti-virus Software Quantity Demand Quantity Supply 11$ 1 million Anti-virus software 15 million Anti-virus software 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 Questions: College students demand a reduction in the price of Anti-virus software. As a result, government impose a price ceiling $7. What is the new market price? How many Anti-virus software are sold? What situation it will causes? Explain with graph.Use the data and graph below to complete the following. Plot the data points onto the graph. Use all necessary labels. Suppose Miley Cyrus only charges $60 per ticket. Draw this price ceiling on the graph What is the equilibrium price and quantity in this market? Price:# # $# Quantity: If the price Miley Cyrus charges for each ticket is below equilibrium, why doesn’t she raise her prices?
- What will be the result of an decrease in a price ceiling for gasoline? Group of answer choices The quantity will decrease because the quantity demanded will decrease. The quantity will remain the same; only the price will change. The quantity will increase because the quantity demanded will increase. The quantity will decrease because the quantity supplied will decrease.In the market for lattes, researchers have estimated the following demand and supply curves. Demand: P= 42 - 0.5Q Supply: P= 0.06Q If the government, worried about the profitability of the coffee business, imposes a price floor in the market of $5. What is the size of the market surplus?(round your answer to include 2 decimal places)Market demand is P=125-(3/8)QMarket supply is P=5+(1/8)Q. This time the government imposes a price ceiling of $20. That is, the price has to be at $20 or below it.a. Calculate the new equilibrium price and quantity.b. Calculate the new CS (Consumer Surplus) and PS (Producer Surplus). Who gains? Who loses?What is the deadweight?
- Suppose producers bear most of the burden of a specific tax of 20 cents on staplers. Which ONE statement best describes the supply and demand for staplers? Suppose sandals have an elastic own-price elasticity of demand. If price goes up by 2%, then what happens to quantity demanded?A recent study found that the demand and supply schedules for Anti-virus software are as follows: Price per Anti-virus Software Quantity Demand Quantity Supply 11$ 1 million Anti-virus software 15 million Anti-virus software 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 Questions: Anti-virus software manufacturers persuade the government to impose a price floor $10. What is the new market price? How many Anti-virus software are sold? What situation it will causes? Explain with a graph.What does each part of the graph stand for? Assume that a local government imposes a price ceiling of $8, how many units will be excessively supplied/demanded?
- Suppose that the government imposed a price ceiling on cows. Would you expect theprice of steak to increase, decrease, or stay the same? Explain your answer.Suppose the supply of a good by domestic firms is QSD = 10 + 2P and the supply by foreign firms is QSF = 10 + P. The domestic demand for the product is given by Qd = 30 − P. 1. In the absence of a quota, what is the total supply of the good? 2. What are the equilibrium price and quantity of the good? 3. Suppose a quota of 10 units is imposed. What is the total supply of the product? 4. Determine the equilibrium price in the domestic market under the quota of 10 units.Market demand is P=125-(3/8)QMarket supply is P=5+(1/8)Q. This time the government imposes a price floor of $45. That is, the price must be either at or above $45.a. Calculate the new equilibrium price and quantity.b. Calculate the new CS (Consumer Surplus) and PS (Producer Surplus). Who gains? Who loses?What is the deadweight loss?
