6 a)Draw a demand and supply schedule showing that a good will not be produced or sold? b) Draw a demand and supply schedule and show the deadweight loss of banning a good that buyers are willing to pay a price greater than the minimum supply price. c) What does it mean to say there is an “affordable” housing shortage?
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6
a)Draw a demand and supply schedule showing that a good will not be produced or sold?
b) Draw a demand and supply schedule and show the
c) What does it mean to say there is an “affordable” housing shortage?
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- Use the graph below to answer the following questions: Price $15 Supply $14 $13 $12 $11 $10 Demand 25 75 125 175 225 275 Quantity1. The market for pairs of sneakers is described by the following supply and demand curves: Qd = 350-P; Qs = 3P-50. a) Solve for the equilibrium price and quantity. b) If the government imposes a price ceiling of $90, does a shortage or surplus (or neither) develop? What are the price, quantity supplied, quantity demanded, and the size of the shortage or surplus? c) If the government imposes a price floor of $90, does a shortage or surplus (or neither) develop? What are the price, quantity supplied, quantity demanded, and the size of the shortage or surplus? d) Instead of a price control, the government levies a tax on produces of $20. As a result, the new supply curve is: Qs = 3(P-0)-50. Does a shortage or surplus (or neither) develop? What is the price the buyer pays, the price the seller receives, quantity supplied, quantity demanded, and the size of the shortage or surplus?Refer to the figure below. If the government sets a price ceiling of $6, 18 16 14 12 10 8 6 4 2 2 4 4 68 10 12 14 16 18 there would be a shortage of 14 units. D₁ there would be an excess supply of 6 units. There would be a shortage of 4 units. consumers would demand 14 units.
- Consider the market for bus travel, where equilibrium price and quantity is determined by demand and supply. If bus travel is an inferior good and there is an increase in income and at the same time, the government subsidises bus travel, which of the following will occur? (a) The equilibrium price and quantity will be lower. (b) The equilibrium quantity will be higher, but the impact on price will be unknown. (c) The equilibrium price will be lower, but the equilibrium quantity will be higher. (d) The equilibrium price will be lower, but the impact on quantity will be unknown.A). Draw the supply and demand curves for the market of specific good. B). Suppose that the equilibrium price for this product is $4 and the equilibrium quantity is 100 units. If the government imposes a price ceiling of $3 what happens? Draw the new graph explaining how quantities are affected by that decision. C). Suppose that the equilibrium price for this product is $4 and the equilibrium quantity is 100 units. If the government imposes a price floor of $5 what happens? Draw the new graph explaining how quantities are affected by that decision.Question 16 Due to a price ceiling on gasoline, over 10,000 potential gasoline consumers cannot buy at the current price. Over time, the demand for gasoline adjusts as people start buying electric cars. What will happen to the shortage? a The shortage will be greater than 10,000. b The shortage will be less than 10,000. c The shortage will be equal to 10,000.
- . Which statement best explains how a price ceiling affects the market for gasoline? It can cause more gasoline producers to enter the market. It can lead to producers increasing their production costs for gasoline. It can cause shortages in the supply of gasoline. It can lead to a decrease in the demand from consumers for gasoline.Can you propose a policy that meld induce the market to supply more rental housing units?12 . Problems and Applications Q10 A market is described by the following supply and demand curves: QSQS = = 3P3P QDQD = = 400−P400−P The equilibrium price is and the equilibrium quantity is . Suppose the government imposes a price ceiling of $80. This price ceiling is , and the market price will be . The quantity supplied will be , and the quantity demanded will be . Therefore, a price ceiling of $80 will result in . Suppose the government imposes a price floor of $80. This price floor is , and the market price will be . The quantity supplied will be and the quantity demanded will be . Therefore, a price floor of $80 will result in . Instead of a price control, the government levies a tax on producers of $40. As a result, the new supply curve is: QSQS = = 3(P−40)3P−40 With this tax, the market price will be , the quantity supplied will be , and the quantity demanded will be . The passage…
- During a back-to-school shopping frenzy, a price ceiling of $6 is put on a pack of pencils. Calculate the shortage caused by the price ceiling. Provide your answer below. P₁ packs of pencils Price Quantity Supplied Quantity Demanded $3 $6 $9 $12 $15 100 300 500 700 900 42% + 920 710 500 290 80The diagram below represents the market for butter. 2 4 8 10 12 14 Quantity Demanded and Supplied of Butter (thousands of kilograms/year) Refer to Figure 4-1. What is the shortage or surplus of butter at a market price of $5 per kilogram? a shortage equal to 4000 kilograms of butter a surplus equal to 4000 kilograms of butter a surplus equal to 7000 kilograms of butter a shortage equal to 7000 kilograms of butter Price of butter (per kilogram) %S4a) In the market for sugary drinks, the current equilibrium price is $10 and the equilibrium quantity is 30. The demand choke price is $50 and the supply choke price is $5 (a) Draw a demand and supply diagram, and shade the regions that represent consumer and producer welfare. Calculate the Total welfare in this market b) In this market, you now know that E D = −0.4 and E S = 1.2. Redraw your diagram in part (a) with the correct sloping curves. In this part you do not have to shade the welfare regions. All you need to do is redraw the diagram with the same equilibrium price and quantity, and choke prices but adjust the slope of each curve to reflect their respective elasticity c) If a tax was to be implemented in this market, what percentage of the burden is borne by the buyer? d) The government plans to discourage the consumption of sugary drinks and as such, they implemented a $1 tax on every bottle produced. In this situation, the suppliers are taxed directly but they hope to pass…