equilibrium price and quantity. 38.00- The total economic surplus is $ 96 per day. (Round your response to the nearest cent as needed.) 34.00 30.00- b. Calculate the total economic surplus in this market when a price ceiling at $14 is in effect. 26.00- The total economic surplus is $ 72 per day. a 22.00- (Round your response to the nearest cent as needed.) 8 18.00+ c. After imposition of the price ceiling at $14, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? 14,00 10.00- 4 unit(s) of this good are no longer being produced and consumed per day 6.00- compared to the free-market equilibrium. (Round your response to the nearest whole number as needed ) 2.00- 10 12 14 d. Calculate the deadweight loss that results from the imposition of the price ceiling at $14. Quantity (units per day) The deadweight loss that results from the imposition of the price ceiling at $14 is $ 24 per day. (Round your response to the nearest cent as needed.) e. Calculate the total economic surplus in this market when a price floor at $22 is in effect The total economic surplus is $ (Round your response to the nearest cent as needed.) per day.

equilibrium price and quantity. 38.00- The total economic surplus is $ 96 per day. (Round your response to the nearest cent as needed.) 34.00 30.00- b. Calculate the total economic surplus in this market when a price ceiling at $14 is in effect. 26.00- The total economic surplus is $ 72 per day. a 22.00- (Round your response to the nearest cent as needed.) 8 18.00+ c. After imposition of the price ceiling at $14, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? 14,00 10.00- 4 unit(s) of this good are no longer being produced and consumed per day 6.00- compared to the free-market equilibrium. (Round your response to the nearest whole number as needed ) 2.00- 10 12 14 d. Calculate the deadweight loss that results from the imposition of the price ceiling at $14. Quantity (units per day) The deadweight loss that results from the imposition of the price ceiling at $14 is $ 24 per day. (Round your response to the nearest cent as needed.) e. Calculate the total economic surplus in this market when a price floor at $22 is in effect The total economic surplus is $ (Round your response to the nearest cent as needed.) per day.

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Consumer Choice And Demand

Section: Chapter Questions

Problem 3.8P

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