Draw the following graph and answer the questions below. DQ SQ 17 1 3 2 4 15 13 4 14 3 1 QUESTIONS: 1. What is the market equilibrium? 2. Calculate the PS (show work) 3. Calculate the CS (show work) 4. Now mark on your graph a ceiling price of 3 dollars. How much is the shortage? (show work) 5. Mark your DWL 6. calcualte the DWL (show work) LO 5

Draw the following graph and answer the questions below. DQ SQ 17 1 3 2 4 15 13 4 14 3 1 QUESTIONS: 1. What is the market equilibrium? 2. Calculate the PS (show work) 3. Calculate the CS (show work) 4. Now mark on your graph a ceiling price of 3 dollars. How much is the shortage? (show work) 5. Mark your DWL 6. calcualte the DWL (show work) LO 5

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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