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Oct 2021.tle.courses.open.uwi.edu 0%99 ng Exchange 2021 22 Question 6 A market has a demand function given by the equation Qd = 180 - 2P, and a supply pa function given by the equation Qs = -15 + P. The market is government-regulated with a price support per unit and production quotas. (NOTE: A production quota is a restriction on the quantity of the good that can be produced. Firms are not out of allowed to produce more than the quota) (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? HINT: Sketch the supply and demand equations. Answer: estion 23 Considering the price support and the quota, calculate ot yet (i) the consumer surplus, swered arked out of 00 Flag Answer: question Question 24 (ii) the producer surplus, Not yet answered Marked out of P Flag Answer: question Question 25 (ii) deadweight loss, Not yet answered Marked out of P Flag Answer: question 8:50 PM Sun 3 Oct - 26% 2021.tle.courses.open.uwi.edu a The Learning Exchange 2021 Question 26 Due to good weather, there is an increase in the demand for the good. The new Not yet demand equation is Qd = 190 - 2P. The government is trying to decide between two answered options: Marked out of • Maintain the number of quotas and let the market adjust, or P Flag • Maintain the price support and increase the number of quotas. question Suppose that the government decides to maintain the number of quotas and let the market adjust. (c) Calculate the (i) price observed in the market, HINT: Sketch the supply and demand equations. Answer: Question 27 (ii) the consumer surplus, Not yet answered Marked out of Answer: P Flag question Question 28 (iii) the producer surplus, Not yet answered Marked out of P Flag Answer: question Question 29 (iv) deadweight loss, Not yet answered Morkadou

Oct 2021.tle.courses.open.uwi.edu 0%99 ng Exchange 2021 22 Question 6 A market has a demand function given by the equation Qd = 180 - 2P, and a supply pa function given by the equation Qs = -15 + P. The market is government-regulated with a price support per unit and production quotas. (NOTE: A production quota is a restriction on the quantity of the good that can be produced. Firms are not out of allowed to produce more than the quota) (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? HINT: Sketch the supply and demand equations. Answer: estion 23 Considering the price support and the quota, calculate ot yet (i) the consumer surplus, swered arked out of 00 Flag Answer: question Question 24 (ii) the producer surplus, Not yet answered Marked out of P Flag Answer: question Question 25 (ii) deadweight loss, Not yet answered Marked out of P Flag Answer: question 8:50 PM Sun 3 Oct - 26% 2021.tle.courses.open.uwi.edu a The Learning Exchange 2021 Question 26 Due to good weather, there is an increase in the demand for the good. The new Not yet demand equation is Qd = 190 - 2P. The government is trying to decide between two answered options: Marked out of • Maintain the number of quotas and let the market adjust, or P Flag • Maintain the price support and increase the number of quotas. question Suppose that the government decides to maintain the number of quotas and let the market adjust. (c) Calculate the (i) price observed in the market, HINT: Sketch the supply and demand equations. Answer: Question 27 (ii) the consumer surplus, Not yet answered Marked out of Answer: P Flag question Question 28 (iii) the producer surplus, Not yet answered Marked out of P Flag Answer: question Question 29 (iv) deadweight loss, Not yet answered Morkadou

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
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The equilibrium price and the quantity of a good sold in the market are determined by the forces of demand and supply. Equilibrium occurs at the point where the quantity demanded is equal to the quantity supplied.

Oct 2021.tle.courses.open.uwi.edu 0%99 ng Exchange 2021 22 Question 6 A market has a demand function given by the equation Qd = 180 - 2P, and a supply pa function given by the equation Qs = -15 + P. The market is government-regulated with a price support per unit and production quotas. (NOTE: A production quota is a restriction on the quantity of the good that can be produced. Firms are not out of allowed to produce more than the quota) (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? HINT: Sketch the supply and demand equations. Answer: estion 23 Considering the price support and the quota, calculate ot yet (i) the consumer surplus, swered arked out of 00 Flag Answer: question Question 24 (ii) the producer surplus, Not yet answered Marked out of P Flag Answer: question Question 25 (ii) deadweight loss, Not yet answered Marked out of P Flag Answer: question
Transcribed Image Text:Oct 2021.tle.courses.open.uwi.edu 0%99 ng Exchange 2021 22 Question 6 A market has a demand function given by the equation Qd = 180 - 2P, and a supply pa function given by the equation Qs = -15 + P. The market is government-regulated with a price support per unit and production quotas. (NOTE: A production quota is a restriction on the quantity of the good that can be produced. Firms are not out of allowed to produce more than the quota) (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? HINT: Sketch the supply and demand equations. Answer: estion 23 Considering the price support and the quota, calculate ot yet (i) the consumer surplus, swered arked out of 00 Flag Answer: question Question 24 (ii) the producer surplus, Not yet answered Marked out of P Flag Answer: question Question 25 (ii) deadweight loss, Not yet answered Marked out of P Flag Answer: question
8:50 PM Sun 3 Oct - 26% 2021.tle.courses.open.uwi.edu a The Learning Exchange 2021 Question 26 Due to good weather, there is an increase in the demand for the good. The new Not yet demand equation is Qd = 190 - 2P. The government is trying to decide between two answered options: Marked out of • Maintain the number of quotas and let the market adjust, or P Flag • Maintain the price support and increase the number of quotas. question Suppose that the government decides to maintain the number of quotas and let the market adjust. (c) Calculate the (i) price observed in the market, HINT: Sketch the supply and demand equations. Answer: Question 27 (ii) the consumer surplus, Not yet answered Marked out of Answer: P Flag question Question 28 (iii) the producer surplus, Not yet answered Marked out of P Flag Answer: question Question 29 (iv) deadweight loss, Not yet answered Morkadou
Transcribed Image Text:8:50 PM Sun 3 Oct - 26% 2021.tle.courses.open.uwi.edu a The Learning Exchange 2021 Question 26 Due to good weather, there is an increase in the demand for the good. The new Not yet demand equation is Qd = 190 - 2P. The government is trying to decide between two answered options: Marked out of • Maintain the number of quotas and let the market adjust, or P Flag • Maintain the price support and increase the number of quotas. question Suppose that the government decides to maintain the number of quotas and let the market adjust. (c) Calculate the (i) price observed in the market, HINT: Sketch the supply and demand equations. Answer: Question 27 (ii) the consumer surplus, Not yet answered Marked out of Answer: P Flag question Question 28 (iii) the producer surplus, Not yet answered Marked out of P Flag Answer: question Question 29 (iv) deadweight loss, Not yet answered Morkadou
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