he Spacing Guild has a monopoly on space transport. They sell tickets (Q) for seats on starships for interstellar travel at a per-ticket price of P. All tickets cost the same. The Marginal Cost for each seat is $21 and there is a fixed cost of $6,143. Market demand is Q=416-3P. If the government imposes a price ceiling of $31, what is the Guild's choice of QUANTITY in the LONG-run?

Suppose that at equilibrium, the price elasticity of demand for wheat is -1.5 and the price elasticity of supply is 0.5. If the government imposes a price ceiling that is 12% below the equilibrium price, this price constraint will lead to: A) A shortage equal to 24% of the equilibrium quantity B) A surplus equal to 24% of the equilibrium quantity C) A shortage equal to 2.4% of the equilibrium quantity D) A surplus equal to 2.4% of the equilibrium quantity

Consider a small country with the following inverse demand and supply functions of tomatoes: P = 80 – 2Q, P = 20 + 2Q. The world price of tomatoes is 80. This country's government decided to support domestic tomato producers and introduced a production subsidy of 20. Deadweight loss of this country, associated with this production subsidy is then equal to

Subsidies lead to overproduction and overconsumption relative to the competitive equilibrium. What is the deadweight loss associated with this? Why is there a deadweight loss? Depict this in your original figure (see attached), or draw a new figure.