QD = 50 – 0.25P QS = 2P – 76   a. Suppose the government imposes a $60 price ceiling. Calculate the new quantity sold in the market. Q =  a.  Suppose the government instead imposes a $50 price ceiling. Calculate the new quantity sold in the market. Q =  b.  Briefly explain whether the $50 price ceiling creates a shortage or surplus in the market, and calculate the size of that shortage/surplus.   What is The amount of the surplus or shortage is units? c.  Calculate the amount of deadweight loss associated with the $50 price ceiling. DWL =

Use the accompanying graph to answer these questions. 20 S sº Price of X ($) 18 16 14 12 10 8 6 4 2 0 1 2 3 4 Quantity of Good X units 5 6 D a. Suppose demand is D and supply is SO. If a price ceiling of $6 is imposed, what are the resulting shortage and full economic price? Shortage: Full economic price: $ b. Suppose demand is D and supply is SO. If a price floor of $12 is imposed, what is the resulting surplus? What is the cost to the government of purchasing any and all unsold units? Surplus: Cost to government: $ c. Suppose demand is D and supply is so so that equilibrium price is $10. If an excise tax of $6 is imposed on this product, what happens to the equilibrium price paid by consumers? The price received by producers? The number of units sold? Fauilibrium price paid by consumers $1

@bulldogs.a.... 37,279 Q CENGAGE MINDTAP PRICE (Dollars per scooter) Homework (Ch 08) Consider the market for electric scooters. The following graph shows the demand and supply for electric scooters before the government imposes any taxes. 100 90 80 First, use the black point (plus symbol) to indicate the equilibrium price and quantity of electric scooters in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. (?) 70 60 50 40 30 20 10 0 $ Grammarly was Successfully Installed | Gramma... 4 Demand M 0 160 320 480 640 800 960 1120 1280 1440 1600 R Supply MAX 1 an % Before Tax 5 ng.cengage.com T A 6 Y AL Alabama Black history stories you may not know.... MacBook Pro & 7 + Equilibrium tv NT A A Consumer Surplus U O Producer Surplus * C + O 8 4+ 9 amagan music zoom 0…

The Orlando Sentinel newspaper had an August 30, 2019 story titled “Hurricane Dorian: Florida activates price-gouging hotline.”  Florida has a “Price Gouging Statute” which makes it illegal to raise prices on essential commodities when an official State of Emergency has been declared.  This is, essentially, a price ceiling at the pre-emergency levels.  While no one can argue with a law that tries to limit exploitation of people in times of emergency, we can as economists analyze the impact of this government intervention. Consider the market for some essential commodity, such as ice.  Assume the demand curve slopes down and the supply curve slopes up.  Depict the equilibrium before the emergency.  On the same graph show the impact of the emergency, clearly identifying any shifts in the curves and any changes in the market equilibrium in the market for ice, keeping in mind the following two outcomes of the hurricane:  Electricity is not operating, refrigerators are useless, and people…