Suppose that the demand curve for wheat is Q=140-10p and the supply curve is Q = 10p. The government imposes a price ceiling of p = $4 per unit. a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices to the nearest penny) The equilibrium quantity without the price ceiling is 70 and the price without the price ceiling is $7. The equilibrium quantity with the price ceiling is 40. b. What effect does this ceiling have on consumer surplus, producer surplus, and deadweight loss? The change in consumer surplus (CS) is $ (round your answer to the nearest penny). (round your answer to the nearest penny). The change in producer surplus (PS) is $ The deadweight loss (DWL) is $ (round your answer to the nearest penny).

Suppose that the demand curve for wheat is Q=140-10p and the supply curve is Q = 10p. The government imposes a price ceiling of p = $4 per unit. a. How do the equilibrium price and quantity change? (round quantities to the nearest integer and round prices to the nearest penny) The equilibrium quantity without the price ceiling is 70 and the price without the price ceiling is $7. The equilibrium quantity with the price ceiling is 40. b. What effect does this ceiling have on consumer surplus, producer surplus, and deadweight loss? The change in consumer surplus (CS) is $ (round your answer to the nearest penny). (round your answer to the nearest penny). The change in producer surplus (PS) is $ The deadweight loss (DWL) is $ (round your answer to the nearest penny).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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