ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Lesson 10 Question 11

The demand for wheat is given by: QD= 280 -P. The supply of wheat is given by: Qs= 6P -280.
Suppose the government imposes a a price ceiling of $64.
Calculate the dollar amount of consumer surplus from the price ceiling.
(Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
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Transcribed Image Text:The demand for wheat is given by: QD= 280 -P. The supply of wheat is given by: Qs= 6P -280. Suppose the government imposes a a price ceiling of $64. Calculate the dollar amount of consumer surplus from the price ceiling. (Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
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