Table 2 shows the demand and supply schedules for sandbags before and during a major flood. During
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Table 2 shows the demand and supply schedules for sandbags before and during a major flood. During the flood, suppose that the government gave all families an equal quantity of sandbags. Resale of sandbags is not permitted.
How would total surplus and the price of a sandbag change?
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TABLE 2 Price (dollars per bag) 01234567 8 Quantity Quantity demanded demanded before during Quantity flood supplied flood (thousands of bags) 40 35 30 25 20 15 10 5 0 70 65 60 55 50 45 40 35 30 0 5 10 15 20 25 30 35 40
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Total surplus and the price of a sandbag would change as follows 1 Total Surplus Before the flood to...View the full answer
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