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For this workbook assignment, you need to crea o additional problems here the government has Placed price restrictions on what would otherwise be competitive
For this workbook assignment, you need to crea o additional problems here the government has Placed price restrictions on what would otherwise be competitive markets. You must include a price ceiling and a price floor. l- Come up with a sentence or two explaining what is happening and why the govemment is getting involved. Try to be original here, even though there are only so many different times we see price floors and ceilings. 2. Graph your market in the current equilibrium. Be sure you clearly label all the necessary prices and quantities on the axis. You may not use the same numbers used in the workbook, the videos, or the textbook examples. 3. Solve for original CS & PS and total market surplus. . Show on your graph (with a RED encil/ en) what happens to the original CS and with the new res ric Ion (you dont need to use the letters in your example, since you can show it graphically). Answer the same questions mathematically that are asked in the workbook: What are the total 'ollar amounts that now correspond to the New Consumer Surplus, New Producer Surplus, area tha as transferred, Dead Weight Loss, and Remaining Surplus?
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