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Problem 1. 15 his Fries Ceilin Use this completely ctitious S-D table to answer the questions: "n W\" \"1'\" sedans sedans Sho11a_- - _ _ . . . . a} Complete the table with the E ofsm'pluses and shortages. Find the equilibrium price and qnanlity and calculate total revenue at lhe equilibrium. b] lISraph the Supply and Demand curves on graph paper, label mrything and use at least halfa sheet. Shade in the areas ofConsurrrer Surplus and Producer Surplus. c} Evaluate a government price ceiling at assess per electric sedan. Explain who would be helped and who would be hurt, with numbers. Show the price ceiling on the graph and connect your explanations to shaded areas on the graph. Use colors or label areas with numbers,just make it clear who benets from the policy, who is harmed and use the term deadweight loss as appropriate. :1] More generally {notjust for this problem], do price ceilings help consumers? Provide a few examples and explain how price ceilings worlr in the real world. Problem 1. In inIs Price Floor Suppose that the following table included accurate information on the supply 3:. demand of low skill labor in the town of Galhrp. Assume that workers average 2!] hours per week before and aer the minimum wage increase. Ignore the current minimum wage in New Mexico. Workers amused Sun-l of'Workers 430 .50 ra .35 42a _ m . Ill] 465 $61.10 5|] 5|] I] a} Use the information in the table to graph supply 3e demand curves. Use a separate piece ofgrnph paper for your graph. b] Find the equilibrium wage and number ofworkers using your graph. Calculate weekly earnings by low wage workers as a group. Assume that workers average 2!] hours per week. c} Suppose the town nfGallup raised the minimum wage to 314. Show the impact nfthis price floor on your graph. What would happen to the number ofjohs'? What would happen to total earnings for low wage workers as a group? d] Who benets 'om this policy? Who is harmed by tltis policy"?I Write out your answer and provide numbers, or refer to the graph, whenever possible. A perfect answer will also connect the gains and losses in sentences to rectangles shown on your graph. e} In a paragraph, summarize Ihe evidence you've read on how a federal minimum wage increase \"'D'Ld affect low ineome workers and employers. According to the sources you've seen, who would be helped and who woldd be hurt
