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Pls put some efforts to do it, I will definitely upvoted for the correct answer! Consider the market for some product X that is represented
Pls put some efforts to do it, I will definitely upvoted for the correct answer!
Consider the market for some product X that is represented in the accompanying O demand-and-supply diagram. 57.00- a. Calculate the total economic surplus in this market at the free-market equilibrium price and 51.00- quantity. 45.00- The total economic surplus is $ 76 per day. 39.00- S (Round your response to the nearest cent as needed.) 33.00- b. Calculate the total economic surplus in this market when a price ceiling at $21 is in effect. Price ($) 27.00- The total economic surplus is $ per day. 21.00- (Round your response to the nearest cent as needed.) 15.00- c. After imposition of the price ceiling at $21, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? 9.00- 3.00- unit(s) of this good are no longer being produced and consumed per day compared to the free-market equilibrium. 10 20 30 (Round your response to the nearest whole number as needed.) d. Calculate the deadweight loss that results from the imposition of the price ceiling at $21.c. After imposition of the price ceiling at $21, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? 57.00- 51.00- Q unit(s) of this good are no longer being produced and consumed per day compared to the free-market equilibrium. 45.00- (Round your response to the nearest whole number as needed.) 39.00- S d. Calculate the deadweight loss that results from the imposition of the price ceiling at $21. 33.00- The deadweight loss that results from the imposition of the price ceiling at $21 is $ per Price ($) 27.00- day. (Round your response to the nearest cent as needed.) 21.00- e. Calculate the total economic surplus in this market when a price floor at $33 is in effect. 15.00- 9.00- The total economic surplus is $ per day. (Round your response to the nearest cent as needed.) 3.00- 10 20 30 70 f. Calculate the deadweight loss that results from the imposition of the price floor at $33. Quantity (units per day) The deadweight loss that results from the imposition of the price floor at $33 is $ per day. (Round your response to the nearest cent as needed.)Step by Step Solution
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