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Suppose that the market for basic laptops is highly competitive with a demand curve following the equation Q=8-0.002P and a supply curve following the equation
Suppose that the market for basic laptops is highly competitive with a demand curve following the equation Q=8-0.002P and a supply curve following the equation Q=2+0.003P. (In both equations P is measured in dollars per laptop and Q is measured in millions of laptops.) Suppose that the government decides that the market price of laptops is simply too high and so sets a price ceiling of P=$1000. In each blank below enter a number and only a number. No words or symbols. Do not round at any point in any calculation. Do not round your answers. . With this price ceiling in place, the number of laptops that will be sold is: million . The change in consumer surplus (comparing the market without a price ceiling to the market with a price ceiling) is: $ million (Note: If you think the price ceiling causes CS to go up, enter your answer as a positive number. If you think CS goes down, enter it as a negative number.) . The overall deadweight loss from this price ceiling is: million
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