1. On the graph below, show a price floor at $7 a. Illustrate and identify the amount of the resulting excess supply or demand. b. Shade in the deadweight loss due to the price control. c. Calculate the value lost to society from the price control. Price, P 10 9. S 8 6. E PE 5 4 1 D Widgets, Q 1 2 3 6 QE 7. 9 10
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- a. Price ceilings create shortages if they are set b. Which of the following are price ceilings? the minimum wage price controls on prescription drugs an agricultural price support rent control below the equilibrium price.A recent study found that the demand and supply schedules for Anti-virus software are as follows: Price per Anti-virus Software Quantity Demand Quantity Supply 11$ 1 million Anti-virus software 15 million Anti-virus software 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 Questions: Anti-virus software manufacturers persuade the government to impose a price floor $10. What is the new market price? How many Anti-virus software are sold? What situation it will causes? Explain with a graph.USD.13 An increase in a price ceiling will change the amount of a good sold in a market: Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a if the price ceiling is effective. b regardless of whether or not the ceiling is effective. c if the price ceiling is ineffective. d if demand is inelastic.
- Which change would cause a decrease in price and a decrease in the quantity sold? Pick a,b,c, or d a. The granting of a subsidy to producers of the product b. The removal of a price floor on the product maintained by government legislation and rationing c. The granting of a subsidy to consumers of the product d. The removal of a price ceiling on the product maintained by government legislation and purchases of surplusesImagine the government required Apple, Inc. to sell its latest iPhone (regular $800) for $300. Is the new $300 price a price floor or a price ceiling? Explain. What would happen to the quality of iPhones? Explain. What would happen to the availability of iPhones? Explain.The demand and supply schedule for a product is shown below. The government sets a maximum price of $4 per unit. What will be the shortage of the product after four weeks? Pick a, b, c, or d a. 1,100 b. 2,500 c. 4,400 d. 0
- Suppliers are in better shape financially after the govt imposes a price floor of $5. icompare total revenues for each condition Price Demand Supply $3 $2 Create a supply and demand graph based on these coordinates and match correct answers to the questions Price Demand Supply $3 4. 4. 12 Oru OabeA recent study found that the demand an supply for Frisbies schdules are as follows:a.What are the equilibrium price and quantity of Frisbees?b.Frisbee manufacture persuade the government that frisbee production improves scientists'understanding of areodynamics and thus is important for national security.a concern Congress votes to impose a price floor $2 above the equilibrium price.What is the new market price?How many Frisbees are sold?c.Irate college students march on washington and demand a reduction in the price of Frisbees.An even more concerned Congress votes to repeal the price floor and impose a price ceiling $1 below the former price floor.What is the new market price?How many Frisbees are sold?If a municipality sets a price ceiling below equilibrium for apartments in New York City, Select one: a. the price ceiling will create a surplus of apartments b. the price ceiling will create a shortage of apartments c. the price ceiling will not affect the market for apartments d. the market for more broadway plays will increase Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Milk producers are complaining to the government that the price they are being paid for milk is too low. The current equilibrium price is $1.50 per litre. The government decides to impose a price floor of $2 dollars per litre. a. Will this policy help increase the price that milk producers receive? Explain. b. What will happen to the amount of milk traded if this policy is introduced? Explain. C. Explain whether this policy will hurt or help milk producers.Which causes a shortage of a good----- a price cieling or a price floor? Justify your amswer with a graph .Use the following supply and demand schedules for skate boards in table 18.1, to answer the questions18(a). to 18(d) below. Table 18.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. In response, to lobbying by the skate board association, the government places a price ceiling st the price of $700 on skate boards. What will this have on the market for skate boards? Explain your answer.b. In response, to lobbying by the skate board association, the government places a price ceiling of $400 on skate boards. Use the information provided in Table 18.1, to plot the supply and demand curve for skate boardsc. Use the information provided in Table 18.1, to plot the price ceiling of $400 on skateboards. d. What will be the result of a price ceiling of $400 on skate boards?