Please answer all the options for this question. Principles of Economics 2023HW#2In each of the following markets find the market equilibrium. Calculate consumersurplus, producer surplus and total surplus. Then consider the effect of a price floor(or ceiling) imposed by the government. Find the quantity demanded Qd, quantitysupplied Qs and the corresponding surplus (or deficit) in the market. Find the effectof the policy on consumer, producer and total surplus.1 Demand:Supply:P = 10 - 1 QP = 2 +1 QPrice floor = 72 Demand:Supply:Price floor = 7P = 10 -P =2 +2 Q2Q%3D3 Demand:Supply:P =6 -0.5 Q Price ceiling =P =2 + 0.5 Q4 Demand:Supply:Price floor = 10P = 18P = 3 + 0.5 Q2 Q-%3D5 Demand:Supply:0.5 Q Price ceiling =P = 14 -P = 4 +6 Demand:Supply:P = 24 -3 QPrice floor = 12P =4 +1 Q7 Demand:Supply:P = 30P =0.5 Q Price ceiling = 14%3D-2 +3 Q8 Demand:Supply:P = 28P = 3 +2 Q3 QPrice floor = 24%3D9 Demand:Supply:P = 30 -3 Q2 QPrice floor = 21P =5 +10 Demand:Supply:P = 24 -Price floor = 124 Q1 QP =4 +11 Demand:Supply:P = 60 -P =3 Q Price ceiling = 114 +4 Q12 Demand:Supply:P = 20 -P = 2 + 0.5 Q4 QPrice floor = 813 Demand:Supply:4 Q Price ceiling =4 QP = 10 -P = 2 +%3D

since you have asked multiple questions and according to policy we can solve only 1 question and for…

Answered: Demand: P = P = 2 + 0.5 Q 6 - 0.5 Q…

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Demand: P = P = 2 + 0.5 Q 6 - 0.5 Q Price ceiling 3 3 %3D Supply:

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 25P

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Question

Please answer all the options for this question.

Principles of Economics 2023
HW#2
In each of the following markets find the market equilibrium. Calculate consumer
surplus, producer surplus and total surplus. Then consider the effect of a price floor
(or ceiling) imposed by the government. Find the quantity demanded Qd, quantity
supplied Qs and the corresponding surplus (or deficit) in the market. Find the effect
of the policy on consumer, producer and total surplus.
1 Demand:
Supply:
P = 10 - 1 Q
P = 2 +
1 Q
Price floor = 7
2 Demand:
Supply:
Price floor = 7
P = 10 -
P =
2 +
2 Q
2Q
%3D
3 Demand:
Supply:
P =
6 -
0.5 Q Price ceiling =
P =
2 + 0.5 Q
4 Demand:
Supply:
Price floor = 10
P = 18
P = 3 + 0.5 Q
2 Q
-
%3D
5 Demand:
Supply:
0.5 Q Price ceiling =
P = 14 -
P = 4 +
6 Demand:
Supply:
P = 24 -
3 Q
Price floor = 12
P =
4 +
1 Q
7 Demand:
Supply:
P = 30
P =
0.5 Q Price ceiling = 14
%3D
-
2 +
3 Q
8 Demand:
Supply:
P = 28
P = 3 +
2 Q
3 Q
Price floor = 24
%3D
9 Demand:
Supply:
P = 30 -
3 Q
2 Q
Price floor = 21
P =
5 +
10 Demand:
Supply:
P = 24 -
Price floor = 12
4 Q
1 Q
P =
4 +
11 Demand:
Supply:
P = 60 -
P =
3 Q Price ceiling = 11
4 +
4 Q
12 Demand:
Supply:
P = 20 -
P = 2 + 0.5 Q
4 Q
Price floor = 8
13 Demand:
Supply:
4 Q Price ceiling =
4 Q
P = 10 -
P = 2 +
%3D

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