80706050302010120 180 240300360 420 480540660780 840600720If there is a price floor of $60 imposed in this market, what is the new consumer surplus?a. 5000b. 3000O C. 2000O d. 2500

Consumer surplus is the surplus which consumer have because of difference between their willingness…

Answered: If there is a price floor of $60…

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 6CQQ

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Qd=120-3P Qs =30 At the equilibrium price and quantity, what is producer surplus?
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answer MNO the answer to L is: Price floor set by the government = 1046.25*1.2=P 1255.5. Quantity demanded at that price= 1181062.5-337.5*1255.5=757331.25 units.
QD = 160 -5P QS = -11 + 4P In addition, the government imposed a $3.00 tax on the buyer. Calculate the following: (d) Producer surplus after the tax. (e) Deadweight loss. (f) Government revenue.
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Economics. Answer only. Rate will be given If it costs Mary P500 to produce a product and Anne P600, the producer surplus when the price of the product is 800 is a. 200 b. 300 c. 400 d. 500
use diagramsa. What is the effect on the equilibrium price and quantity traded in market of theintroduction of a new technology that reduces costs of production for all firms?b. What is the effect on the equilibrium price and quantity traded in a market of a changein tastes that reduces the demand for the product?c. What is the effect on the equilibrium price and quantity traded in a market of theimposition of a tax per unit sold on suppliers?d. What is the effect on the equilibrium price and quantity traded in a market of thepayment of a subsidy per unit sold paid to suppliers?
Qd= 100 – 0.25P Qs= -20 + P Find equilibrium quantity and price

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