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Price ($) 100 90 80 70 60 50 (44.5,40) 40 30 20 10 0- (44.5,63) (72.5,58.58) 72.5,401 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 Quantity leans Suppose that the government sets a price ceiling of $40 on the price of jeans. Assuming that the market was initially at a competitive equilibrium, what is the approximate change in consumer surplus? To review this concept, see the section Analysis of Price Ceilings. $825.75 $1500 $1024.25 $344.25

Price ($) 100 90 80 70 60 50 (44.5,40) 40 30 20 10 0- (44.5,63) (72.5,58.58) 72.5,401 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 Quantity leans Suppose that the government sets a price ceiling of $40 on the price of jeans. Assuming that the market was initially at a competitive equilibrium, what is the approximate change in consumer surplus? To review this concept, see the section Analysis of Price Ceilings. $825.75 $1500 $1024.25 $344.25

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 57P: A low-income county decides to set a price ceiling on bread so it can make sure that bread is...
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Price ($) 100 90 80 70 60 50 (44.5,40) 40 30 20 10 0- (44.5,63) (72.5,58.58) 72.5,401 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 Quantity leans Suppose that the government sets a price ceiling of $40 on the price of jeans. Assuming that the market was initially at a competitive equilibrium, what is the approximate change in consumer surplus? To review this concept, see the section Analysis of Price Ceilings. $825.75 $1500 $1024.25 $344.25
Transcribed Image Text:Price ($) 100 90 80 70 60 50 (44.5,40) 40 30 20 10 0- (44.5,63) (72.5,58.58) 72.5,401 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 Quantity leans Suppose that the government sets a price ceiling of $40 on the price of jeans. Assuming that the market was initially at a competitive equilibrium, what is the approximate change in consumer surplus? To review this concept, see the section Analysis of Price Ceilings. $825.75 $1500 $1024.25 $344.25
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