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- Does a price ceiling increase the decrease the number of transactions in a market? Why? What about a price floor?Does a price ceiling attempt to make a price higher or lower?(a) Define price ceiling and price floor and give an example of each. Which leads to a shortage? Which leads to a surplus? Why? (b) Suppose the government removes a tax on buyers of a good and levies a tax of the same size on sellers of the good. How does this change in tax policy affect the price that buyers pay sellers for this good, the amount buyers are out of pocket (including any tax payments they make), the amount sellers receive (net of any tax payments they make), and the quantity of the good sold?
- b) The government decides to impose a price floor $4.10. It does so by promising farmers that it will buy the amount of corn necessary to keep the price pegged at no less than $4.10 a bushel. In the figure above plot the price floor. c) With the price floor in place, what is the amount of corn consumed by private demanders? d) How much corn do farmers supply? e) Describe the effect of a price floor imposed on the corn producers.A market is described by the following supply and demand curves: QS=2P andQD =300-2Pa. Solve for the equilibrium price(in $) and quantity.b. Two policies have been suggested to the government i) a price floor of $90 or anii)price ceiling of $90. Which policy government can take and why?c. For the adopted policy in b) what will be the price, quantity demand, quantitysupply, shortage, and surplus?Please assist with sections C-E only, thank you! Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased. (a) Draw a supply-and-demand diagram of the market for beer without the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers? (b) Now draw a supply-and-demand diagram for the beer market with the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers? Has the quantity of beer sold increased or decreased? (c) Can you identify any government revenues? (d) Is there any inefficiency, and if so, can you define it and label it on the graph? (e) If the producer has an inelastic supply curve, which market participant has the bigger tax burden? Explain.