Question 27 (Figure: Price Ceiling 2) Price $50 30 20 0 B) $25 10 15 20 (C) $20 -Price Ceiling D In the above figure, what is the price after the price ceiling is instituted? (A) $30 Quantity
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- Does a price ceiling attempt to make a price higher or lower?Only typed answer and please answer correctly Reference: Ref 5-1 (Table: The Market for Soda) Look at the table The Market for Soda. If the government imposes a price ceiling of $0.50 per can of soda, the quantity of soda supplied will be: 10 cans. 8 cans. 6 cans. 7 cans.An effective price ceiling causes the quantity exchanged to _______ and the price of the product to ______ compared to the market equilibrium. Question 2Answer a. decrease, decrease b. increase, decrease c. increase, increase d. decrease, increase
- 1. Propose an alternative method of solving the problem with the ceiling price for the masks for covid 19. Draw a diagram to to show the deman and supply (ceiling price)50. All the governments in the world are using price floor for farmers because____________. a. it gives good income to the farmers b. it makes farmers continue to produce the same farm product c. it ensures supply of farm products d. All of theseSuppose one thousand (1000) units of product Aare produced by XYZ limited and the quantity demade for the product is two thousand (2000)units .All other things remaining constant,$18 change in price of product A results in change quantity demaded and supplied of 6 and 9 respectively.XYZ limited has a work force of 500 people who Pay income tax of $200 each . Calculate the equilibrium price and equilibrium quantity.
- Due to the implication of price ceiling lead to the producer cannot increase the price. Who will benefit from it and what are the advantages.(ch3) In a small country, the demand and supply of turbo jets are represented by QD = 1,000 - P and QS = 2P - 500. Which of the following statements is (are) TRUE?I. The equilibrium price is $700.II. At a price ceiling of $200, there are 0 supplies.III. At a price ceiling of $300, there is an excess demand of 600 units.A) I and IIIB) II and III C) II D) III15 - : Which of the following is not a variable that affects the quantity demanded? a) tastes and preferences B) Consumer's income NS) own price of the commodity D) Price of related goods TO) Production cost
- A $3 per unit subsidy has been granted on a commodity. If the demand of that commodity is QD=99-1P and QS=3+2P. Calculate the equilibrium price(s) and quantity after the subsidy.qD = 100 – 0.5p, qS = 2p – 20 What happens if a price ceiling pc = 40 is imposed?Question 1: Suppose demand and supply are given by Qd = 60 - P and Qs = 1.0P - 20.a. What are the equilibrium quantity and price in this market?Equilibrium quantity: Equilibrium price: $ b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $52 is imposed in this market.Quantity demanded: Quantity supplied: Surplus: c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $36 is imposed in the market. Also, determine the full economic price paid by consumers.Quantity demanded: Quantity supplied: Shortage: Full economic price: $ Question 2: Consider a market where supply and demand are given by QXS = -14 + PX and QXd = 82 - 2PX. Suppose the government imposes a price floor of $37, and agrees to purchase and discard any and all units consumers do not buy at the floor price of $37 per unit. Instructions: Enter your responses rounded to the nearest penny (two decimal…
