The demand and supply for headphones are given as: Q=60-4P Q³=4P-20 If the government imposes a $6 price ceiling, what would be the full economic price? What would be the non-pecuniary price? what is the consumer surplus? what is the deadweight loss?

The demand and supply for headphones are given as: Q=60-4P Q³=4P-20 If the government imposes a $6 price ceiling, what would be the full economic price? What would be the non-pecuniary price? what is the consumer surplus? what is the deadweight loss?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3CQQ

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Question

The demand and supply for headphones are given as:
Qd=60-4P
Q³=4P-20
If the government imposes a $6 price ceiling, what would be the full
economic price? What would be the non-pecuniary price? what is the
consumer surplus? what is the deadweight loss?
Full economic price $ 14
Non-pecuniary price $ 8
CS $ 34
DWL $ 64

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