The graph above s represented in the table bekow. Plesse complete the table below identifying the shartage or surplus. Price (10kg bag) Domand Supply (SS) Surplus (+) 10 20 30 (10 kg bags) (10 kg bags) Shortage ) 89 70 55 29
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- During the spread of COVID-19, the price of surgical masks skyrocketed. Somepeople in Hong Kong suggested the government to impose a price ceiling onsurgical masks. Explain, in economic sense, why this might not be a good idea inhandling the needs of Hong Kong people.Table 4-5 shows the demand and supply schedules for the low-skilled labor market in the city of Westover. Refer to Table 4-5. If a minimum wage of $10.00 is mandated there will be a shortage of 20,000 units of labor. surplus of 20,000 units of labor. shortage of 40,000 units of labor. surplus of 40,000 units of labor.The village of Hum in Croatia has a market for shoes which buyers and sellers get together to determine the price of shoes. The regional price for shoes is above the village price and shoes are a tradable. Using simple diagrams and proper labels show this situation, and the resulting consumer and producer surplus.
- Suppose government regulates the price of beef and sets it below the market clearing price. Explain the outcome of the initiative by using the concept of floor priceGiven QD = 40 – 0.02P and QS = -50 + 0.1P, Calculate: Equilibrium price and quantity Consumer surplus Producer surplusThe following equations describe the market for mapping printers in California: Demand: Price = 5,000 - 3Qd Supply : Price = 1,000 + 5Qs The government imposes a lump sum tax of $1,800/unit on the sellers. Find the change in consumer surplus as a result of the tax.
- Discuss another method to control price gouging apart from setting a price ceiling use a diagram to justify your answer.Check My Work (1 remaining) Use the table below to answer question. The table shows the demand schedule for tickets to watch amateur baseball games in a medium-sized town. The city provides the ballparks, and the players play for free, so the marginal cost of providing the games is zero. The city has authorized two companies to provide baseball games in two stadiums, and the public considers the games in each stadium to be equivalent. Under competition, the price and quantity in this market would be a. $0; 2,400. b. $2; 2,000. c. $4; 1,600. d. $6; 1,200. e. $8; 800what is consumer ruplus under the deficiency payment policy what is the producer surplus under the decificncy payment policy what is the cost of the deficiency policy to the government