Answer to Question #63690 in Microeconomics for Aisha
A. Show the equilibrium price and quantity and the consumer and producer surplus in a graph. (8 pts)
B. The government imposes a price ceiling of $30. Show the new equilibrium. What is the change in consumer and producer surplus? What is the deadweight loss (if any) from this price control? (9 pts)
B) After that, government imposes a price ceiling of $30, the new equilibrium become (10;$30), then consumer surplus is 350 and producer surplus is 150.
Need a fast expert's response?Submit order
and get a quick answer at the best price
for any assignment or question with DETAILED EXPLANATIONS!