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Question 6 : Table below represents the market demand and supply schedule

Economics

Question 6 : Table below represents the market demand and supply schedule. Price (s) Demand Supply 20 2400 0 30 2000 200 40 1600 400 50 1200 600 60 800 800 70 400 1000 80 0 1200 • Graph the supply and demand curve. • What is the equilibrium price and quantity? what is the consumer surplus and producer surplus? Suppose the market price ceiling is $40, will the price ceilings be binding in this market? If the price ceiling is binding, what will be the size of the shortage in this market? • Suppose the government imposes a price ceiling of $70 on this market. What will be the size of the shortage in this market? Suppose the government imposes a price floor of $30 on this market. What will be the size of the surplus in this market? • Suppose the government imposes a price floor of $70 on this market. What will be the size of the surplus in this market? • Suppose the market price ceiling is $40, please use the diagram to show the consumer surplus and producer surplus? (DO NOT CALCULATE) • BONUS: Could you calculate the consumer and producer surplus?

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