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Homework answers / question archive / Same as before, these problem sets contain concepts from the modules
Same as before, these problem sets contain concepts from the modules. You can work with other students to do these problem sets...in fact I encourage it. And, I will be putting together groups later on. But each student needs to submit their own answers online by the due date and they need to be in your own words.
This is a chance to earn more points (up to 20). Effort matters. You may still get a high score on this problem set even if every answer is not exactly correct as long as you are close and show that you really tried.
And, please reach out for help. Come to Zoom office hours or email me any time. My goal is to work with you on these.
Click the following link to download the problem set for this module. If you would like to access this material in a different format please let me know and I am more than happy to help provide the material in another way:
Applications of Supply and Demand Problem Set[1]
1. The graph below shows the supply and demand curves for burritos. Suppose that the government imposes a Price Ceiling equal to $5.
Will this result in a binding or non-binding price ceiling?
Use the following information to answer questions 2 through 7:
The graph below shows the supply and demand curves for soda.
2. First consider a situation without any government interventions and no price controls. In that case, what is the equilibrium quantity?
3. What is the equilibrium price?
4. Now suppose that the government imposes a Price Floor equal to $8. As a result of this new policy, what is the quantity demanded?
5. What is the new quantity supplied?
6. As a result of this Price Floor, is there shortage or surplus, or is the price control non-binding?
7. What is the amount of the shortage or surplus?
Use the following information to answer questions 8 through 10:
The graph below shows the supply and demand curves for pizza rolls.
8. What is the size of consumer surplus?
9. What is the size of producer surplus?
10. What is the size of social (total) surplus?
Use the following information to answer questions 11 through 14:
The graph below shows the supply and demand curves for bagels. Suppose that the goverment imposes a Price Ceiling of 4
11. What is the size of consumer surplus?
12. What is the size of producer surplus?
13. What is the size of deadweight loss?
14. What is the size of social (total) surplus?
[1] This assignment by Lumen Learning is licensed under a Creative Commons Attribution 4.0 International License.
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