Principles of Microeconomics ECON210 Unit 3 Problem Assignment
Question # 00778655
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Updated on: 09/26/2020 10:12 AM Due on: 09/26/2020
Unit 3 Assignment: Suppose you have a demand curve that takes the form: P= 24 – 3Q and a supply curve that takes the form: P = 3Q.
Questions to Answer:
1. For this market,
A. What is the equilibrium quantity?
B. What is the equilibrium price?
C. What is the value of consumer surplus?
D. What is the value of producer surplus?
2. Suppose the government sets a price floor of $15.
A. Is the result in this market a shortage or surplus?
B. What is the amount (quantity)?
3. Suppose the government sets a price ceiling of $6.
A. Is the result in this market a shortage or surplus?
B. What is the amount (quantity)?
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Solution: Principles of Microeconomics ECON210 Unit 3 Problem Assignment