ECON 102 - The demand curve is given by the equation

Question # 00542921 Posted By: dr.tony Updated on: 06/09/2017 03:15 AM Due on: 06/09/2017
Subject Economics Topic Microeconomics Tutorials:
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The demand curve is given by the equation QD = 100 – 10p and the supply curve by

QS = 10p

  1. Find the equilibrium price and quantity.
  2. Find the consumer surplus if price is equal to the equilibrium price.
  3. Find the producer surplus if price is equal to the equilibrium price.

Now suppose the government imposes a price ceiling at $4.

  1. What would be the effect of the price ceiling?
  2. Calculate consumer and producer surplus after the ceiling.
  3. Calculate deadweight loss after the ceiling is imposed.
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  1. Tutorial # 00540089 Posted By: dr.tony Posted on: 06/09/2017 03:16 AM
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