User Account

All Pages

Determine the excess supply at the floor price

Assignment Help Business Economics
Reference no: EM132338262

Question

Consider a market where supply and demand are given by

QxS= -16+ Px --- Supply

curve

QxD=92-2Px --- Demand Curve

Suppose that the government imposes a price floor of $40 and agrees to purchase any and all units consumers do not buy at the floor price of $40 per unit.

Determine the excess supply at the floor price.

Determine the cost to the government of buying all unsold units of the good

Reference no: EM132338262

Questions Cloud

Define statute of limitations for medical malpractice claims : What is the statute of limitations for medical malpractice claims? Does your state limit damages? Are punitive damages allowed?
Promoting from within the organization : Why did their enactment of a policy of exclusively promoting from within the organization reduce their turnover problem in these supervisory roles??
What are the key cultural features of japanese society : What effects did Mongol actions and Ming economic development have on Korea, Japan, and Vietnam? What were some of the key artistic and cultural features.
According to the definition of money and its functions : According to the definition of money and its functions, what strengths and weaknesses are there with the system of using the Rai stones as money?
Determine the excess supply at the floor price : Determine the excess supply at the floor price. Determine the cost to the government of buying all unsold units of the good
What was the consequences of the events : Based on your required readings in Shi (text) and Sinclair (The Jungle), what were the major changes that impacted the United States both at home and abroad.
Consider a professional sports team : (a) Would you consider a professional sports team to be a profit maximizer? Please explain.
Aggregate demand curve and aggregate supply curve : The following schedule provides information with which to draw both an aggregate demand curve and an aggregate supply curve.
Conventional aggregate demand curve on a graph : Draw a conventional aggregate demand curve on a graph. Then add three different aggregate supply curves, labeled

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd