K Suppose the supply and demand schedules for cell phones are as follows: Supply 1234567890 54321 11 Price Demand $2 11 $3 10 $4 9 $5 8 $6 $7 $8 $9 $10 $11 $12 2 The initial equilibrium price is $7 and the initial equilibrium quantity is 6 units. (Enter your responses as integers.) Find consumer surplus, producer surplus, and total surplus in the cell phone market. Consumer surplus is $15, producer surplus is $15, and total surplus is $ 30. (Enter your responses as integers.) Suppose the government sets a maximum price (that is, a price ceiling) of $4. With the price ceiling, the new market price is $ 4 and the new quantity traded is 3 units. (Enter your responses as integers.) Find consumer surplus, producer surplus, and total surplus now that there is a price ceiling of $4. Consumer surplus is $☐ producer surplus is $☐, and total surplus is $ (Enter your responses as integers.)
K Suppose the supply and demand schedules for cell phones are as follows: Supply 1234567890 54321 11 Price Demand $2 11 $3 10 $4 9 $5 8 $6 $7 $8 $9 $10 $11 $12 2 The initial equilibrium price is $7 and the initial equilibrium quantity is 6 units. (Enter your responses as integers.) Find consumer surplus, producer surplus, and total surplus in the cell phone market. Consumer surplus is $15, producer surplus is $15, and total surplus is $ 30. (Enter your responses as integers.) Suppose the government sets a maximum price (that is, a price ceiling) of $4. With the price ceiling, the new market price is $ 4 and the new quantity traded is 3 units. (Enter your responses as integers.) Find consumer surplus, producer surplus, and total surplus now that there is a price ceiling of $4. Consumer surplus is $☐ producer surplus is $☐, and total surplus is $ (Enter your responses as integers.)
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Consumers, Producers, And The Efficiency Of Markets
Section: Chapter Questions
Problem 9PA
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