# Find the market equilibrium price and quantity

by | Sep 15, 2021 | Homework Help

Topic 1: supply, demand, price ceiling, price floor, elasticity. Given market demand curve as below diagram0 20 40 60 80 100 120 140 160 180 2005101520a. Find the market equilibrium price and quantityb. Find the total producer surplus, consumer surplus at the market equilibrium price and quantityc. If the government imposes a price floor at \$15, is there a shortage, a surplus, dead weight loss? Explain.If the government imposes a price floor at \$6, is there a shortage, a surplus, dead weight loss? Explain.d. If the government imposes a price ceiling at \$15, is there a shortage, a surplus, dead weight loss?Explain. If the government imposes a price ceiling at \$9, is there a shortage, a surplus, dead weight loss?Explain.e. If price changes from 12 to 11, Find the price elasticity of demand, show your calculation, In this pricerange, is demand perfectly elastic, relatively elastic, unit elastic, relatively inelastic, or perfectlyinelastic? What is the revenue change?f. If price changes from 18 to 19, Calculate the price elasticity of demand. Show your calculation, In thisprice range, is demand perfectly elastic, relatively elastic, unit elastic, relatively inelastic, or perfectlyinelastic? What is the revenue change?g. If price changes from 4 to 3, Calculate the price elasticity of demand. Show your calculation, In thisprice range, is demand perfectly elastic, relatively elastic, unit elastic, relatively inelastic, or perfectlyinelastic? What is the revenue change?

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