« previous next »

Author Question: The above figure shows the demand and supply curves in the market for milk. Currently the market is ... (Read 138 times)

lbcchick

  • Hero Member
  • *****
  • Posts: 550
on: Jul 1, 2018
The above figure shows the demand and supply curves in the market for milk. Currently the market is in equilibrium.
 
  If the government establishes a 2 per gallon price ceiling to ensure that children are nourished, estimate the change in p, Q, and social welfare.

Question 2

Gasoline and heating oil are examples of products which are
 
  A) joint products in fixed proportions.
  B) joint products in variable proportions.
  C) joint products that are complements.
  D) unrelated to each other.
Microeconomics ¦ Perloff ¦ 8th Edition
Buy Test-Bank


zogaridan

  • Sr. Member
  • ****
  • Posts: 328
Reply #1 on: Jul 1, 2018
Answer to Question 1

At a price of 2, only 500 gallons are produced. The deadweight loss equals
(1000 - 500 )  (4 - 2 )/2 = 500.

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

lbcchick

  • Hero Member
  • *****
  • Posts: 550
Reply #2 on: Jul 1, 2018
Correct answers!


zogaridan

  • Sr. Member
  • ****
  • Posts: 328
Reply #3 on: Jul 1, 2018
Great! Please up vote :D


« previous next »
 

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

More than 30% of American adults, and about 12% of children utilize health care approaches that were developed outside of conventional medicine.

Did you know?

To prove that stomach ulcers were caused by bacteria and not by stress, a researcher consumed an entire laboratory beaker full of bacterial culture. After this, he did indeed develop stomach ulcers, and won the Nobel Prize for his discovery.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

The accessory organs of the digestive system: the liver, gallbladder, and pancreas. Image shows the The accessory organs of the digestive system: the liver, gallbladder, and pancreas. Image shows the
A nurse shows empathy to a client. A nurse shows empathy to a client.
Pierolapithecus catalunicus may be an ancestor of great apes and humans. Its postcranial skeleton sh Pierolapithecus catalunicus may be an ancestor of great apes and humans. Its postcranial skeleton sh
Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages Demonstrate the Application of Triangular, Figure-Eight, and Tubular Bandages
The population of Asia increases rapidly, the demand for food and water is also growing The population of Asia increases rapidly, the demand for food and water is also growing
Who Oversees the Food Supply? Who Oversees the Food Supply?
Video: Darwin's Observation (Fossils, Galapagos Islands & Africa ) and Natural Selection (Adaptive Traits)

For a complete list of videos, visit our video library