Author Question: Consider the following demand and supply schedules for some agricultural commodity.PriceQuantity ... (Read 54 times)

Dannyrod2 · **on:** Oct 12, 2022

Question 1

Consider the following demand and supply schedules for some agricultural commodity.

Price	Quantity Supplied	Quantity Demanded
$10	300	1100
$30	500	900
$50	700	700
$70	900	500
$90	1100	300
$110	1300	100

TABLE 5-2

Refer to Table 5-2. Consider the market-clearing equilibrium. If the government then imposes a production quota of 500 units, the deadweight loss that is created is equal to
◦ $1000.
◦ $2000.
◦ $3000.
◦ $4000.
◦ $5000.

Question 2

Consider the following demand and supply schedules for some agricultural commodity.

Price	Quantity Supplied	Quantity Demanded
$10	300	1100
$30	500	900
$50	700	700
$70	900	500
$90	1100	300
$110	1300	100

TABLE 5-2

Refer to Table 5-2. Consider the market-clearing equilibrium. If the government then required that production increase to 900 units, the deadweight loss that is created is equal to
◦ $1000.
◦ $2000.
◦ $3000.
◦ $4000.
◦ $5000.

Kevin5! · **Reply #1 on:** Oct 12, 2022

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