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Author Question: The above figure shows the demand and supply curves in the market for milk. Currently the market is ... (Read 123 times)

lbcchick

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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
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zogaridan

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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


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lbcchick

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Reply #2 on: Jul 1, 2018
Correct answers!


zogaridan

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Reply #3 on: Jul 1, 2018
Great! Please up vote :D


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