« previous next »

Author Question: The above figure shows the demand and supply curves in the market for milk. Currently the market is ... (Read 107 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?

Your chance of developing a kidney stone is 1 in 10. In recent years, approximately 3.7 million people in the United States were diagnosed with a kidney disease.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

Did you know?

Aspirin is the most widely used drug in the world. It has even been recognized as such by the Guinness Book of World Records.

Did you know?

Each year in the United States, there are approximately six million pregnancies. This means that at any one time, about 4% of women in the United States are pregnant.

Mononucleosis is caused by the Epstein–Barr virus. Symptoms of the infectious disease are swollen pa Mononucleosis is caused by the Epstein–Barr virus. Symptoms of the infectious disease are swollen pa
This chart shows the various lines of responsibility and how they differ in presidential and parliam This chart shows the various lines of responsibility and how they differ in presidential and parliam
Harriet Beecher Stowe’s novel, Uncle Tom’s Cabin, became a staple of the mid-nineteenth-century thea Harriet Beecher Stowe’s novel, Uncle Tom’s Cabin, became a staple of the mid-nineteenth-century thea
The growth in demand for oil in China is driven by the growth in demand for personal transport The growth in demand for oil in China is driven by the growth in demand for personal transport
The demand for cheap coal to generate electrical power is rising The demand for cheap coal to generate electrical power is rising
This image shows a normal third-trimester fetal brain This image shows a normal third-trimester fetal brain
Video: Bone Growth and Remodeling

For a complete list of videos, visit our video library