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22. (15 points) A firm's inverse demand is P - 800-40: its inverse supply function is P = 400+40. A graph appears below.
Posted: Thu May 19, 2022 11:02 am
by answerhappygod
- 22 15 Points A Firm S Inverse Demand Is P 800 40 Its Inverse Supply Function Is P 400 40 A Graph Appears Below 1 (39.35 KiB) Viewed 59 times
22. (15 points) A firm's inverse demand is P - 800-40: its inverse supply function is P = 400+40. A graph appears below. S P 800 600 400 D Q 50 200 a. (2 points) Calculate the consumer surplus. Р / Qs - - Qs = 600 - 3 1(50) 9(50) b. (2 points) Calculate the producer surplus. 400 QD 100 4(Q) 9(200) 2 4 0.5 C. (5 points) If the government imposes a price ceiling of $500, will this cause a shortage or surplus? Quantify the amount of the shortage or surplus. d. (6 points) Calculate the deadweight loss from the price ceiling described in part c.