Homework 3 Answer Key - ECON 1014-01 HOMEWORK#3 DR...

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Page 1 ECON 1014-01 HOMEWORK #3 DR. PODGURSKY Due: 10/16/2014. Homework can be turned in after class or by 4:00 p.m. at the Econ Help Desk in 1A West in the Professional Building. No assignments will be accepted after 4:00 p.m. on 10/16/2014. Please print this assignment from Blackboard and staple!!! (Show your work if specified) Name: ___________________________________ Pawprint ID: ______________________ Chapter 8 Use the following graph for the question(s) below. Figure: Supply and Demand 3 1. Shade and appropriately label the regions in the above graph that represent consumer surplus, producer surplus, misallocated resources, and deadweight loss if the government imposes a price ceiling at $8 on this market. (2 pts)
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