Homework 3 Answer Key - ECON 1014-01 HOMEWORK#3 DR PODGURSKY Due Homework can be turned in after class or by 4:00 p.m at the Econ Help Desk in 1A West

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 8Use the following graph for the question(s) below. Figure: Supply and Demand 31. 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) 2 pts for CS, PS, DWL, & Misallocated Resources; -1 for one mistake. 2. At $8, buyers demand ____12____ units, and sellers supply _____6______ units. Thus, the price ceiling causes a shortage of _____6____ units. (1 pt,, no partial credit)
Page 2 Score ______ / 23 1 pt. for CS, PS, DWL 1 pt. for Price Floor There is a surplus, Q S > Q D (1 pt.) Graph with axes (1 pt.)

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