Quiz 3.pdf - Economics 101 Quiz 3 Name Fall 2017 Quiz is...

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Economics 101 Quiz 3 Name:____________________________ Fall 2017 Quiz is Due in Discussion Section (October 5 or 6) Must be handed in, in person, to the discussion section in which you are registered. No Late Quiz will be accepted. Work must be shown in order to receive full credit. 1) Assume continuous, linear demand a supply curves which include the following data points for gasoline: Price Quantity Demanded $10 0 9 100 8 200 7 300 6 400 5 500 4 600 3 700 2 800 a. Suppose the government puts in place a price ceiling on gasoline at $6 per unit. What would we expect to happen in the market for gasoline? Briefly explain (2 points) b. Suppose that the government puts in place a price ceiling on gasoline at $3 per unit. Use a graph to illustrate this outcome. Be sure to properly label any surplus or shortage that may occur as a result of this policy. (2 points) Price Quantity Supplied $0 0 1 100 2 200 3 300 4 400 5 500 6 600
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