E202PracticeExam2.4

E202PracticeExam2.4 - producer support the price ceiling?...

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6. Refer to Problem 6. Suppose a price ceiling of $50 is placed on the market for used textbooks. a. Calculate the weekly shortage of used textbooks that will result from this policy. b. Calculate and graph consumer surplus, producer surplus, and total economic surplus. Would
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Unformatted text preview: producer support the price ceiling? Would consumers support the price ceiling? c. Calculate and graph the total economic surplus lost as a result of the price ceiling. d. Suggest an alternative policy for helping students acquire textbooks....
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