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Use the following graph to answer Questions 17-20. Assume the demand curve intercepts the y-axis at $4.
Use the following graph to answer Questions 17-20. Assume the demand curve intercepts the y-axis at $4.00.
Question 17
Compute the number of units purchased and the price at which those units will be exchanged when there is a $3 per unit price floor.
a.35 units and $2.50 per unit
b.35 units and $3.00 per unit
c.50 units and $2.50 per unit
d.50 units and $3.00 per unit
e.30 unit and $2.50 per unit
f.30 unit and $3.00 per unit
Question 18
A $3 per unit price floor will result in a
a.Shortage of 30 unit
b.Surplus of 30 units
c.Shortage of 35 units
d.Surplus of 35 units
e.Shortage of 65 units
f.Surplus of 65 units
Question 19
Compute the surplus consumers received when an $3 per unit price floor is imposed on the market.
a.$17.50
b.$35.00
c.$37.50
d.$75.00
Question 20
Compute the dead weight loss when an $3 per unit price floor is imposed on the market.
a.$7.50
b.$15.00
c.$15.50
d.$35
e.$37.50
