1) Given the following equations for the Market for Hamburgers: Supply Curve: P* = QS* +...

 

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1) Given the following equations for the Market for Hamburgers: Supply Curve: P* = QS* + Demand Curve: P* = -20*+ 10 A. Draw out the 2 equations on the same x and y axis B. Solve for P* and Q* algebraically (remember that QS*=QP* in equilibrium and that you can use substitution or elimination from Algebra) C. Solve for Consumer Surplus D. Solve for Producer Surplus E. Solve for Total Surplus F. If there is a price floor of $7 for hamburgers: a. Calculate the new Consumer Surplus b. Calculate the new Producer Surplus c. Calculate the Deadweight Loss 1) Given the following equations for the Market for Hamburgers: Supply Curve: P* = QS* + Demand Curve: P* = -20*+ 10 A. Draw out the 2 equations on the same x and y axis B. Solve for P* and Q* algebraically (remember that QS*=QP* in equilibrium and that you can use substitution or elimination from Algebra) C. Solve for Consumer Surplus D. Solve for Producer Surplus E. Solve for Total Surplus F. If there is a price floor of $7 for hamburgers: a. Calculate the new Consumer Surplus b. Calculate the new Producer Surplus c. Calculate the Deadweight Loss

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A Drawing the two equations on the same x and yaxis Supply Curve P QS 2 Demand Curve P QP 1... View the full answer