Prove diagrammatically that a price floor reduces consumers surplus.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
In the figure the equilibrium price for a good is P 1 where t...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Prove diagrammatically that a minimum wage (set above the equilibrium wage) reduces employment.
-
A. Suppose again that a price floor p greater than the equilibrium price p has been imposed and that the government has committed to purchase the difference between what is supplied at the price...
-
Diagrammatically represent the effect on the price level and Real GDP in the short-run of each of the following: (a) An increase in wealth, (b) An increase in wage rates, (c) An increase in labor...
-
Consider the following multiplicative demand function where QD = quantity demanded, P = selling price, and I = disposable income: QD = 1.6 P -1.5 Y .2 QD = 1.6 P ^-1.5y.2 The coefficient of I...
-
If a company accepts bank credit cards, why might it accept specific cards instead of all of them? For example, some retailers accept VISA and MasterCard, but not American Express or Diner's Club ,...
-
Many people like to ride roller coasters. Amusement parks try to increase attendance by building exciting new coasters. The following table displays data on several roller coasters that were opened...
-
ZipRecruiter periodically issues reports on wages of entry-level workers. They reported that entry-level wages for college graduates who took jobs in Deer Park, California were \($23.69\) per hour...
-
A balloon initially contains 65 m3 of helium gas at atmospheric conditions of 100 kPa and 22°C. The balloon is connected by a valve to a large reservoir that supplies helium gas at 150 kPa and...
-
On April 13, Joel's car was stopped, and he and a companion were arrested for a few miles away from, and a few minutes after, the burglary of a supper club. The burglary had been reported by an...
-
Q1. Write an algorithm and draw a flow chart to check whether the given number is equal to 5 or greater than 5 or less than 5. (2 Marks) Q2. Write an algorithm and draw a flow chart to calculate the...
-
Sometimes the government does not allow price to be a rationing device. 1. Define the following terms: a. Price ceiling b. Price floor 2. Describe the situations where price ceilings and price floors...
-
The absolute price of X is $40 and the absolute price of Y is $10. What is the relative price of X in terms of Y? What is the relative price of Y in terms of X?
-
A stock has an expected return of 13.3 percent, its beta is 1.45, and the expected return on the market is 10.5 percent. What must the risk-free rate be?
-
Find the surface tension in a soap bubble of 60 \(\mathrm{mm}\) diameter when the inside pressure is \(5 \mathrm{~N} / \mathrm{m}^{2}\) above atmospheric pressure.
-
A perfect reversed heat engine is used for making ice at \(-5^{\circ} \mathrm{C}\) from water available at \(25^{\circ} \mathrm{C}\). The temperature of the freezing mixture is \(-10^{\circ}...
-
Calculate the capillary rise in a glass tube of diameter \(1.8 \mathrm{~mm}\) when immersed vertically in: (i) water and (ii) mercury. Assume surface tension for water as 0.07 and for mercury as 0.5...
-
A steel rod of \(25 \mathrm{~mm}\) diameter is placed concentrically in a copper tube of an internal diameter \(38.5 \mathrm{~mm}\) and external diameter of \(41.5 \mathrm{~mm}\). Nuts and washers...
-
The water is flowing through a pipe having diameters \(32 \mathrm{~cm}\) and \(18 \mathrm{~cm}\) at two sections 1 and 2, respectively. The rate of flow through the pipe is \(100 \mathrm{~L} /...
-
Find the inverse of each of the given matrices by transforming the identity matrix, as in Examples 24. Data from Example 4 Find the inverse of the matrix Therefore, the required inverse matrix is...
-
Which, if any, of the dichloroethene molecules drawn in Data Table II (3.) (4.) and (5.) are geometric isomers? A. B. C. D. cis-1,2-dichloroethene and trans-1,2-dichloroethene...
-
Marea's Cakes sells its cakes for $30 each. Ingredients cost Marea on average $10 per cake and she pays her baker $10 per cake. For the upcoming year, Marea's fixed costs will be $50,000 and she...
-
The statement of cash flow consists of three main activities, as follows: Operating Investing Financing Each section provides the reader with details on where the cash came from and where the cash...
-
How would i calculate the desired ROI per unit based on this information: $65Per Unit Direct Materials $48.00Per Unit Direct Labour $16.00Per Unit Variable Manufacturing Overhead $12.00Per Unit...
Study smarter with the SolutionInn App