1. Refer to the graph of supply and demand for pizza rolls. (a) What is the...

  

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1. Refer to the graph of supply and demand for pizza rolls. (a) What is the equilibrium price and quantity for pizza rolls? (b) What are consumer surplus, producer surplus, and total surplus at equilibrium? 2. Refer to the graph of supply and demand for pizza rolls. Suppose a price floor of $10 is put into place by the government due to an imminent pizza roll shortage. (a) With the price floor in effect, how many pizza rolls are sold? (b) With the price floor in effect, what are consumer surplus, producer surplus, and total surplus? (c) What is the deadweight loss due to the price floor? Price of pizza rolls (S) 13 12 Demand 11 10- 9- 8- 1867 6- 4- 3. 2- 1. Supply 0- 01 1 2 3 4 5 6 7 8 9 10 11 12 13 Quantity of pizza rolls 1. Refer to the graph of supply and demand for pizza rolls. (a) What is the equilibrium price and quantity for pizza rolls? (b) What are consumer surplus, producer surplus, and total surplus at equilibrium? 2. Refer to the graph of supply and demand for pizza rolls. Suppose a price floor of $10 is put into place by the government due to an imminent pizza roll shortage. (a) With the price floor in effect, how many pizza rolls are sold? (b) With the price floor in effect, what are consumer surplus, producer surplus, and total surplus? (c) What is the deadweight loss due to the price floor? Price of pizza rolls (S) 13 12 Demand 11 10- 9- 8- 1867 6- 4- 3. 2- 1. Supply 0- 01 1 2 3 4 5 6 7 8 9 10 11 12 13 Quantity of pizza rolls