Name: ID: A 4. (Module 8) The table below describes the quantity of gizmos demanded and supplied at a variety of prices. . , Quantity of Gizmos Quantity of Gizmos (an as) $1.00 $1.50 "-1- m_ a. When the market reaches equilibrium, how many gizmos will be exchanged and at what price? b. Suppose one group of citizens argues to the government that the market price of gizmos is \"too high\". Who would make this argument, consumers or producers? 0. Suppose that the government agrees with the arguments made in part (b) and institutes a price control to remedy the problem. Select one price that would be an effective price control in this scenario. (1. Given the price chosen in part (c), is there a shortage or a surplus of gizmos in the market? How big is this shortage or surplus? (5 points) 5. (Module 9) The table below shows the demand and supply schedules for gizmos. Quantity of Gizmos Quantity of Gizmos Demanded (Qd) Supplied (Qs) $1.00 17 $1.50 16 $2.00 15 $2.50 1 Price per Gizmo $3.00 13 $3.50 12 $4.00 11 $4.50 $5.00 $5.50 jljt NH y'ut N OOOON-P-NO a. Use the information in the table to determine the market equilibrium quantity and price of gizmos. b. Suppose the government wants to set a quota that states that only 8 gizmos can be exchanged. What is the demand price and what is the supply price at this quota limit? 0. At the quota limit of 8 gizmos, what is the quota rent available to sellers of gizmos? d. Suppose instead that the government increases the production quota to 16 gizmos. Under this regulation, at what price will gizmos be purchased? (5 points)