Question

As a member of the economic team for the Wisconsin Department of Agriculture, Trade and Consumer Protection, you oversee the market for apples in Wisconsin. You obtain the demand curve for apples which is P = 120 - 2Q and the supply curve for apples which is P = 20 +2Q. a. You would like to know what is the equilibrium price and quantity in this market? You also would like to know the consumer and producer surplus in the market? Equilibrium price: [Select] Equilibrium quantity: [Select] Consumer Surplus: [Select] Producer Surplus: [Select] b. While attending the farmers market at Hilldale on Saturday morning, you realize that no one is buying apples at the current market price. You decide to help the consumers by asking the governor to impose a price ceiling of $40. You would like to know what shortage of apples will this price ceiling create? Shortage: [Select] c. The price ceiling also affects the consumer and producer surplus in the market. You would like to calculate the new producer and consumer surplus with the $40 price ceiling. Producer Surplus with the price ceiling: [Select] Consumer Surplus with the price ceiling: [Select]

          As a member of the economic team for the Wisconsin Department of Agriculture,
Trade and Consumer Protection, you oversee the market for apples in Wisconsin. You
obtain the demand curve for apples which is P = 120 - 2Q and the supply curve for
apples which is P = 20 +2Q.
a. You would like to know what is the equilibrium price and quantity in this market?
You also would like to know the consumer and producer surplus in the market?
Equilibrium price: [Select]
Equilibrium quantity: [Select]
Consumer Surplus: [Select]
Producer Surplus: [Select]
b. While attending the farmers market at Hilldale on Saturday morning, you realize
that no one is buying apples at the current market price. You decide to help the
consumers by asking the governor to impose a price ceiling of $40. You would like to
know what shortage of apples will this price ceiling create?
Shortage: [Select]
c. The price ceiling also affects the consumer and producer surplus in the market. You
would like to calculate the new producer and consumer surplus with the $40 price
ceiling.
Producer Surplus with the price ceiling: [Select]
Consumer Surplus with the price ceiling: [Select]

As a member of the economic team for the Wisconsin Department of Agriculture,
Trade and Consumer Protection, you oversee the market for apples in Wisconsin. You
obtain the demand curve for apples which is P = 120 - 2Q and the supply curve for
apples which is P = 20 +2Q.
a. You would like to know what is the equilibrium price and quantity in this market?
You also would like to know the consumer and producer surplus in the market?
Equilibrium price: [Select]
Equilibrium quantity: [Select]
Consumer Surplus: [Select]
Producer Surplus: [Select]
b. While attending the farmers market at Hilldale on Saturday morning, you realize
that no one is buying apples at the current market price. You decide to help the
consumers by asking the governor to impose a price ceiling of 40. You would like to
know what shortage of apples will this price ceiling create?
Shortage: [Select]
c. The price ceiling also affects the consumer and producer surplus in the market. You
would like to calculate the new producer and consumer surplus with the40 price
ceiling.
Producer Surplus with the price ceiling: [Select]
Consumer Surplus with the price ceiling: [Select]

Added by Leah T.

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