2
answers
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watching
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14 Feb 2021
Price
Quantity Demanded
Quantity Supplied
0.00
1350
0
5.00
1200
300
10.00
1050
600
15.00
900
900
20.00
750
1200
25.00
600
1500
30.00
450
1800
35.00
300
2100
a) The table shows the demand and supply schedules for tuna sashimi (sushi). Plot both Demand and Supply on a piece of paper and attach it as a photo to this document. Labeleverything that’s relevant and find the equilibrium price and quantity.
b) Calculate the consumer surplus, producer surplus, and total surplus at the market equilibrium.
c) Now suppose the mayor of Vancouver (who loves sushi) thinks the equilibrium market price of tuna sashimi is too high. Briefly describe how the mayor can use price controls to change the price so he is happy. Show this in the graph in part (a).
Price |
Quantity Demanded |
Quantity Supplied |
0.00 |
1350 |
0 |
5.00 |
1200 |
300 |
10.00 |
1050 |
600 |
15.00 |
900 |
900 |
20.00 |
750 |
1200 |
25.00 |
600 |
1500 |
30.00 |
450 |
1800 |
35.00 |
300 |
2100 |
a) The table shows the demand and supply schedules for tuna sashimi (sushi). Plot both Demand and Supply on a piece of paper and attach it as a photo to this document. Labeleverything that’s relevant and find the equilibrium price and quantity.
b) Calculate the consumer surplus, producer surplus, and total surplus at the market equilibrium.
c) Now suppose the mayor of Vancouver (who loves sushi) thinks the equilibrium market price of tuna sashimi is too high. Briefly describe how the mayor can use price controls to change the price so he is happy. Show this in the graph in part (a).
8 May 2024
skytermite28Lv1
2 Jun 2021
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