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Question 1

The graph below shows the supply and demand curves for burritos.

First consider a situation without any government interventions and no price controls. In that case,

Equilibrium Quantity is:

 

Hint


Question 2

Equibrium Price is:

 

Hint


Question 3

Now suppose that the government imposes a Price Floor equal to $10!

As a result of this new policy,

Quantity demanded is:

 

Hint


Question 4

Now suppose that the government imposes a Price Floor equal to $10!

As a result of this new policy,

Quantity supplied is:

 

Hint


Question 5

As a result of this Price Floor the market is experiencing

Hint 


Question 6

The amount of surplus/shortage equals to

 

Hint