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Question 1

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

Graphing window shows horizontal axis: 0 to 13, vertical axis: 0 to 13. Start Graph, Color red

xy
02
13
24
35
46
57
68
79
810
911
1012
1113
1214
1315
Start Graph, Color blue
xy
08
17
26
35
44
53
62
71
80
9-1
10-2
11-3
12-4
13-5
Label "Quantity of beer" at pixel coordinates (175,0).Label "Price of beer" at pixel coordinates (0,170).Label "Demand" at (1,8+1). Label "Supply" at ((12-2)/ 1,11). Label "Price Ceiling" at (11,).

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 Ceiling equal to $5!

As a result of this new policy,

Quantity demanded is:

 

Hint


Question 4

Now suppose that the government imposes a Price Ceiling equal to $5!

As a result of this new policy,

Quantity supplied is:

 

Hint


Question 5

As a result of this Price Ceiling the market is experiencing

Hint 


Question 6

The amount of surplus/shortage equals to

 

Hint