Homework Answers
a. Original Demand=D
Original Supply=S
Equilibrium Price=$4.5
Equilibrium quantity=5.5
b.
New Demand=D*
New Supply=S*
Equilibrium Price=$4.5
Equilibrium quantity=4.5
c. Price control=$5
leads to a surplus. Surplus=Qs-Qd=6-5=1
d. When P=$7 ,Q=3
When P=$6, Q=4
Elasticity=(4-3)/(4+3)÷(6-7)/(6+7)= (1/7)÷(-1÷13)= -1.85
So, Demand is Elastic.
e. Price falls from $7 to $4
Revenue=Price*Quantity
Original revenue= Green box=$7*3=$21
New revenue= Yellow box=$4*6=$24
Gain=$24-$21=$3
Revenue rises when price falls it meands demand is price ELASTIC.
f. Consumer surplus=0.5(10-4.5)5.5= $15.125
If it helps kindly upvote
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