(Figure: Market for Sustainable Furniture) Consider the market for furniture made from sustainable, man-made forests that is shown in the figure. The government wants to encourage buyers to buy such furniture and places a price ceiling of $250 on the market. The market quantity actually sold after the implementation of the price ceiling is thousand pieces of furniture. Price ($ per piece of furniture) $600 $350 $250 $100 300 500 Supply Demand 700 Quantity of furniture pieces (thousands)

(Figure: Market for Sustainable Furniture) Consider the market for furniture made from sustainable, man-made forests that is shown in the figure. The government wants to encourage buyers to buy such furniture and places a price ceiling of $250 on the market. The market quantity actually sold after the implementation of the price ceiling is thousand pieces of furniture. Price ($ per piece of furniture) $600 $350 $250 $100 300 500 Supply Demand 700 Quantity of furniture pieces (thousands)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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33 1 36 39 Bushels Demanded per Month 45 50 56 61 67 B) 10. Price per Bushel $5 4 3 2 1 C) 67. OD) 61. Bushels Supplied per Month 77 73 68 If the price in this market was set at $1 by the government (price ceiling), then the number of bushels traded would be A) 57. 61 57
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USB memory sticks have become popular with Canadian computer users because they offer flexibility for users to move data easily from one computing device to another. Figure 1 below shows the domestic Canadian USB memory stick market. Use this information to answer the questions below. Figure 1: Canadian USB Memory Stick Market Price ($) QD Qs Per Flashdrive Millions of Units 20 6. 18 1 16 2 4 14 3 3 12 10 1 8 6. 7 4 8. 2 10 a) What is the domestic equilibrium price and quantity of USB memory sticks in Canada? Assume the Canadian USB memory stick market is an 'autarky' market (i.e. all USB memory sticks purchased by Canadian consumers are manufactured by Canadian USB memory stick suppliers). What is the total market size (i.e. total revenue or TR)? What is the consumer surplus (CS), producer surplus (PS) and total surplus (TS)? b) The Government of Canada is interested in promoting international trade. The federal government has opened the Canadian market to suppliers of USB memory…
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