Mangerial economics Question 3

Jun 3rd, 2015
Anonymous
Category:
Accounting
Price: $5 USD

Question description

Suppose the county manager is concerned that the equilibrium price of pizza is too high and they pass a law that stops anyone from selling 16" pizza for more than $2.

1. What is the new price ad quantity sold of 16" pizzas in Chicago?

2. What is the total consumer surplus and total producer surplus before and after the price ceiling is imposed?

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