How many bushels of wheat will the government be forced to buy? Determine consumer surplus with the price floor. 4. Consider a market for fish. Let Q be the tons offish and P the dollar price per ton offish. Demand: SQ=300-2. UP supply: SQ 20+ 1. 5 P a. Draw (to scale) the supply and demand for this market. B. Suppose the fishing industry persuades the Congress to save the family fishing industry by mandating a price floor at $100 per ton offish. When the government imposes a price floor of $100/ton, calculate the gain/loss to consumers and producers offish. C.
Suppose the Congress realizes its folly after numerous public outcries of gig fish prices and so swings the other way and mandates a price ceiling of $50. When the government imposes a price ceiling of $50/ton, calculate the gain/loss to consumers and producers of fish. 5. A country which does not tax cigarettes is considering the introduction of a $0. 40 per pack tax. The economic advisors to the country estimate the supply and demand curves for cigarettes as: Demand: SQ= 140,000 – 25,IPPP supply: SQ = + 75,IPPP The country has hired you to provide the following information regarding the cigarette market and the proposed tax. What are the equilibrium values in the current environment with no tax? B. What price and quantity would prevail after the imposition of the tax? What portion of the tax would be borne by buyers and sellers respectively? C. Calculate the deadweight loss from the tax. Could the tax be justified despite the deadweight loss? What tax revenue will be generated? 6. Briefly summarize a current (no older than 1 month) news article related to any issue in Chapters 6-8 of your textbook. Explain how the article is related to concepts in the chapter.
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Analyze the issue using the concepts you learned from the (format the articles to save paper). Use a highly reputable source, such as The Economist, The Wall Street Journal, The New York Times, Forbes, Bloomberg, Huffing Post, Washington Post, etc. You are allowed to cite and quote but do it properly (see http://www. Nightclubs. Com/writing/plagiarism-citation. HTML, http:// writing. MIT. Du/WAC/ophthalmologists). Provide a concise, but full analysis of your articles and its relationship to the course material. Limit your answer to 5-10 paragraphs or 1-1. 5 pages.