Business, 30.07.2020 02:01 dajiaglosson

Suppose a coalition of students from Lincoln High School succeeds in persuading the local government to impose a price ceiling of $7.50 on used DVDs, on the grounds that local suppliers are taking advantage of teenagers by charging exorbitant prices. Required:
a. Calculate the weekly shortage of used DVDs that will result from this policy.
b. Calculate the total economic surplus lost every week as a result of the price ceiling.
c. Calculate the following:

1. The weekly consumer surplus.
2. The weekly producer surplus.

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Suppose a coalition of students from Lincoln High School succeeds in persuading the local government...