In 1930 the Australian Football League (AFL), at the time the Victorian Football League (VFL), implemented a price ceiling wage on all AFL players known as the Coulter Law. The ceiling was 3 pounds, approximately $230 dollars in today's money. The market equilibrium price was 7.4 pounds and the equilibrium quantity of players was 450. The supply of players at the price ceiling is 300 whilst the willingness of clubs to pay for players is 12.7 pounds at the quantity of 300. What is the dead weight loss as a result of the price ceiling in pounds? Answer to the nearest two decimal places.

With a price ceiling, what is the deadweight loss?

The Venezuelan government places price ceilings on food items, in particular rice and milk. There were reports of shortages as well as wide spread smuggling and hoarding in the nation. Answer the following questions: For the price ceiling to cause shortages it would need to be above/below the equilibrium price. . Type A for Above or B for Below. The original market equilibrium price was $0.60 for one litre of milk with 7 million litres being traded daily. The price ceiling has resulted in it being $0.25 for one litre of milk with only 1 million litres being traded. What is the value of the loss in producer surplus when the price moves from $0.6 to $0.25 for one litre of milk? $ million. Answer in millions to two decimal places. The Venezuelan Government prohibits the sale of goods being traded under a price ceiling to foreigners. Black market operators purchase large amounts of the goods at the price ceiling and instead of selling goods at a higher price to Venezuelans, they smuggle the goods across the border to sell at a higher price in Colombia. The black market is therefore likely to increase or decrease consumer surplus in the Venezuelan market? . Type I for Increase or D for Decrease.

Consider the demand curve for beer: Q= 120 –2P. If the supply curve for beer is P=12+Q and the government imposes a per-unit tax of $11 on producers of beer, the deadweight loss that results is equal to: [Round your answer to 2 decimal places when needed.]

What is the deadweight loss associated with monopoly in question 1? (Round your answer to two decimal places.)

Question 11The market for apples is in equilibrium at a price of $0.50 per pound. If the government imposes a price ceiling in the market at a price of $0.40 per pound, then:1 pointquantity demanded will decrease.the price ceiling will not affect the market price or output.there will be a shortage of the good.quantity supplied will increase.