Practice Problem: The Welfare Implications of a Price Floor
Автор: econhelp
Загружено: 2022-12-13
Просмотров: 1329
Hi everyone in this video I’m going to go through a practice problem, which looks at evaluating the welfare effects of a price floor. Here is the question:
Market demand is given by the equation Qd=1220 - 4P and market supply is given by the equation Qs=P. What are the welfare implications if a price floor equal to PF=255 is placed on the market?
There are some other videos that might help you here:
On Consumer Surplus: • Understanding Consumer Surplus
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Chapters:
0:00 Introduction
0:46 Finding Initial Equailibrium
3:33 Finding Initial Welfare
5:01 Imposing Price Floor
7:48 Comparison of Welfare
8:27 Dead Weight Loss
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