Price floor

The minimum price at which a few of the producers are willing to sell a pound of cheese is $0.06, and the price floor is set at $0.17 per pound. With the price floor at $0.17 per pound of cheese, producers sell 212.5 billion pounds of cheese (some to consumers and some to the USDA). How much producer surplus is created now? The producer surplus to be created will be .11 cents ($23.37 Billion) f. The surplus cheese USDA buys is the difference between the quantity of cheese producers sell (212.5 billions of pounds of cheese) and the quantity of cheese consumers are willing to buy at the price floor (211 billions of pounds of cheese). How much money does the USDA spend on buying up surplus cheese? The USDA will spend approx. $255,000,000 = $0.17 per 1.5 Billion lbs of Cheese. g. Taxes must be collected to pay for the purchases of surplus cheese by the USDA. As a result, total surplus (producer plus consumer) is reduced by the amount the USDA spent on buying surplus cheese. Using your answers for parts d, e, & f, what is the total surplus when there is a price floor? The total surplus with a price floor is 29.45…

Minimum wage is the minimum price that can be offered in exchange for labour in the unskilled labour market. Minimum wage is an example of a binding price floor, where the government sets a legal mandated price above the equilibrium price for that particular market or product. A binding floor price leads towards a surplus of supply. In minimum wages, the surplus is unemployment. This essay will address the concept of binding minimum wages and the affect of the minimum wage on unemployment and…

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How ceiling price influence economy Price control is a big thing in our daily life, and it affects everyone. From the necessary products to the luxury product, everything can have price control. Normally, the market can control by itself, as a certain demand can match a certain supply to let the product have a biggest profit and let the consumer benefit because the consumer surplus is maximum. However, the market price may be too low or too high, the government will have to show up control…

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Laundry does not seem like a big issue until you are not able to wash clothes in a timely manner. In the Olive residence hall, all residences share a laundry room on the ground floor. With around 15 washers and 25 dryers to share between 429 students, there are bound to be some problems. Given that all of the machines are working, this provides a very limited amount of time and space for everyone to properly clean their clothes. My experience has included people moving my clothes with out my…