Suppose the demand for wheat, in millions of bushels, can be expressed as Q = 100 - 10P and the supply can be expressed as Q = 10P. What is the deadweight loss to society if government sets a price ceiling of $4?

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     $20 million
      $5 million
      $10 million
      There is not enough information given to solve the problem.
asked Jun 2, 2013 in Economics by anonymous
    

1 Answer

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$10 million
answered Jun 3, 2013 by Xyz ~Expert~ (3,650 points)

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