Reading Guide: Section 2 Module 9
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Pre-Reading
What do I already think I know?
What do you think would happen if the quantity of a product is limited by the government? *
What do you think a deadweight loss is?
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Controlling Quantities
1. What is a good reason to impose a quota or quantity control?
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2. What is the demand price of 8 million rides demanded? *
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3. Based on Figure 9.1, how many taxi rides would drivers be willing to supply at a price of $6.00 per ride? *
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4. At a quantity of 8, what is the demand price and the supply price? *
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5. Why do you think the term "wedge" is appropriate for a market with a quota? *
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6. Explain why Sunil's opportunity cost is $2 to use his medallion. *
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7. Read the definition and application of deadweight loss...not refer to the graph above and explain why the yellow area is considered deadweight loss. *
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Watch this...why would you NOT?!?!?!?
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