Hi, Plase help me with the problem and show work for undertanding thank you 3a.

ID: 2495204 • Letter: H

Question

Hi,

Plase help me with the problem and show work for undertanding thank you

3a. You are told the initial value of the variable, and the percentage change. For each, compute the new

value of the variable. Show your work!

Initial Value Percentage Change New Value

100 12%

50 8%

3b.Describe what will happen in the market in the following situations.. Will there be a

shortage or excess? A deadweight loss? if so, calculate the amounts.

a. the government establishes a price ceiling of $30 per bushel of wheat.

b. the government establishes a price ceiling of $10.

c. the government establishes a price floor of $30.

d. the government establishes a price floor of $10.

e. price and quantity in the market compared to the desired equilibrium? Identify an example of a price

floor.

3a. The formula for % change is = (New value - initial value)/Initial value*100.

Given % change = 12% and initial value = 100, new value would be,

12 = (new value - 100)/100*100

12 = new value - 100

12 + 100 = new value

New value = 112.

Similarly, initial value = 50, % change = 8%.

8 = (new value - 50)/50*100.

8 = (new value - 50)*2.

4 = new value - 50.

new value = 54.

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.