The discussion requires a minimum of 300 words, 3 scholarly sources, including the textbook. Make sure that you use APA style with your references. Under no circumstances use any direct quotes. Any directly quoted or copied material will result in a zero for the assignment. Let’s be sure to write it in own work 100% and give appropriately when using someone’s else work.

Reference for textbook attached:

Thomas, C. R., & Maurice, S. C. (2010). Managerial economics: Foundations of business analysis and strategy (10th ed.). New York: McGraw-Hill/Irwin.

1. At the meat counter of a local supermarket, two shoppers were overheard complaining about the high price of hamburger. They concluded that government should not allow the price of hamburger to rise above $2.25 per pound. Do you think the shoppers would actually be better off if a price ceiling were imposed to lower hamburger prices? Why or why not?

What about the producers of beef? Would they be better or worse off with a price ceiling?

1,500 word count and there is a total of 3 questions each (not including in-text citation and references as the word count), a minimum of 4 scholarly sources are required in APA format. For the 4 scholarly sources, one from the textbook that’s posted below and the other two from an outside source . Let’s be sure to write it in own work 100% and give appropriately when using someone’s else work. Under no circumstances use any direct quotes. Any directly quoted or copied material will result in a zero for the assignment.

Reference for textbook attached:

Thomas, C. R., & Maurice, S. C. (2010). Managerial economics: Foundations of business analysis and strategy (10th ed.). New York: McGraw-Hill/Irwin.

1. Explain the difference between a movement along a supply curve and a shift in the supply curve.

2. Suppose you decide to start your own business. Give a brief overview of the purpose and location of your new firm.

3. Refer to the company that you proposed in the previous question.

For each scenario below, use a supply and demand analysis to make a prediction regarding both the equilibrium price and quantity for your good or service. That is, for each part, tell me whether you expect the equilibrium price of your product to rise or fall AND whether you expect equilibrium quantity to rise or fall.

Also include in your explanation which curve is shifting and which shifter variable is affected.

a) Your customers’ incomes increase. Be sure to note whether the good or service you are providing is a normal good or an inferior good.

b. The minimum wage is raised in your area, and you must pay your employees more. (Assume you have employees for this scenario, even if that was not part of your initial plan.)

c. A firm that offers the same good or service moves into town.

d. Your customers expect the price of your good or service to fall in the future.

e. The price of a good or service that can be substituted for yours falls (the substitute becomes cheaper).

f. The scenarios in both a) and b) occur at the same time.

4. Use the linear demand and supply curves shown below to answer the following questions.You must show all calculations step-by-step or no credit will be given.

• a) The market or equilibrium price is $__________.
• b) When 10,000 units are produced and consumed, total consumer surplus is $__________, and total producer surplus is $__________.
• c) At the market price in part a, the net gain to consumers when 10,000 units are purchased is $__________.
• d) At the market price in part a, the net gain to producers when they supply 10,000 units is $__________.
• e) The net gain to society when 10,000 units are produced and consumed at the market price is $__________, which is called __________.
• f) In market equilibrium, total consumer surplus is $__________, and the total producer surplus is $__________.

g) The net gain to society created by this market is