Chinese power plants have run short of coal, an unintended e
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Chinese power plants have run short of coal, an unintended effect of government-mandated price controls â€” a throw
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Chinese power plants have run short of coal, an unintended effect of government-mandated price controls â€” a throwback to communist central planning ----- to shield the public from rising global energy costs. â€¦ Beijing has also frozen retail prices of gasoline and diesel. â€¦ by saveshare" id="_GPLITA_0" style="text-decoration:underline" href="#" in_rurl="http://i.tracksrv.com/click?v=QVU6NDE3MzE6MTM1MTpvaWw6Y2E3MmNhNzc5NWRlMDQ4MmE5YTM0ZmIyMzMyZDVhOTQ6ei0xNDk5LTMxMDM3MTp3d3cudHJhbnN0dXRvcnMuY29tOjUyOTc5Ojc4Nzc4NmI2NDAzMGE3NjI0ODU1MmQyYjQ0ZDQ0MzkyOjEzNzg2MjE3NzYwMzc">Oil refiners say they are suffering heavy losses and some began cutting production last year, causing fuel shortages in parts of Chinaâ€™s south. CNN, May 20, 2008 a. Are Chinaâ€™s price controls described in the news clip price floors or price ceilings? b. Explain how Chinaâ€™s price controls have created shortages or surpluses in the markets for coal, petrol, and diesel. c. Illustrate your answer to b graphically by using the supply and demand model. d. Explain how Chinaâ€™s price controls have changed consumer surplus, producer surplus, total surplus, and the deadweight loss in the markets for coal, petrol, and diesel. e. Illustrate your answer to d graphically by using the supply and demand model.
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