#5 Micro Assume that you were ready to buy a custom tailoredDress (or men’s suit) and you are prepared to pay up to $200 for it. Alsoassume that the tailor is prepared to sell that item of clothing for as littleas $100. When youarrive at the tailor shop, the posted price for the item is $150. Discuss howthis scenario relates to producer and consumer surplus and how such surpluses,if any, affect buying and manufacturing decisions Discuss anyrecent purchases you have made and for which you feel that a similar rationalseemed to be at work.#6 MicroCritically analyze the pros and cons of putting aprice ceiling on prescription medicine. Make sure to use concepts from bothchapters seen this unit such as government intervention, inefficiencies, priceelasticity, etc. in your answer.In the firstcase, assume the medication is for a life threatening illness for which yourchild has been diagnosed.In a secondcase, assume the medication is for an improved quality of life issue, such asachieving a healthy weight.What are the impacts that the pharmaceutical companythat makes the medications in question will experience? How will that affectthe pharmaceutical company’s production decisions? What about its decisions toconduct further research into new drugs?
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