Homework Answers
Answer
Producer Surplus is defined as the benefit producer receives by selling at a price more that what they are willing to sell. Mathematically, Producer surplus is the area above Supply Curve and Below Market Price.
Here Market price is equilibrium price. Equilibrium price is the price at which Demand and Supply curve intersect. We can see from above graph that equilibrium Price = 5.
Hence Producer surplus is the area above Supply Curve and Below Price 5.
Formula Area of Triangle = (1/2)*Base*Height
So, Producer Surplus = (1/2)*400*(5 - 2) = 600
Hence Producer Surplus = $600
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3. Consumer Surplus and Producer Surplus from Market
Exchange
Consider the Zambian market for oranges.
The following graph shows the domestic demand and domestic
supply curves for oranges in Zambia. Suppose Zambia's government
currently does not allow the international trade in oranges.
Use the black point (plus symbol) to indicate the equilibrium
price of a ton of oranges and the equilibrium quantity of oranges
in Zambia in the absence of international trade. Then, use the
green point (triangle symbol) to...
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1. Refer to the graph below to answer the following questions Price A. Quantity a. What is the producer surplus at the equilibrium price? b. What is the consumer surplus at the equilibrium price? c. What is the producer surplus of new manufacturers when the product price changes from P to P? d. Will consumer surplus increase or decrease (circle your answer) when the product's price decreases from Ps to P? What is the size of the change in consumer...
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What are the consumer surplus and producer surplus at the
current market rent?
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Use the graph below to answer this question. What is the consumer surplus when the market is in equilibrium? $12 8.15 Supply 65 Demand 220 400 Quantity
QUESTION 38 On a graph, producer surplus is represented by the area A. below the demand curve and above price. O B. between the demand and supply curves. C. below the price and above the supply curve. D. below the supply curve and to the left of equilibrium quantity.
5. Consumer surplus, producer surplus, and deadweight loss with quantity restrictions The following graph shows the supply of (orange curve) and demand for (blue curve) DVD players. Determine the equilibrium price and quantity of DVD players. Based on this, use the green triangle (triangle symbols) to shade the area representing consumer surplus at the equilibrium price. Then, use the purple triangle (diamond symbols) to shade the area representing producer surplus at the equilibrium price. 200 180 Demand Consumer Surplus Producer...
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3. Consumer Surplus and Producer Surplus from Market
Exchange
Consider the Zambian market for oranges.
The following graph shows the domestic demand and domestic
supply curves for oranges in Zambia. Suppose Zambia's government
currently does not allow the international trade in oranges.
Use the black point (plus symbol) to indicate the equilibrium
price of a ton of oranges and the equilibrium quantity of oranges
in Zambia in the absence of international trade. Then, use the
green point (triangle symbol) to...
1. Refer to the graph below to answer the following questions Price A. Quantity a. What is the producer surplus at the equilibrium price? b. What is the consumer surplus at the equilibrium price? c. What is the producer surplus of new manufacturers when the product price changes from P to P? d. Will consumer surplus increase or decrease (circle your answer) when the product's price decreases from Ps to P? What is the size of the change in consumer...
Question 45 (1 point) Price 8.15 Supply Demand 220 400 Quantity Calculate consumer surplus for the market in equilibrium above. (Note: to calculate the area of a right triangle, multiply the base times the height, then divide the product by 2. Give your answer as a whole number.)
Question 5 Welfare for a country is equal to consumer surplus consumer surplus minus producer surplus consumer surplus plus producer Surplus plus tariffrevenues consumer surplus plus producer Surplus minus tariff revenues Question 6 Use the graph below to answer this question: In autarky (before trade) consumer surplus is the area represented by the letter(s) (For this question and the following ones that use the same graph. Sis domestic supply. Dis domestic demand Pw is the world price is the tarif)
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