Homework Answers
1) market transaction will decrease by 7units because demand decreases from 10 to 3.
5)Consumer surplus is the difference between the willingness to pay and the actual pay
thus consumer surplus=A+B+C=1/2*6*10=30
6) Producer surplus=D+E=1/2*4*10=20
7)C Producer surplus will change from D+E to B+D
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$12 $10 $2 10 rding to the graph shown, if the market goes from equilibrium to...
$12 $10 $6 $4 $2 DE 10 According to the graph shown, if the market goes...
$12 $10 $6 $4 $2 DE 10 According to the graph shown, if the market goes from equilibrium to having its price set at $10 then: A. $12 gets transferred from consumer surplus to producer surplus. B. area C is lost surplus due to fewer transactions taking place. C. area E is lost surplus due to fewer transactions taking place. All of these are true.
Skipped F WE--- According to the graph shown, if the market goes from equilibrium to having...
Skipped F WE--- According to the graph shown, if the market goes from equilibrium to having its price set at $10 then: Multiple Choice consumer surplus will decrease from (A + B + C) to (B+C) only. consumer surplus will increase from (A + B + C) to A only. o ooo O consumer surplus (B+C) will transfer to producers. consumer surplus will decrease by (B+C). Pre (5) Skipped 10 20 30 40 50 60 70 80 90 Quantity According...
According to the graph shown, if the market goes from equilibrium to having its price set at $10: Multiple Choice...
According to the graph shown, if the market goes from equilibrium to having its price set at $10: Multiple Choice O deadweight loss will occur. seven fewer units will be exchanged O ) consumer surplus will decrease. O < Page 18 of 35 18 Next > According to the graph shown, if the market goes from equilibrium to having its price set at $10 Multiple Choice o deadweight loss will occur. o seven fewer units will be exchanged. o consumer...
3. 101 PI $12 $10 $81B : C $6 $4 $2 10 According to the graph...
3. 101 PI $12 $10 $81B : C $6 $4 $2 10 According to the graph shown, if the market goes from equilibrium to having its price set at $10: A. deadweight loss will occur. B. seven fewer market transactions will occur. consumer surplus will decrease. D. All of these are true. 4. 102.
According to the following Figure, please answer a-f: 20 40 60 a) According to this graph,...
According to the following Figure, please answer a-f: 20 40 60 a) According to this graph, how much is the consumer surplus when price is set at equilibrium (P = $8)? b) According to this graph, how much is the producer surplus when price is equal to its equilibrium level (P=$8)? c) In the graph, how much is deadweight loss at a price of P =$8 (equilibrium)? d) Now, according to this graph, how much is the consumer surplus when...
Use the graph below to answer questions 6 through 10. Price (S) 20 Supply 7.5 0...
Use the graph below to answer questions 6 through 10.
Price (S) 20 Supply 7.5 0 10 20 30 40 50 60 70 Quantity 6. When this market is in equilibrium, consumer surplus is equal to and producer surplus is equal to a. $200: $100 $100; $200 c. $400; $200 d. $200; $400 If there is a price floor set at $15, the quantity bought and sold in this market will be equal to 7. 20 40 60 d.80 a....
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80...
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80 104 130 Quantity Suppose the market in the graph is originally in equilibrium at a price of $15. If the government implements a price ceiling at $20, what will be the market outcome? 7. a. Surplus of 90 units b. Surplus of 54 units c. Shortage of 90 units d. Shortage of 54 units e. Market will remain in equilibrium with a quantity of...
1. When the equilibrium price is 30 and equilibrium quantity is 2000. Intercept of Supply curve in the p axis is 10 and intercept of Demand curve in the p axis is 60. a) Draw the graph of equilibrium...
1. When the equilibrium price is 30 and equilibrium quantity is 2000. Intercept of Supply curve in the p axis is 10 and intercept of Demand curve in the p axis is 60. a) Draw the graph of equilibrium and label the equilibrium price, equilibrium quantity, consumer surplus, producer surplus and total surplus in the graph. b) Calculate consumer surplus, producer surplus and total surplus. c) Explain which buyers consume the good and which producers sell the good inthe equilibrium...
from question no 6 to 10 Use the graph below to answer questions 6 and 7....
from question no 6 to 10
Use the graph below to answer questions 6 and 7. Price S100 Supply - MC $50 6. The 0 100 200 Quantity The minimum price this seller will accept for the 100 unit of output is: SO S50 S100 impossible to determine from the graph. b Producer surplus increases from a $50, S100 b. $5,000 $10,000 to when the price increases from $50 to $100 C $2,500 $10,000 $2.500 $20,000 The difference between the...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538 5. Orange juice and apple juice are substitutes. Suppose bad weather sharply reduced the orange harvest. What would the impact be? a increase consumer surplus in the market for orange juice but decrease producer surplus in the market for apple juice b. increase consumer surplus in...
$12 $10 $6 $4 $2 DE 10 According to the graph shown, if the market goes from equilibrium to having its price set at $10 then: A. $12 gets transferred from consumer surplus to producer surplus. B. area C is lost surplus due to fewer transactions taking place. C. area E is lost surplus due to fewer transactions taking place. All of these are true.
Skipped F WE--- According to the graph shown, if the market goes from equilibrium to having its price set at $10 then: Multiple Choice consumer surplus will decrease from (A + B + C) to (B+C) only. consumer surplus will increase from (A + B + C) to A only. o ooo O consumer surplus (B+C) will transfer to producers. consumer surplus will decrease by (B+C). Pre (5) Skipped 10 20 30 40 50 60 70 80 90 Quantity According...
According to the graph shown, if the market goes from equilibrium to having its price set at $10: Multiple Choice O deadweight loss will occur. seven fewer units will be exchanged O ) consumer surplus will decrease. O < Page 18 of 35 18 Next > According to the graph shown, if the market goes from equilibrium to having its price set at $10 Multiple Choice o deadweight loss will occur. o seven fewer units will be exchanged. o consumer...
3. 101 PI $12 $10 $81B : C $6 $4 $2 10 According to the graph shown, if the market goes from equilibrium to having its price set at $10: A. deadweight loss will occur. B. seven fewer market transactions will occur. consumer surplus will decrease. D. All of these are true. 4. 102.
According to the following Figure, please answer a-f: 20 40 60 a) According to this graph, how much is the consumer surplus when price is set at equilibrium (P = $8)? b) According to this graph, how much is the producer surplus when price is equal to its equilibrium level (P=$8)? c) In the graph, how much is deadweight loss at a price of P =$8 (equilibrium)? d) Now, according to this graph, how much is the consumer surplus when...
Use the graph below to answer questions 6 through 10.
Price (S) 20 Supply 7.5 0 10 20 30 40 50 60 70 Quantity 6. When this market is in equilibrium, consumer surplus is equal to and producer surplus is equal to a. $200: $100 $100; $200 c. $400; $200 d. $200; $400 If there is a price floor set at $15, the quantity bought and sold in this market will be equal to 7. 20 40 60 d.80 a....
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80 104 130 Quantity Suppose the market in the graph is originally in equilibrium at a price of $15. If the government implements a price ceiling at $20, what will be the market outcome? 7. a. Surplus of 90 units b. Surplus of 54 units c. Shortage of 90 units d. Shortage of 54 units e. Market will remain in equilibrium with a quantity of...
from question no 6 to 10
Use the graph below to answer questions 6 and 7. Price S100 Supply - MC $50 6. The 0 100 200 Quantity The minimum price this seller will accept for the 100 unit of output is: SO S50 S100 impossible to determine from the graph. b Producer surplus increases from a $50, S100 b. $5,000 $10,000 to when the price increases from $50 to $100 C $2,500 $10,000 $2.500 $20,000 The difference between the...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538 5. Orange juice and apple juice are substitutes. Suppose bad weather sharply reduced the orange harvest. What would the impact be? a increase consumer surplus in the market for orange juice but decrease producer surplus in the market for apple juice b. increase consumer surplus in...
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