Homework Answers
From the above graph
Equilibrium price = $175
Equilibrium quantity = 60 million
The green shade area above the equillibrium price is consumer surplus and the pink shaded shaded line below equllibrium price is producer surplus
Total surplus = consumer surplus+ producer surplus
Consumer surplus = (1/2) (Change in price ) (Change in quantity)
Producer Surplus = (1/2) (change in price) (change in quantity)
Consumer surplus = (1/2) (200-175)(60-0) = $750 million
Producer surplus = (1/2) (175-50)(60-0) = $3750 million
Total surplus = 750+3750 = $4500 million
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< Back to ent Attempts: 0 Average: 0/2 8. Total economic surplus...
Total economic surplus The following diagram shows supply and demand in the market for smartphones. Use...
Total economic surplus The following diagram shows supply and
demand in the market for smartphones. Use the black point (plus
symbol) to indicate the equilibrium price and quantity of
smartphones. Then use the green point (triangle symbol) to fill the
area representing consumer surplus, and use the purple point
(diamond symbol) to fill the area representing producer
surplus.
8. Total economic surplus The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol)...
8. Total economie surplus The following diagram shows supply and demand in the market for smartphones...
8. Total economie surplus The following diagram shows supply and demand in the market for smartphones Use the black point (plus symbol) to indl the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Demand Equilibrium Consumer Surplus PRICE (Dollars per phone) Producer Surplus 0 40 320 350 400 80 120 160 200 240 280 QUANTITY (Millions of phones)...
11. Total welfare The following graph shows supply and demand in the market for smartphones Use...
11. Total welfare The following graph shows supply and demand in the market for smartphones Use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus 250 Demand 225 Equilbrium 200 175 Consumer Surplus 150 125 Producer Surplus 100 75 50 25 Supply 0 280 350 175 210...
Total economic surplus. The following diagram shows supply and demand in the market for smart phones....
Total economic surplus.
The following diagram shows supply and demand in the market for
smart phones.
Use the black point (plus symbol) to indicate the equilibrium
price and quantity of smart phones. Then use the green point
(triangle symbol) to fill the area representing consumer surplus,
and use the purple point (diamond symbol) to fill the area
representing producer surplus.
Total surplus in this market is ($
)million.
150 135 Demand Equilibrium 120 105 5 90 2 75 Consumer Surplus...
Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones
Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Total surplus in this market is $_______ million.
11. Total welfare The following graph shows supply and demand in the market for computer keyboards....
11. Total welfare The following graph shows supply and demand in the market for computer keyboards. Use the black point (cross symbol) to indicate the equilibrium price and quantity of computer keyboards. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Demand Equilibrium A Consumer Surplus PRICE (Dollars per keyboard) Producer Surplus Supply 0 10 90 100 20 30 40 50...
fill in the blanks 1)increase/decrease 2)increase/decrease 3)gain/loss Consider the Sudanese market for tangerines. The...
fill in the blanks
1)increase/decrease
2)increase/decrease
3)gain/loss
Consider the Sudanese market for tangerines. The following graph shows the domestic demand and domestic supply curves for tangerines in Sudan. Suppose Sudan's government currently does not allow international trade in tangerines. Use the black point (plus symbol) to indicate the equilibrium price of a ton of tangerines and the equilibrium quantity of tangerines in Sudan in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area...
show graphs too Search this Ch 4 HW pt2 Consider the market for commercial fans. The...
show graphs too
Search this Ch 4 HW pt2 Consider the market for commercial fans. The following graph shows the demand and supply for commercial fans before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of commercial fans in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point...
2. Taxes and welfare Consider the market for commercial fans. The following graph shows the demand...
2. Taxes and welfare
Consider the market for commercial fans. The following graph
shows the demand and supply for commercial fans before the
government imposes any taxes.
First, use the black point (plus symbol) to indicate the
equilibrium price and quantity of commercial fans in the absence of
a tax. Then use the green point (triangle symbol) to shade the area
representing total consumer surplus (CS) at the equilibrium price.
Next, use the purple point (diamond symbol) to shade the...
Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes.
Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes. First, use tfhe black point (plus symbol) to indicate the equilibrium price and quantity of mountain bikes in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus...
Total economic surplus The following diagram shows supply and
demand in the market for smartphones. Use the black point (plus
symbol) to indicate the equilibrium price and quantity of
smartphones. Then use the green point (triangle symbol) to fill the
area representing consumer surplus, and use the purple point
(diamond symbol) to fill the area representing producer
surplus.
8. Total economic surplus The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol)...
8. Total economie surplus The following diagram shows supply and demand in the market for smartphones Use the black point (plus symbol) to indl the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Demand Equilibrium Consumer Surplus PRICE (Dollars per phone) Producer Surplus 0 40 320 350 400 80 120 160 200 240 280 QUANTITY (Millions of phones)...
11. Total welfare The following graph shows supply and demand in the market for smartphones Use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus 250 Demand 225 Equilbrium 200 175 Consumer Surplus 150 125 Producer Surplus 100 75 50 25 Supply 0 280 350 175 210...
Total economic surplus.
The following diagram shows supply and demand in the market for
smart phones.
Use the black point (plus symbol) to indicate the equilibrium
price and quantity of smart phones. Then use the green point
(triangle symbol) to fill the area representing consumer surplus,
and use the purple point (diamond symbol) to fill the area
representing producer surplus.
Total surplus in this market is ($
)million.
150 135 Demand Equilibrium 120 105 5 90 2 75 Consumer Surplus...
11. Total welfare The following graph shows supply and demand in the market for computer keyboards. Use the black point (cross symbol) to indicate the equilibrium price and quantity of computer keyboards. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Demand Equilibrium A Consumer Surplus PRICE (Dollars per keyboard) Producer Surplus Supply 0 10 90 100 20 30 40 50...
fill in the blanks
1)increase/decrease
2)increase/decrease
3)gain/loss
Consider the Sudanese market for tangerines. The following graph shows the domestic demand and domestic supply curves for tangerines in Sudan. Suppose Sudan's government currently does not allow international trade in tangerines. Use the black point (plus symbol) to indicate the equilibrium price of a ton of tangerines and the equilibrium quantity of tangerines in Sudan in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area...
show graphs too
Search this Ch 4 HW pt2 Consider the market for commercial fans. The following graph shows the demand and supply for commercial fans before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of commercial fans in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point...
2. Taxes and welfare
Consider the market for commercial fans. The following graph
shows the demand and supply for commercial fans before the
government imposes any taxes.
First, use the black point (plus symbol) to indicate the
equilibrium price and quantity of commercial fans in the absence of
a tax. Then use the green point (triangle symbol) to shade the area
representing total consumer surplus (CS) at the equilibrium price.
Next, use the purple point (diamond symbol) to shade the...
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