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34 Suppose demand for a good is Qp 100-P and supply is Q -20+ P. What...
a. 0 b. 1 c. 50 d. 2 33. All of the following might explain a...
a. 0 b. 1 c. 50 d. 2 33. All of the following might explain a firm offering quantity discounts encerpt a. lower costs of handling large orders. b. an inelastic demand for the good. c. monopoly power in this market. d. existence of some high and some low demand consumers 34. Suppose demand for a good is Qo-100-P and supply is Qs-20+P. What is the amount comsumens py producers? a. 60 b. 2400 С. 3600 d. 6400 Suppose goods...
Please explain your answer in detail. I have the answer. Suppose goods X and Y are...
Please explain your answer in detail. I have the answer. Suppose goods X and Y are produced along a production possibilities frontier 4X2 + Y2 = 500 and they are perfect substitutes such that U = X + Y. The slope of the production possibilities frontier is . What is this slope at the utility-maximizing point? a. 0 b. −1 c. −4 d. −5
Question 1 (10 pts) Consider the following market. Demand is given by Qp 5-P where Qp...
Question 1 (10 pts) Consider the following market. Demand is given by Qp 5-P where Qp is the quantity demand and p is the price. Supply is given by Qs - F where Qs is the quantity supplied. a. What is the market equilibrium quantity and price? b. Calculate consumer, producer, and total surplus. Depict your answer in a graph. c. Suppose the government imposes a price floor of P- 4. Calculate the consumer surplus, producer surplus, and deadweight loss....
Suppose you are given the following Supply and Demand equations. P=80-Q P=20+2Q How much would producers...
Suppose you are given the following Supply and Demand equations. P=80-Q P=20+2Q How much would producers be willing to pay lobbyists to get the government to establish a price floor at $70?
Suppose that demand and supply functions for good X are: QD=90-10P (P=9-0.1QD) QS=20P-6 (P=0.3+0.05QS) a. Graph...
Suppose that demand and supply functions for good X are: QD=90-10P (P=9-0.1QD) QS=20P-6 (P=0.3+0.05QS) a. Graph this situation. b. What is the equilibrium price and quantity in the market for good X? c. What is consumers surplus? Producers surplus? d. Suppose the government imposes a per unit tax on good X equal to 1 dollar (per unit). What is the new equilibrium price and quantity? How much revenue would this tax raise for the government? What is consumers surplus? Producers...
Part I Suppose that in the market for paper, demand is P=100 - Q. The marginal private cost of producing paper is 10+ Q...
Part I Suppose that in the market for paper, demand is P=100 - Q. The marginal private cost of producing paper is 10+ Q. However, pollution generated by the production process creates a per unit external harm (i.e., negative externality) equal to 0.5Q (i.e., the level of the externality increases with the quantity produced). 16+1,5 Q (Social cret) 10+Q (private 0 36 45 Top a) What is the (unregulated) market equilibrium and quantity if the externality is not corrected for...
(10 marks) Suppose the market for apples is represented by: Supply: Demand: QP Q=36-3P Find the...
(10 marks) Suppose the market for apples is represented by: Supply: Demand: QP Q=36-3P Find the market cquilibrium price and quantity. (2 marks) b. Find the price elasticity of demand at the equilibrium. (3 marks) Suppose bad weather results in a poor harvest of apples. Using the price elasticity calculated in (b), explain its effect on the total revenue of the apple farmers (5 marks) S2 Assignment 1 v2.docx (9 marks) In December 2019, The Travel Industry Council of Hong...
1. Consider the market for good x. The market demand is given by, D(p) = 100...
1. Consider the market for good x. The market demand is given by, D(p) = 100 ? 2P (Demand) and the supply function is given by, S(p) = 25 + 5P. (Supply) (a) (5 points) Solve for the equilibrium price and quantity in this market . (b) (10 points) If the government imposes a $2 value tax on x, calculate the the after tax equilibrium (buyer’s price, seller’s price and quantity). (c) (5 points) Which side of the market shares...
2. Suppose the market demand and supply functions of commodity X (it is a normal good)...
2. Suppose the market demand and supply functions of commodity X (it is a normal good) are as below: Qp = 120,000 - 20,000 P Qs = 20,000 p ve y em . a) Calculate consumer surplus (CS), producer surplus (PS), and total surplus in part (a) of that question b) Calculate CS, PS, and total surplus in part (c) of that question. How do these values compare to those in part (a) above? Explain the change (that is, explain...
25) What is measured by the price elasticity of supply? A) The price elasticity of supply...
25) What is measured by the price elasticity of supply? A) The price elasticity of supply measures how responsive producers are to changes in the price of other goods. B) The price elasticity of supply measures how responsive producers are to changes in income. C) The price elasticity of supply measures how responsive producers are to changes in the price of a product. D) The price elasticity of supply is a measure of the slope of the supply curve. E)...
a. 0 b. 1 c. 50 d. 2 33. All of the following might explain a firm offering quantity discounts encerpt a. lower costs of handling large orders. b. an inelastic demand for the good. c. monopoly power in this market. d. existence of some high and some low demand consumers 34. Suppose demand for a good is Qo-100-P and supply is Qs-20+P. What is the amount comsumens py producers? a. 60 b. 2400 С. 3600 d. 6400 Suppose goods...
Question 1 (10 pts) Consider the following market. Demand is given by Qp 5-P where Qp is the quantity demand and p is the price. Supply is given by Qs - F where Qs is the quantity supplied. a. What is the market equilibrium quantity and price? b. Calculate consumer, producer, and total surplus. Depict your answer in a graph. c. Suppose the government imposes a price floor of P- 4. Calculate the consumer surplus, producer surplus, and deadweight loss....
Part I Suppose that in the market for paper, demand is P=100 - Q. The marginal private cost of producing paper is 10+ Q. However, pollution generated by the production process creates a per unit external harm (i.e., negative externality) equal to 0.5Q (i.e., the level of the externality increases with the quantity produced). 16+1,5 Q (Social cret) 10+Q (private 0 36 45 Top a) What is the (unregulated) market equilibrium and quantity if the externality is not corrected for...
(10 marks) Suppose the market for apples is represented by: Supply: Demand: QP Q=36-3P Find the market cquilibrium price and quantity. (2 marks) b. Find the price elasticity of demand at the equilibrium. (3 marks) Suppose bad weather results in a poor harvest of apples. Using the price elasticity calculated in (b), explain its effect on the total revenue of the apple farmers (5 marks) S2 Assignment 1 v2.docx (9 marks) In December 2019, The Travel Industry Council of Hong...
2. Suppose the market demand and supply functions of commodity X (it is a normal good) are as below: Qp = 120,000 - 20,000 P Qs = 20,000 p ve y em . a) Calculate consumer surplus (CS), producer surplus (PS), and total surplus in part (a) of that question b) Calculate CS, PS, and total surplus in part (c) of that question. How do these values compare to those in part (a) above? Explain the change (that is, explain...
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