Homework Answers
2) Consumer surplus=1/2*4*10=20
3) Producer surplus=1/2*5*10=25
4)market is efficient at Q=10 because total surplus is maximised
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2. Refer to figure 1. How much is the consumer surplus? Figure 2 P (in S)...
Supply A & Demand • 10 11 Dexto 1. Refer to Figure above. Show the consumer...
Supply A & Demand • 10 11 Dexto 1. Refer to Figure above. Show the consumer surplus measured by the area at the equilibrium. 2. Refer to figure above. Show the producer surplus measured by the area at the equilibrium 3. Refer to Figure above. Show the total surplus measured by the area at the equilibrium. 4. Refer to Figure above. Is the equilibrium allocation of resources efficient at the equilibrium? Why?
Refer to figure and answer the following questions: Calculate the consumer surplus and producer surplus and...
Refer to figure and answer the following questions: Calculate the consumer surplus and producer surplus and total surplus at the equilibrium. If the government imposes a $6 tax per unit then what will be the new consumer surplus, new producer surplus and total surplus? Did the government gain something after the taxes are imposed? If yes, calculate the amount. Is there any deadweight loss after the taxes? If yes calculate the amount and explain why it occurred?
Use the demand curve represented in the figure below to draw the consumer surplus when the...
Use the demand curve represented in the figure below to draw the consumer surplus when the market price is $8. Instructions: Click on the tool provided (CS) and click on the graph to place your surplus triangle. Drag the points to move or resize. Price (S) Tools 16 г 15 14 13 12 CS 10 4 2 10 20 30 40 50 60 70 80 90 100 Quantity
Pre the deplin how you het 1. Al the pursum price calculate consumer surplus 1 point...
Pre the deplin how you het 1. Al the pursum price calculate consumer surplus 1 point CS 2. If the government impreses a price of 5100 in this market, then by how much r e sula will decrease point 3. If the government imposes a price ceiling of 580 in this market, ther, assuming those with the highest willingness to pay purchase the good calculate consumer surplus point
En how on how you solve it. II. Provide t Figure 1 180 P=- 2 Qd...
En how on how you solve it. II. Provide t Figure 1 180 P=- 2 Qd +160 P=2Qs +20 TII 20 30 40 50 10 60 Dewand 80 90 70 Q Iculate consumer surplus. 15 point) 1225 floor of $100 in this market, then by how much consumer surplus 1225 900-31 1. At the equilibrium price, calculate consumer sur 2. If the government imposes a price floor of $100 in this m will decrease? (5 point] 3. If the government...
QUESTION 8 Consider the competitive market for cell phones in Figure 1, below. Which of the following statements...
QUESTION 8 Consider the competitive market for cell phones in Figure 1, below. Which of the following statements is NOT true: Figure 1: Market for cell phones ollars per cell phone) Figure 1. Markel lor cell phones Price (dollars per cell phone) 50 100 150 200 Quantity (cell phones per month) O a) Efficient and the total surplus equals $2250 b) Inefficient and the consumer surplus equals $1500 Quantity (cell Phones per mom a) Efficient and the total surplus equals...
14. Refer to Figure 3. Assume that production of this good generates a $30 per unit external cost. How much total surpl...
14. Refer to Figure 3. Assume that production of this good
generates a $30 per unit external cost. How much total surplus is
generated in this market at the efficient outcome?
a) $375
b) $675
c) $1,250
d) $2,175
Price (S) 50 50 Quantity Figure 3
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
QUESTION 8 Consider the competitive market for cell phones in Figure 1, below. Which of the...
QUESTION 8 Consider the competitive market for cell phones in Figure 1, below. Which of the following statements is NOT true: Figure 1: Market for cell phones 60 45 ollars per cell phone) 15 60 45 30 15 D 100 150 200 Quantity (cell phones per month) a) Efficient and the total surplus equals $2250 b) Inefficient and the consumer surplus equals $1500 Price (dollars per cell phone) 50 Quantity a) Efficient and the total surplus equals $2250 b) Inefficient...
Question 3 0.33 points Save As (Figure: Price Ceilings and Consumer Surplus) Refer to the figure....
Question 3 0.33 points Save As (Figure: Price Ceilings and Consumer Surplus) Refer to the figure. There is a price ceiling of $20. What is the value of consumer surplus if all units of the good are allocated to the highest-valued uses? a $200 b. $40 $120 O d. 5210
Supply A & Demand • 10 11 Dexto 1. Refer to Figure above. Show the consumer surplus measured by the area at the equilibrium. 2. Refer to figure above. Show the producer surplus measured by the area at the equilibrium 3. Refer to Figure above. Show the total surplus measured by the area at the equilibrium. 4. Refer to Figure above. Is the equilibrium allocation of resources efficient at the equilibrium? Why?
Use the demand curve represented in the figure below to draw the consumer surplus when the market price is $8. Instructions: Click on the tool provided (CS) and click on the graph to place your surplus triangle. Drag the points to move or resize. Price (S) Tools 16 г 15 14 13 12 CS 10 4 2 10 20 30 40 50 60 70 80 90 100 Quantity
Pre the deplin how you het 1. Al the pursum price calculate consumer surplus 1 point CS 2. If the government impreses a price of 5100 in this market, then by how much r e sula will decrease point 3. If the government imposes a price ceiling of 580 in this market, ther, assuming those with the highest willingness to pay purchase the good calculate consumer surplus point
En how on how you solve it. II. Provide t Figure 1 180 P=- 2 Qd +160 P=2Qs +20 TII 20 30 40 50 10 60 Dewand 80 90 70 Q Iculate consumer surplus. 15 point) 1225 floor of $100 in this market, then by how much consumer surplus 1225 900-31 1. At the equilibrium price, calculate consumer sur 2. If the government imposes a price floor of $100 in this m will decrease? (5 point] 3. If the government...
QUESTION 8 Consider the competitive market for cell phones in Figure 1, below. Which of the following statements is NOT true: Figure 1: Market for cell phones ollars per cell phone) Figure 1. Markel lor cell phones Price (dollars per cell phone) 50 100 150 200 Quantity (cell phones per month) O a) Efficient and the total surplus equals $2250 b) Inefficient and the consumer surplus equals $1500 Quantity (cell Phones per mom a) Efficient and the total surplus equals...
14. Refer to Figure 3. Assume that production of this good
generates a $30 per unit external cost. How much total surplus is
generated in this market at the efficient outcome?
a) $375
b) $675
c) $1,250
d) $2,175
Price (S) 50 50 Quantity Figure 3
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
QUESTION 8 Consider the competitive market for cell phones in Figure 1, below. Which of the following statements is NOT true: Figure 1: Market for cell phones 60 45 ollars per cell phone) 15 60 45 30 15 D 100 150 200 Quantity (cell phones per month) a) Efficient and the total surplus equals $2250 b) Inefficient and the consumer surplus equals $1500 Price (dollars per cell phone) 50 Quantity a) Efficient and the total surplus equals $2250 b) Inefficient...
Question 3 0.33 points Save As (Figure: Price Ceilings and Consumer Surplus) Refer to the figure. There is a price ceiling of $20. What is the value of consumer surplus if all units of the good are allocated to the highest-valued uses? a $200 b. $40 $120 O d. 5210
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