Homework Answers
Change in Consumer surplus = (0.3 - 0.25) * 20m + 0.5 * (25m - 20m) * (0.3 - 0.25)
= 0.05 * 20m + 0.5 * 5m * 0.05
= 1.125m
Option C is correct answer
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10. In the diagram below what is the change in consumer surplus if there is a...
On here I have to calculate the consumer surplus Change and on the second the producer...
On here I have to calculate the consumer surplus Change and on the
second the producer surplus changw . I count the triangle of
DEADWEIght loss in question 3 and I don’t in question 4... please
explain !! How do I know when to count it ??
10 20- 30 Quantity 1 Figure 2.4: Loss of consumer surplus due to a price floor Given the following inverse demand and supply curves: m..4. 2 old-new 0 LSS and assuming that price...
Supply Demand Cha de $2 TU Uach of the two diagrams to the right, calculate producer...
Supply Demand Cha de $2 TU Uach of the two diagrams to the right, calculate producer surplus, consumer surplus, and total surplus. Assume the curves are perfectly vertical and perfectly horizontal. How chan 50 Quantity 50 Quantity Ho cha Price per bushel Old supply $11 - - - - 14. The diagram shows the market for agricultural products. The shift from the old supply curve to the new supply curve is the result of technological and scientific advances in farming,...
What do we call a scenario where quantity demanded exceeds quantity supplied? Surplus
What do we call a scenario where quantity demanded exceeds quantity supplied? Surplus Shortage Excess supply Infinite demand When both the demand curve and the supply curve shift to the left at the same time, what happens to equilibrium price and quantity in the market? Both decrease Price increases and quantity decreases Price stays the same and quantity decreases Price change cannot be determined, but quantity decreases How do you calculate a shortage or surplus? Difference between quantity demanded and...
5 2. (15) Social Surplus Analysis The table below describes a market with two consumers and...
5 2. (15) Social Surplus Analysis The table below describes a market with two consumers and two producers. It gives each consumer's demand curve and each producer's supply curve for integer quantities of the good. The demand and supply curves are all linear. Let p denote price, and q quantity Cons I D Cons 2 D Agg D Firm 1 S 10 Firm 2 S Agg S S5 12.5 10 7.5 $4 S3 S2 SI SO 2.5 a) (3) Fill...
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...
C) Suppose that there was a change in the demand so that the new demand curve...
C) Suppose that there was a change in the demand so that
the new demand curve is now: P=15 – 2Q. What is the new equilibrium
price and quantity? Draw this on the diagram and call it B. Is the
Point A still Pareto efficient? Why or why not?
Explain.
Demand Curve: ?? = 15 − 2?
Supply Curve: ?? = ? + 3
At Equilibrium: ?? = ??
Therefore, to find Quantity: 15 – 2? = ? + 3...
Question 2 (15 points) Continuing your analysis of the competitive US manufacturing industry from Question 1,...
Question 2 (15 points) Continuing your analysis of the competitive US manufacturing industry from Question 1, with demand of Q = 200-P and supply of Q. = P-20, suppose a technological innovation causes the supply curve to shift down by $20 for every given quantity Q. • Depict the original supply, the new supply, and the original demand curves on the usual P, Q diagram. Label all intercepts. Clearly indicate and label the new market equilibrium. 2/8/2 compass 20 Mlinois.edu/bbcswebdavipid-4037356-dt-con020%20ECON528%20M6...
Need help with 9, 10 and 11. 8-11. A typical consumer has a utility function for...
Need help with 9, 10 and 11.
8-11. A typical consumer has a utility function for cable movies given by the following function: U = 72X -0.15X2 where X is the number of cable movies viewed per year and U is measured in dollars. Questions 8 through 11 concern this consumer. 8. If the price of cable movies is set at $12 per movie, the consumer surplus gained by this typical consumer each year through purchasing cable movies will be:...
need them in the next 15 min! For Questions 1-6 refer to below statement and demand...
need them in the next 15 min!
For Questions 1-6 refer to below statement and demand and supply function that demand and supply curves for avocado in Brooklyn are as the fol Qd = 72 - 12P Qs = -18 + 6P where Qd and Qs are quantities demanded and supplied in tons respo dollars per kg? aded and supplied in tons respectively, and P is the price of avocado in ' 9pm 1) If price elasticity of demand for...
its mcq and short question answer. 19) If the Consumer Price Index chenges from 120 in...
its mcq and short question answer.
19) If the Consumer Price Index chenges from 120 in year ene to 150 in yeae twe, the rae of inflation in the intervening yenr is A) 10 percent B) 12.5 percet 9 20 percent D) 25 percent E) 30 percent HORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 20 20) The Consumer Price Index tends to the true problem of inflation 28) Suppone that the...
On here I have to calculate the consumer surplus Change and on the
second the producer surplus changw . I count the triangle of
DEADWEIght loss in question 3 and I don’t in question 4... please
explain !! How do I know when to count it ??
10 20- 30 Quantity 1 Figure 2.4: Loss of consumer surplus due to a price floor Given the following inverse demand and supply curves: m..4. 2 old-new 0 LSS and assuming that price...
Supply Demand Cha de $2 TU Uach of the two diagrams to the right, calculate producer surplus, consumer surplus, and total surplus. Assume the curves are perfectly vertical and perfectly horizontal. How chan 50 Quantity 50 Quantity Ho cha Price per bushel Old supply $11 - - - - 14. The diagram shows the market for agricultural products. The shift from the old supply curve to the new supply curve is the result of technological and scientific advances in farming,...
5 2. (15) Social Surplus Analysis The table below describes a market with two consumers and two producers. It gives each consumer's demand curve and each producer's supply curve for integer quantities of the good. The demand and supply curves are all linear. Let p denote price, and q quantity Cons I D Cons 2 D Agg D Firm 1 S 10 Firm 2 S Agg S S5 12.5 10 7.5 $4 S3 S2 SI SO 2.5 a) (3) Fill...
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...
C) Suppose that there was a change in the demand so that
the new demand curve is now: P=15 – 2Q. What is the new equilibrium
price and quantity? Draw this on the diagram and call it B. Is the
Point A still Pareto efficient? Why or why not?
Explain.
Demand Curve: ?? = 15 − 2?
Supply Curve: ?? = ? + 3
At Equilibrium: ?? = ??
Therefore, to find Quantity: 15 – 2? = ? + 3...
Question 2 (15 points) Continuing your analysis of the competitive US manufacturing industry from Question 1, with demand of Q = 200-P and supply of Q. = P-20, suppose a technological innovation causes the supply curve to shift down by $20 for every given quantity Q. • Depict the original supply, the new supply, and the original demand curves on the usual P, Q diagram. Label all intercepts. Clearly indicate and label the new market equilibrium. 2/8/2 compass 20 Mlinois.edu/bbcswebdavipid-4037356-dt-con020%20ECON528%20M6...
Need help with 9, 10 and 11.
8-11. A typical consumer has a utility function for cable movies given by the following function: U = 72X -0.15X2 where X is the number of cable movies viewed per year and U is measured in dollars. Questions 8 through 11 concern this consumer. 8. If the price of cable movies is set at $12 per movie, the consumer surplus gained by this typical consumer each year through purchasing cable movies will be:...
need them in the next 15 min!
For Questions 1-6 refer to below statement and demand and supply function that demand and supply curves for avocado in Brooklyn are as the fol Qd = 72 - 12P Qs = -18 + 6P where Qd and Qs are quantities demanded and supplied in tons respo dollars per kg? aded and supplied in tons respectively, and P is the price of avocado in ' 9pm 1) If price elasticity of demand for...
its mcq and short question answer.
19) If the Consumer Price Index chenges from 120 in year ene to 150 in yeae twe, the rae of inflation in the intervening yenr is A) 10 percent B) 12.5 percet 9 20 percent D) 25 percent E) 30 percent HORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 20 20) The Consumer Price Index tends to the true problem of inflation 28) Suppone that the...
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