Homework Answers
Ans: The equilibrium price is $20 and the equilibrium quantity is 100 million crates.
Explanation:
At equilibrium price , quantity demanded equals to quantity supplied.
Ans: Kumquat producers receive $2 billion in revenue.
Explanation:
At equilibrium , Price = $20 and equilibrium quantity = 100 million
Total revenue = Price * quantity = $20 * 100 = $2000 million or $ 2 billion
Ans: Consumer will purchase 90 million crates of kumquats.
Ans: Kumquat producers will receive $2.3 billion in revenue.
Explanation:
After imposition of price floor , Price = $25 and quantity demanded = 90 million
Total revenue = Price * quantity = $25 * 90 = $2250 million or $ 2.25 billion or $2.3 billion
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Use the information on the Kumquat market in the fofowing table to answer the questions (...
Click the icon with Use the information on the kumquat market in the following table to answer the questions, (Qua...
Click the icon with Use the information on the kumquat market in the following table to answer the questions, (Quantities are given in millions of crates per year) Graph Quantity Supplied Pulce Quantity (Per Crate) Demanded 120 110 60 15 100 fadebook Score 20 100 SO 30 100 25 10 220 Jee score bran See score By Bee score The equilibrium price is and the equilibrium quantity is in crates (Enter your responses as integers) How much revenue de kumquat...
The figure to the right illustrates the market for apples in which the government has imposed...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? 12 million crates of apples per year. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? There will be a surplus of 18 million crates of...
The figure to the right illustrates the market for apples in which the government has imposed...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. Supply How many crates of apples will be sold after the price floor has been imposed? million crates of apples per year. (Enter your response as an integer.) Price Demand M ' ' 12' 16 20 24 28 32 36 40 Quantity (millions of crates per year)
Needing some help Use the graph to the right of the market for cigarettes to answer...
Needing some help
Use the graph to the right of the market for cigarettes to answer the following questions 12 According to the graph, how much is the government tax on cigarettes? 10 sper pack. (Enter your response rounded to two decimal places.) 7. What price do producers receive after paying the tax? per pack. (Enter your response rounded to two decimal places.) How much tax revenue does the government collect? Sbillion dollars per year. (Enter your response rounded to...
Suppose the market for widgets can be described by the following equations: Demand: P = 20...
Suppose the market for widgets can be described by the following equations: Demand: P = 20 - 1.000 Supply: P = 1.000 -6, where P is the price in dollars per unit and Q is the quantity in thousands of units. What is the equilibrium price and quantity? The equilibrium quantity is thousand units and the equilibrium price is $(Enter your responses rounded to two decimal places.) Suppose the government imposes a tax of $1 per unit to reduce widget...
Use the following graph of the market for cases of beer to answer the questions that...
Use the following graph of the market for cases of beer to answer the questions that follow. (Note: You will not be graded on any changes you make to the graph.) 10 Demand Supply 0123 5 6 7890 Quantity of Beer (Thousands of cases) Complete the first row of the following table by entering the price paid by consumers, the price received by producers, and the quantity of beer sold in the absence ofa tax on this market. Tax (Dollars...
Assume the government places a $1.00 subsidy on the sale of every bottle of hand santizer....
Assume the government places a $1.00 subsidy on the sale of every bottle of hand santizer. The subsidy is paid to the producers of the hand santizer. The figure below shows the annual market for hand santizer before and after the subsidy is imposed. Market for Hand Sanitizer Price (per bottle) 0 to, o 0 1 2 3 4 5 6 7 8 Quantity (billions of bottles) Price (per bottle) 0 1 2 3 4 5 6 7 8 Quantity...
Use the following table to answer questions 2-3. Table: The Market for Fried Twinkies Quantity Demanded...
Use the following table to answer questions 2-3. Table: The Market for Fried Twinkies Quantity Demanded 9,000 Price $1.10 1.20 1.30 1.40 1.50 8.000 7.000 6,000 5,000 Quantity Supplied 3,000 5,000 7,000 9,000 11.000 2. Look at the table "The Market for Fried Twinkies. As a result of the $0.30 tax per reduce the government will receive total tax revenue of: The government decides to tax fried Twinkies at a rate of SO. 30 per Twinkle and collect that tax...
Consider the market for gasoline Suppose the market demand and supply curves are as given below....
Consider the market for gasoline Suppose the market demand and supply curves are as given below. In each case, quantity refers to millions of ihres of gasoline per month price is the price perire in Demand: P-300 - 160 Supply P 12040 Compute the equilibrium price and quantity The equilibrium quantity is 60 million tres(Enter your response rounded to one decimal place) The equilibrium price is cents per tre (Enter your response rounded to the nearest cent)
answer choices are : decrease, not change, increase L e response rounded to decimal places.) What...
answer choices are : decrease, not change, increase
L e response rounded to decimal places.) What price do producers receive after paying the tax? $5 per pack (Enter your response rounded to two decimal places) How much tax revenue does the government collect? $ 27 billion dollars per year. (Enter your response rounded to two decimal places) If the tax were collected from the buyers of cigarettes, the graph would differ from the one shown here by perc ving Price...
Click the icon with Use the information on the kumquat market in the following table to answer the questions, (Quantities are given in millions of crates per year) Graph Quantity Supplied Pulce Quantity (Per Crate) Demanded 120 110 60 15 100 fadebook Score 20 100 SO 30 100 25 10 220 Jee score bran See score By Bee score The equilibrium price is and the equilibrium quantity is in crates (Enter your responses as integers) How much revenue de kumquat...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? 12 million crates of apples per year. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? There will be a surplus of 18 million crates of...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. Supply How many crates of apples will be sold after the price floor has been imposed? million crates of apples per year. (Enter your response as an integer.) Price Demand M ' ' 12' 16 20 24 28 32 36 40 Quantity (millions of crates per year)
Needing some help
Use the graph to the right of the market for cigarettes to answer the following questions 12 According to the graph, how much is the government tax on cigarettes? 10 sper pack. (Enter your response rounded to two decimal places.) 7. What price do producers receive after paying the tax? per pack. (Enter your response rounded to two decimal places.) How much tax revenue does the government collect? Sbillion dollars per year. (Enter your response rounded to...
Suppose the market for widgets can be described by the following equations: Demand: P = 20 - 1.000 Supply: P = 1.000 -6, where P is the price in dollars per unit and Q is the quantity in thousands of units. What is the equilibrium price and quantity? The equilibrium quantity is thousand units and the equilibrium price is $(Enter your responses rounded to two decimal places.) Suppose the government imposes a tax of $1 per unit to reduce widget...
Use the following graph of the market for cases of beer to answer the questions that follow. (Note: You will not be graded on any changes you make to the graph.) 10 Demand Supply 0123 5 6 7890 Quantity of Beer (Thousands of cases) Complete the first row of the following table by entering the price paid by consumers, the price received by producers, and the quantity of beer sold in the absence ofa tax on this market. Tax (Dollars...
Assume the government places a $1.00 subsidy on the sale of every bottle of hand santizer. The subsidy is paid to the producers of the hand santizer. The figure below shows the annual market for hand santizer before and after the subsidy is imposed. Market for Hand Sanitizer Price (per bottle) 0 to, o 0 1 2 3 4 5 6 7 8 Quantity (billions of bottles) Price (per bottle) 0 1 2 3 4 5 6 7 8 Quantity...
Use the following table to answer questions 2-3. Table: The Market for Fried Twinkies Quantity Demanded 9,000 Price $1.10 1.20 1.30 1.40 1.50 8.000 7.000 6,000 5,000 Quantity Supplied 3,000 5,000 7,000 9,000 11.000 2. Look at the table "The Market for Fried Twinkies. As a result of the $0.30 tax per reduce the government will receive total tax revenue of: The government decides to tax fried Twinkies at a rate of SO. 30 per Twinkle and collect that tax...
Consider the market for gasoline Suppose the market demand and supply curves are as given below. In each case, quantity refers to millions of ihres of gasoline per month price is the price perire in Demand: P-300 - 160 Supply P 12040 Compute the equilibrium price and quantity The equilibrium quantity is 60 million tres(Enter your response rounded to one decimal place) The equilibrium price is cents per tre (Enter your response rounded to the nearest cent)
answer choices are : decrease, not change, increase
L e response rounded to decimal places.) What price do producers receive after paying the tax? $5 per pack (Enter your response rounded to two decimal places) How much tax revenue does the government collect? $ 27 billion dollars per year. (Enter your response rounded to two decimal places) If the tax were collected from the buyers of cigarettes, the graph would differ from the one shown here by perc ving Price...
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