Homework Answers
Answer
A consumer purchases goods to the willingness to pay is higher than
the price
P=4.5
Qd=4
consumer surplus =sum of (maximum willingness to pay for it - real
price)
=10-4.5+8-4.5+6-4.5+5-4.5
=$11
the consumer surplus is $11
option B
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The table below gives the quantity purchased by an individual at various prices $6 Price $10...
The table below gives the quantity purchased by an individual at various prices. Price Qd What...
The table below gives the quantity purchased by an individual at various prices. Price Qd What is the consumer surplus for this individual if the market price is $4.50? A) 10 $10 $8 $6 $5 $4 $3 $2 B) $11 C) $11.50 D) S12 E) None of the above
1. Refer to the graph below to answer the following questions Price A. Quantity a. What...
1. Refer to the graph below to answer the following questions Price A. Quantity a. What is the producer surplus at the equilibrium price? b. What is the consumer surplus at the equilibrium price? c. What is the producer surplus of new manufacturers when the product price changes from P to P? d. Will consumer surplus increase or decrease (circle your answer) when the product's price decreases from Ps to P? What is the size of the change in consumer...
The equilibrium price for a product traded in a competitive market is $4 and equilibrium quantity...
The equilibrium price for a product traded in a competitive market is $4 and equilibrium quantity is 10 million units. The cost of producing the the 5th unit of the product is $1 and a consumer is willing to pay $6 for the 5th unit of the product. The consumer surplus for the 5th unit of the product is __________ and the producer surplus for the 5th unit of output is ___________. A. $6; $4 B. $4; $6 C. $4;...
2 4 5 6 8 Quantity If the world price is $6, the producer surplus with...
2 4 5 6 8 Quantity If the world price is $6, the producer surplus with trade equals OOOO QUESTIONS If the world price is above the domestic price. With trade, 0 The consumer surplus increases, the producer surplus decreases, and the country will export the product. 0 The consumer surplus increases, the producer surplus decreases, and the country will import the product. 0 The consumer surplus decreases, the producer surplus increases, and the country will export the product. 0...
Table 2: Market Quantity Supplied and Demanded Data for Good X Market Quantity Quantity Prices |...
Table 2: Market Quantity Supplied and Demanded Data for Good X Market Quantity Quantity Prices | Supplied Demanded P) (O) (od S4.00 4 10 $5.00 6 8 S6.00 $7.00 10 $8.00 12 Exhibit 2.4: Fim X's Points of Production on Iis PPF Points ABCD Capital Goods (K) 30,00 27.00 21.00 12.000.00 Consumption Goods (C) 0.00 10.00 20.00 | 30.00 40.00 4) Refer to Exhibit 2-4. In moving production allocations from points D to B on the Production Possibilities Frontier or...
The table gives the demand schedules for train travel for Ann, Beth, and Cy. What is...
The table gives the demand schedules for train travel for Ann, Beth, and Cy. What is each traveller's consumer surplus when the price is $4 a kilometre? Price (dollars per kilometre) Quantity demanded (kilometres) Ann Beth What is the market consumer surplus when the price is $4 a kilometre? >>> Answer to 2 decimal places. When the price is $4 a kilometre, Ann's consumer surplus is $1. LOOOO When the price is $4 a kilometre, Beth's consumer surplus is $N....
Use the graph below to answer questions 6 through 10. Price (S) 20 Supply 7.5 0...
Use the graph below to answer questions 6 through 10.
Price (S) 20 Supply 7.5 0 10 20 30 40 50 60 70 Quantity 6. When this market is in equilibrium, consumer surplus is equal to and producer surplus is equal to a. $200: $100 $100; $200 c. $400; $200 d. $200; $400 If there is a price floor set at $15, the quantity bought and sold in this market will be equal to 7. 20 40 60 d.80 a....
The table below gives Robbie's willingness to pay (utility) for various hours of on-line computer access...
The table below gives Robbie's willingness to pay (utility) for various hours of on-line computer access per week. Suppose that Robbie's marginal utility is measured in SUS. On-line time is priced at $12 per hour. Number of Hours Total Utility (S) 1 20 2 38 3 54 4 68 80 90 6 7 98 8 104 a. Compute the marginal utility for each hour b. b. How many hours of on-line service will Robbie purchase? c. Compute Robbie's consumer surplus...
Transaction costs include costs of negotiating contracts with other firms. cost of enforcing contracts. the existence...
Transaction costs include
costs of negotiating contracts with other firms.
cost of enforcing contracts.
the existence of asset-specificity.
all of the above
1.25000 points
QUESTION 8
Firms are organized to keep their costs as low as possible
by
comparing internal operating cost and external transactions cost
associated with outsourcing.
analyzing supply and demand conditions.
minimizing their use of borrowed funds.
pricing their products appropriately.
1.25000 points
QUESTION 9
Consider the following graph, which shows two lines. The
downward-sloping...
What is the equilibrium price and quantity? P=10, Q=0 P=6,Q=4
What is the equilibrium price and quantity?
P=10,
Q=0
P=6,Q=4
P=5,Q=5
P=0,Q=10
Use the image above. What happens when the market price is
$4?
Shortage
Nothing
Surplus
Equilibrium
Using the same image. What happens if the price is
$10?
Shortage
Nothing
Surplus
Equilibrium
Demand and Supply Price $10 Quantity Demanded Quantity Supplied 0 1 2 3 4 5 6 7 8 9 10 Quantity
The table below gives the quantity purchased by an individual at various prices. Price Qd What is the consumer surplus for this individual if the market price is $4.50? A) 10 $10 $8 $6 $5 $4 $3 $2 B) $11 C) $11.50 D) S12 E) None of the above
1. Refer to the graph below to answer the following questions Price A. Quantity a. What is the producer surplus at the equilibrium price? b. What is the consumer surplus at the equilibrium price? c. What is the producer surplus of new manufacturers when the product price changes from P to P? d. Will consumer surplus increase or decrease (circle your answer) when the product's price decreases from Ps to P? What is the size of the change in consumer...
2 4 5 6 8 Quantity If the world price is $6, the producer surplus with trade equals OOOO QUESTIONS If the world price is above the domestic price. With trade, 0 The consumer surplus increases, the producer surplus decreases, and the country will export the product. 0 The consumer surplus increases, the producer surplus decreases, and the country will import the product. 0 The consumer surplus decreases, the producer surplus increases, and the country will export the product. 0...
Table 2: Market Quantity Supplied and Demanded Data for Good X Market Quantity Quantity Prices | Supplied Demanded P) (O) (od S4.00 4 10 $5.00 6 8 S6.00 $7.00 10 $8.00 12 Exhibit 2.4: Fim X's Points of Production on Iis PPF Points ABCD Capital Goods (K) 30,00 27.00 21.00 12.000.00 Consumption Goods (C) 0.00 10.00 20.00 | 30.00 40.00 4) Refer to Exhibit 2-4. In moving production allocations from points D to B on the Production Possibilities Frontier or...
The table gives the demand schedules for train travel for Ann, Beth, and Cy. What is each traveller's consumer surplus when the price is $4 a kilometre? Price (dollars per kilometre) Quantity demanded (kilometres) Ann Beth What is the market consumer surplus when the price is $4 a kilometre? >>> Answer to 2 decimal places. When the price is $4 a kilometre, Ann's consumer surplus is $1. LOOOO When the price is $4 a kilometre, Beth's consumer surplus is $N....
Use the graph below to answer questions 6 through 10.
Price (S) 20 Supply 7.5 0 10 20 30 40 50 60 70 Quantity 6. When this market is in equilibrium, consumer surplus is equal to and producer surplus is equal to a. $200: $100 $100; $200 c. $400; $200 d. $200; $400 If there is a price floor set at $15, the quantity bought and sold in this market will be equal to 7. 20 40 60 d.80 a....
The table below gives Robbie's willingness to pay (utility) for various hours of on-line computer access per week. Suppose that Robbie's marginal utility is measured in SUS. On-line time is priced at $12 per hour. Number of Hours Total Utility (S) 1 20 2 38 3 54 4 68 80 90 6 7 98 8 104 a. Compute the marginal utility for each hour b. b. How many hours of on-line service will Robbie purchase? c. Compute Robbie's consumer surplus...
Transaction costs include
costs of negotiating contracts with other firms.
cost of enforcing contracts.
the existence of asset-specificity.
all of the above
1.25000 points
QUESTION 8
Firms are organized to keep their costs as low as possible
by
comparing internal operating cost and external transactions cost
associated with outsourcing.
analyzing supply and demand conditions.
minimizing their use of borrowed funds.
pricing their products appropriately.
1.25000 points
QUESTION 9
Consider the following graph, which shows two lines. The
downward-sloping...
What is the equilibrium price and quantity?
P=10,
Q=0
P=6,Q=4
P=5,Q=5
P=0,Q=10
Use the image above. What happens when the market price is
$4?
Shortage
Nothing
Surplus
Equilibrium
Using the same image. What happens if the price is
$10?
Shortage
Nothing
Surplus
Equilibrium
Demand and Supply Price $10 Quantity Demanded Quantity Supplied 0 1 2 3 4 5 6 7 8 9 10 Quantity
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