Homework Answers
Answer: 1st option
Marginal Benefits (MB) is above the price. MB should be depending upon the demand curve, since the supply curve is perfectly inelastic (parallel to vertical axis). With the downward slopping demand curve, from left to right, consumer demand would be the highest at $0 price, indicating the maximum consumer surplus.
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Figure 10-3 Supply Price (dollars per ticket) 10 Demand 200 Quantity (tickets per day) Bettye Babylon...
Quality demanded Price (thousands of (dollars per ticket) tickets per week) 10 1 00 200 6...
Quality demanded Price (thousands of (dollars per ticket) tickets per week) 10 1 00 200 6 300 400 200 6) The table above provides information about the demand for tickets. Based on the information: a. What ticket price should you charge to maximize revenues? b. What is the elasticity of demand between $6 and 84, using the midpoint method? c. How does the price elasticity of demand change in size as the price goes down from $10 to $8. from...
Figure 1 Price (dollars per month) $2.300 Supply 2.000 Demand 200 300 500 Quantity (apartments) Refer...
Figure 1 Price (dollars per month) $2.300 Supply 2.000 Demand 200 300 500 Quantity (apartments) Refer to Figure 1. What is the value of consumer surplus at the market equilibrium price? OA) $0 OB) $120,000 OC) $175,000 OD) $135,000
Figure 1 Price (dollars per month) $2.300 Supply 2.000 8 8 Demand 200 300 500 Quantity...
Figure 1 Price (dollars per month) $2.300 Supply 2.000 8 8 Demand 200 300 500 Quantity (apartments) Refer to Figure 1. What is the value of producer surplus at the market price of $2,000? OA) $240,000 OB) $0 OC) $30,000 OD) $45,000
Question 12 Exhibit 5-6 Demand curve for concert tickets 40 Price per 30 ticket (dollars) 20...
Question 12 Exhibit 5-6 Demand curve for concert tickets 40 Price per 30 ticket (dollars) 20 Demand curve 0 10 20 30 40 Quantity of tickets per concert (thousands) In Exhibit 5-6, if promoters lower their ticket price form $30 to $20, then: people will continue to buy the same number of tickets customers will spend less total money on concert tickets Othey will receive less money from their ticket sales both ticket sales and total revenue will rise
Lucia owns a plot of land in the desert that isn't worth much. One day, a...
Lucia owns a plot of land in the desert that isn't worth much.
One day, a giant meteorite falls on her property, making a large
crater. The event attracts scientists and tourists, and Lucia
decides to sell nontransferable admission tickets to the meteor
crater to both types of visitors: scientists (Market A) and
tourists (Market B). The following graphs show daily demand (DD)
curves and marginal revenue (MRMR) curves for the two markets.
Lucia's marginal cost of providing admission tickets...
When the admission price for a baseball game was $4 per ticket, 54,000 tickets were sold....
When the admission price for a baseball game was $4 per ticket, 54,000 tickets were sold. When the price was raised to $5, only 48,000 tickets were sold. Assume that the demand function is linear and that the variable and fixed costs for the ball park owners are $0.10 and $95,000 respectively. (a) Find the profit P as a function of x, the number of tickets sold. P(x) = (b) Select the graph of P. y 150000 150000 150000 100000...
Valerie owns a plot of land in the desert that isn't worth much. One day, a...
Valerie owns a plot of land in the desert that isn't worth much. One day, a giant meteor falls on her property. The event attracts scientists and tourists, and Valerie decides to sell nontransferable admission tickets to the meteor crater to both types of visitors: scientists (Market A) and tourists (Market B). The following graphs show demand (D) curves and marginal revenue (MR) curves for the two markets. Valerie's marginal cost of providing admission tickets is zero. Market A Market...
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...
Figure 9-11 Price Domestic Supply World Price Domestic Demand Quantity Refer to Figure 9.11. Consumer surplus in...
Figure 9-11 Price Domestic Supply World Price Domestic Demand Quantity Refer to Figure 9.11. Consumer surplus in this market before trade is O a. A Ob. B+C O c. A+B+D. O d.c. Supply Demand Refer to Figure 7-21. Which area represents consumer surplus when the price is P1? O a. A O b.B ос. С To a.D
Use the figure below to answer the following questions. Price and cost dollars per unit) 10...
Use the figure below to answer the following questions. Price and cost dollars per unit) 10 Quantity (units) Figure 12.4.1 3) Refer to Figure 12.4.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. In the long run, market A) demand will increase. B) demand will decrease. C) supply will increase. D) supply will decrease. E) supply and market demand will decrease. 4) Refer to Figure 12.4.1 which shows the cost curves...
Quality demanded Price (thousands of (dollars per ticket) tickets per week) 10 1 00 200 6 300 400 200 6) The table above provides information about the demand for tickets. Based on the information: a. What ticket price should you charge to maximize revenues? b. What is the elasticity of demand between $6 and 84, using the midpoint method? c. How does the price elasticity of demand change in size as the price goes down from $10 to $8. from...
Figure 1 Price (dollars per month) $2.300 Supply 2.000 Demand 200 300 500 Quantity (apartments) Refer to Figure 1. What is the value of consumer surplus at the market equilibrium price? OA) $0 OB) $120,000 OC) $175,000 OD) $135,000
Figure 1 Price (dollars per month) $2.300 Supply 2.000 8 8 Demand 200 300 500 Quantity (apartments) Refer to Figure 1. What is the value of producer surplus at the market price of $2,000? OA) $240,000 OB) $0 OC) $30,000 OD) $45,000
Question 12 Exhibit 5-6 Demand curve for concert tickets 40 Price per 30 ticket (dollars) 20 Demand curve 0 10 20 30 40 Quantity of tickets per concert (thousands) In Exhibit 5-6, if promoters lower their ticket price form $30 to $20, then: people will continue to buy the same number of tickets customers will spend less total money on concert tickets Othey will receive less money from their ticket sales both ticket sales and total revenue will rise
Lucia owns a plot of land in the desert that isn't worth much.
One day, a giant meteorite falls on her property, making a large
crater. The event attracts scientists and tourists, and Lucia
decides to sell nontransferable admission tickets to the meteor
crater to both types of visitors: scientists (Market A) and
tourists (Market B). The following graphs show daily demand (DD)
curves and marginal revenue (MRMR) curves for the two markets.
Lucia's marginal cost of providing admission tickets...
When the admission price for a baseball game was $4 per ticket, 54,000 tickets were sold. When the price was raised to $5, only 48,000 tickets were sold. Assume that the demand function is linear and that the variable and fixed costs for the ball park owners are $0.10 and $95,000 respectively. (a) Find the profit P as a function of x, the number of tickets sold. P(x) = (b) Select the graph of P. y 150000 150000 150000 100000...
Valerie owns a plot of land in the desert that isn't worth much. One day, a giant meteor falls on her property. The event attracts scientists and tourists, and Valerie decides to sell nontransferable admission tickets to the meteor crater to both types of visitors: scientists (Market A) and tourists (Market B). The following graphs show demand (D) curves and marginal revenue (MR) curves for the two markets. Valerie's marginal cost of providing admission tickets is zero. Market A Market...
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...
Figure 9-11 Price Domestic Supply World Price Domestic Demand Quantity Refer to Figure 9.11. Consumer surplus in this market before trade is O a. A Ob. B+C O c. A+B+D. O d.c. Supply Demand Refer to Figure 7-21. Which area represents consumer surplus when the price is P1? O a. A O b.B ос. С To a.D
Use the figure below to answer the following questions. Price and cost dollars per unit) 10 Quantity (units) Figure 12.4.1 3) Refer to Figure 12.4.1, which shows the cost curves and marginal revenue curve of a firm in a perfectly competitive market. In the long run, market A) demand will increase. B) demand will decrease. C) supply will increase. D) supply will decrease. E) supply and market demand will decrease. 4) Refer to Figure 12.4.1 which shows the cost curves...
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