Homework Answers
a) True, increase in the demand more than the supply will create a shortage in the market at the current price of the good and that will cause the price to increase.
b) True, higher increase in the supply will cause a surplus in the market that will lead to a fall in the price of the goods.
c) "C"
A minimum wage is a price floor. that sets the lowest price that the firms can pay.
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Question 1 (1 point Questions 1-5 of If an increase in the demand for a product...
5. According to the information we examined regarding minimum wages in theu following statements is true?...
5. According to the information we examined regarding minimum wages in theu following statements is true? s, which of the a. All states in the U.S. currently use the same minimum wage rate b. The majority of workers that earn at or near the minimum wage in the US. are under 20 years of age The value of the minimum wage, relative to the average wage in the economy, has generally declined over the last 50 years The minimum wage...
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80...
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80 104 130 Quantity Suppose the market in the graph is originally in equilibrium at a price of $15. If the government implements a price ceiling at $20, what will be the market outcome? 7. a. Surplus of 90 units b. Surplus of 54 units c. Shortage of 90 units d. Shortage of 54 units e. Market will remain in equilibrium with a quantity of...
please, choose the right options to these questions. Explanation is NOT NEEDED. If the income elasticity...
please, choose the right options to these questions. Explanation is NOT NEEDED. If the income elasticity of demand for a good is 0.59, then it is what type of good? Price elastic. Price inelastic. Income elastic. Income inelastic. If the equilibrium price of aspirins is $2.50 for 250 tablets and the government imposes a rise ceiling at 2.00$ for 250 tablets, the eventual result will be a (an) Surplus. Shortage. Accumulation of inventories of unsold aspirins. None of the above....
Use the accompanying graph to answer these questions. a. Suppose demand is D and supply is...
Use the accompanying graph to answer these questions.
a. Suppose demand is D and supply is S0. If a price
ceiling of $6 is imposed, what are the resulting shortage and full
economic price?
Shortage:
Full economic price: $
b. Suppose demand is D and supply is S0. If a price
floor of $12 is imposed, what is the resulting surplus? What is the
cost to the government of purchasing any and all unsold
units?
Surplus: units
Cost to government: $...
Assume that your state government has placed a price ceiling of $.20 per kilowatt hour on...
Assume that your state government has placed a price ceiling of $.20 per kilowatt hour on electricity. The equilibrium price per kilowatt hour for electricity is $.25. The government's action will result in Question 3 options: an increase in producer surplus. a deadweight loss. a surplus of electricity in the electricity market. an increase in the price of electricity to $.25 per kilowatt hour. Question 4 (1 point) A Price Floor set below an equilibrium price is: Question 4 options:...
18. If there is a decrease in demand, total surplus A) will increase B) will remain...
18. If there is a decrease in demand, total surplus A) will increase B) will remain the same. C) may change, but we can't tell how D) will decrease 19. For calculating producer surplus, it is important to distinguish between the minimum price at which a seller is willing to sell a good and the seller's cost. A) True B) False 20. A price that the government guarantees farmers will receive for a particular crop is: A) a price ceiling....
Question 4 [12 points] The demand for oranges is represented by Pp = 101 - 2Q...
Question 4 [12 points] The demand for oranges is represented by Pp = 101 - 2Q and the supply for oranges is represented by Ps = 5Q + 3. Determine for each of the following prices if it is a price floor, price ceiling, or neither. For each price determine the quantity shortage or surplus. a) P = $63. Price ceiling/floor: <select here> Surplus/Shortage: <select here> Amount: b) P = $53. Price ceiling/floor: <select here> Surplus/Shortage: <select here> Amount:
Conceptual Questions A. For the questions below, answer either true or false. If you answer true,...
Conceptual Questions A. For the questions below, answer either true or false. If you answer true, explain why it is true. If you answer false, give a counter-example. In all three examples you may assume demand slopes downward and supply slopes upward (that is, neither curve is either perfectly vertical or horizontal), and that both curves are smooth (like they are in the rent control questions, not discrete like they were in homework 2). • In the simple model of...
1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes...
1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes is given by: QS= 9P -120. Calculate the Gains from Trade (also known as Economic Surplus) that would exist in this market in a competitive equilibrium. 2 Suppose the demand for jackets was given by: QD= 140 -0.4P. The supply of jackets is given by: QS= 4P -80. Suppose the price was $49 per jacket. Calculate whether there is a surplus or shortage of...
5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply...
5. Minimum-wage laws and unemployment Consider the market for labor depicted by the demand and supply curves that follow. Use the calculator to help you answer the following questions. You will not be graded on any changes you make to the calculator. 0 125 250 375 500 625 750 875 1000 20.0 17.5 15.0 12.5 10.0 7.5 5.0 2.5 0 WAGE (Dollars per hour) LABOR (Thousands of workers) Demand Supply Graph Input Tool Market for Labor Wage (Dollars per hour)...
5. According to the information we examined regarding minimum wages in theu following statements is true? s, which of the a. All states in the U.S. currently use the same minimum wage rate b. The majority of workers that earn at or near the minimum wage in the US. are under 20 years of age The value of the minimum wage, relative to the average wage in the economy, has generally declined over the last 50 years The minimum wage...
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80 104 130 Quantity Suppose the market in the graph is originally in equilibrium at a price of $15. If the government implements a price ceiling at $20, what will be the market outcome? 7. a. Surplus of 90 units b. Surplus of 54 units c. Shortage of 90 units d. Shortage of 54 units e. Market will remain in equilibrium with a quantity of...
Use the accompanying graph to answer these questions.
a. Suppose demand is D and supply is S0. If a price
ceiling of $6 is imposed, what are the resulting shortage and full
economic price?
Shortage:
Full economic price: $
b. Suppose demand is D and supply is S0. If a price
floor of $12 is imposed, what is the resulting surplus? What is the
cost to the government of purchasing any and all unsold
units?
Surplus: units
Cost to government: $...
18. If there is a decrease in demand, total surplus A) will increase B) will remain the same. C) may change, but we can't tell how D) will decrease 19. For calculating producer surplus, it is important to distinguish between the minimum price at which a seller is willing to sell a good and the seller's cost. A) True B) False 20. A price that the government guarantees farmers will receive for a particular crop is: A) a price ceiling....
Question 4 [12 points] The demand for oranges is represented by Pp = 101 - 2Q and the supply for oranges is represented by Ps = 5Q + 3. Determine for each of the following prices if it is a price floor, price ceiling, or neither. For each price determine the quantity shortage or surplus. a) P = $63. Price ceiling/floor: <select here> Surplus/Shortage: <select here> Amount: b) P = $53. Price ceiling/floor: <select here> Surplus/Shortage: <select here> Amount:
Conceptual Questions A. For the questions below, answer either true or false. If you answer true, explain why it is true. If you answer false, give a counter-example. In all three examples you may assume demand slopes downward and supply slopes upward (that is, neither curve is either perfectly vertical or horizontal), and that both curves are smooth (like they are in the rent control questions, not discrete like they were in homework 2). • In the simple model of...
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