Homework Answers
9. Option B
Explanation: Demand for a product increases when the price of a complement falls. Demand for a product decreases when the price of a substitute falls.
10. Option B
Explanation: The supply curve is the marginal cost curve of the supplier.
11. Option D
Explanation: A non-binding price ceiling does not affect the equilibrium price.
12. Option C
Explanation: Market efficiency maximizes total surplus.
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--- A decrease in th 9. A decrease in the price of a complement causes demand...
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....
Refer to Figure 6-17. A government-imposed price of $24 in this market is an example of
Refer to Figure 6-17. A government-imposed price of $24 in this market is an example of a non-binding price ceiling that creates a shortage. b. binding price floor that creates a surplus. c binding price ceiling that creates a shortage. d a non-binding price floor that creates a surplus.
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538 5. Orange juice and apple juice are substitutes. Suppose bad weather sharply reduced the orange harvest. What would the impact be? a increase consumer surplus in the market for orange juice but decrease producer surplus in the market for apple juice b. increase consumer surplus in...
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...
33. A product that has a negative income elasticity of demand is a. a complement good....
33. A product that has a negative income elasticity of demand is a. a complement good. b. a normal good. c. a substitute good d. an inferior good. Suppose the Chicago Enforcers football team increases ticket prices by 10 percent and as a result the quantity of tickets demanded decreases by 7 percent. This response means that the demand for Enforcers tickets is a. unit clastic. b. elastic c. perfectly elastic. d. inelastic. 34. 35. When a market reaches allocative...
econ hw please help thank you! CLILINGS AND PRICE FLOORS licymakers are more likely to impose...
econ hw please help thank you!
CLILINGS AND PRICE FLOORS licymakers are more likely to impose a price ceiling: above equilibrium price in order to protect buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to protect buyers from high prices. below equilibrium price in order to protect sellers from low prices. b. b. Policymakers are more likely to impose a price floor: above equilibrium price in order to...
For the questions below, answer either true or false. If you answer true, explain why it...
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). A. In the simple model of supply and demand...
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. Recall that total revenue is price times quantity (or P x Q). Which of the...
1. Recall that total revenue is price times quantity (or P x Q). Which of the following will clearly cause a decrease in the total revenue for the entire market? A. Buyers’ income decreases and sellers expect the price to decrease B. Buyers' income increases C. Tastes and preferences for the product decline D. The implementation of an effective price floor on the market E. None of the above 2. If a market is initially in equilibrium, what is the...
1. Recall that total revenue is price times quantity (or P x Q). Which of the...
1. Recall that total revenue is price times quantity (or P x Q). Which of the following will clearly cause a decrease in the total revenue for the entire market? A. Buyers’ income decreases and sellers expect the price to decrease B. Buyers' income increases C. Tastes and preferences for the product decline D. The implementation of an effective price floor on the market E. None of the above 2. If a market is initially in equilibrium, what is the...
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....
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538 5. Orange juice and apple juice are substitutes. Suppose bad weather sharply reduced the orange harvest. What would the impact be? a increase consumer surplus in the market for orange juice but decrease producer surplus in the market for apple juice b. increase consumer surplus in...
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...
33. A product that has a negative income elasticity of demand is a. a complement good. b. a normal good. c. a substitute good d. an inferior good. Suppose the Chicago Enforcers football team increases ticket prices by 10 percent and as a result the quantity of tickets demanded decreases by 7 percent. This response means that the demand for Enforcers tickets is a. unit clastic. b. elastic c. perfectly elastic. d. inelastic. 34. 35. When a market reaches allocative...
econ hw please help thank you!
CLILINGS AND PRICE FLOORS licymakers are more likely to impose a price ceiling: above equilibrium price in order to protect buyers from high prices. above equilibrium price in order to protect sellers from low prices. below equilibrium price in order to protect buyers from high prices. below equilibrium price in order to protect sellers from low prices. b. b. Policymakers are more likely to impose a price floor: above equilibrium price in order to...
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). A. In the simple model of supply and demand...
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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