Homework Answers
Intersecting Do and So we get the equilibrium price and quantity as at that point Demand is equal to supply.
As shown in the graph above, the point at which Do and So is at Eo.
Hence at that point equilibrium Price is $3.25
equilibrium Quantity is 250
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Use the graph below to answer the following questions. $4.00 E.(P = 3.25, Q = 250)...
$4.00 $3.50 $3.00 $2.75 $2.50 $ 2.25 $2.00 $1.50 $1.00 $0.50 100 200 300 400 500...
$4.00 $3.50 $3.00 $2.75 $2.50 $ 2.25 $2.00 $1.50 $1.00 $0.50 100 200 300 400 500 600 700 800 900 Q(berries-lb.) Refer to the figure above. After tax buyer pays $2.25, what is the tax revenue?
Price Q Elasticity $ 5.00 100 $ 4.75 140 6.50 $ 4.50 180 4.63 $ 4.25...
Price Q Elasticity $ 5.00 100 $ 4.75 140 6.50 $ 4.50 180 4.63 $ 4.25 220 3.50 $ 4.00 260 2.75 $ 3.75 300 2.21 $ 3.50 340 1.81 $ 3.25 380 1.50 $ 3.00 420 1.25 $ 2.75 460 1.05 $ 2.50 500 0.88 $ 2.25 540 0.73 $ 2.00 580 0.61 Elastic from $5.00 to $2.75 Inelastic from $2.50 to $2.00 Question? c) The demand is unit elastic at some price between ____ and _____ d) are...
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities...
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities and Qo is the offered quantities. PRICE Q_D Q_o 1.00 $ 1000 0 1.50 $ 900 100 2.00 $ 800 200 2.50 $ 700 300 3.00 $ 600 400 3.50 $ 500 500 4.00 $ 400 600 4.50 $ 300 700 5.00 $ 200 800 5.50 $ 100 900 6.00 $ 0 1000 a. What are the initial equilibrium price and quantity? b. Calculate...
6.00 5.507 5.00 4.50 4.00 3.50 Price floor Price 3.00 2.50 2.00- 1.50- 1.00- 0.504 6...
6.00 5.507 5.00 4.50 4.00 3.50 Price floor Price 3.00 2.50 2.00- 1.50- 1.00- 0.504 6 5 10 15 20 25 30 35 40 45 50 55 Quantity (in thousands) The diagram to the right shows a market in which a price floor of $3.00 per unit has been imposed. With the price floor, consumer surplus is $ (enter a numeric response using an integer), producer surplus is $ deadweight loss is $ and surplus transferred from consumers to producers...
The graph below shows the marginal, average variable, and average total cost curves for a pizza...
The graph below shows the marginal, average variable, and average total cost curves for a pizza seller. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Cost Curves 3.50 3.25 3.00 2.75 Select Select Select 2.50 (S/slice) 2.00 W 1.75 1.50 1.25 1.00 0.75 0.50 0.25 100 200 300 400 500 600 700 800 900 Q -> Quantity (slices/day) a. What is the amount of the...
PLEASE READ THE GRAPHS AND ANSWER CORRECT ANSWERS!!! Suppose that you are the marketing manager of...
PLEASE READ THE GRAPHS AND ANSWER CORRECT ANSWERS!!!
Suppose that you are the marketing manager of Pulp Corp., the only producer of tangelos in the imaginary economy of Rattleville. As a monopolist, Pulp Corp.s objective is to maximize its profit, so it is up to you devise a way to increase profits through price discrimination. As a former economics student, you know that many firms successfully practice price discrimination by separating their market into two identifiable types of consumers-what economists...
7. Producer surplus for an individual and a market Suppose the market for cheesecake is a...
7. Producer surplus for an individual and a market Suppose the market for cheesecake is a perfectly competitive market-that is, sellers take the market price as given. Manuel owns a restaurant where he sells cheesecake. The following graph shows Manuel's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of cheesecake is $3.00 per slice, as shown by the horizontal black line. Manuel's Weekly Supply 5.00 4.00 3.50 3.50 3.00...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer and MR is the same as price. Under monopoly demand is down sloping and price changes at different quantities. Therefore under monopoly MR is no longer the same as price. You need to calculate it. MR equals change in TR divided by change in Q. TR is still the product of price multiplied by quantity and the rules of profit maximization are the same...
The "misery is not miserly" phenomenon refers to a person's spending judgment going haywire when sad....
The "misery is not miserly" phenomenon refers to a person's spending judgment going haywire when sad. In a recent study, 31 young adults were given $10 and randomly assigned to either a sad or neutral group. The participants in the sad group watched a video about the death of a boy's mentor (from The Champ) and those in the neutral group watched a video on the Great Barrie Reef. After the video, each participant was offered the chance to trade...
UUUUULUI. IL 25 of 65 (22 complete) This Test: 65 pts ly- 5.00 Q Consider the...
UUUUULUI. IL 25 of 65 (22 complete) This Test: 65 pts ly- 5.00 Q Consider the market for gasoline, ilustrated in the figure to the right. The equilibrium quantity of gasoline is million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is s per gallon 4.50- 4.00 3.50 instead the market price were $3.25, then there would be a million gallons Price of Gasoline (per gallon) & 3.00 2.50 200...
$4.00 $3.50 $3.00 $2.75 $2.50 $ 2.25 $2.00 $1.50 $1.00 $0.50 100 200 300 400 500 600 700 800 900 Q(berries-lb.) Refer to the figure above. After tax buyer pays $2.25, what is the tax revenue?
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities and Qo is the offered quantities. PRICE Q_D Q_o 1.00 $ 1000 0 1.50 $ 900 100 2.00 $ 800 200 2.50 $ 700 300 3.00 $ 600 400 3.50 $ 500 500 4.00 $ 400 600 4.50 $ 300 700 5.00 $ 200 800 5.50 $ 100 900 6.00 $ 0 1000 a. What are the initial equilibrium price and quantity? b. Calculate...
6.00 5.507 5.00 4.50 4.00 3.50 Price floor Price 3.00 2.50 2.00- 1.50- 1.00- 0.504 6 5 10 15 20 25 30 35 40 45 50 55 Quantity (in thousands) The diagram to the right shows a market in which a price floor of $3.00 per unit has been imposed. With the price floor, consumer surplus is $ (enter a numeric response using an integer), producer surplus is $ deadweight loss is $ and surplus transferred from consumers to producers...
The graph below shows the marginal, average variable, and average total cost curves for a pizza seller. Refer to the graph to answer the following questions. Instructions: Indicate the profit-maximizing level of output. Enter your response as a whole number. Cost Curves 3.50 3.25 3.00 2.75 Select Select Select 2.50 (S/slice) 2.00 W 1.75 1.50 1.25 1.00 0.75 0.50 0.25 100 200 300 400 500 600 700 800 900 Q -> Quantity (slices/day) a. What is the amount of the...
PLEASE READ THE GRAPHS AND ANSWER CORRECT ANSWERS!!!
Suppose that you are the marketing manager of Pulp Corp., the only producer of tangelos in the imaginary economy of Rattleville. As a monopolist, Pulp Corp.s objective is to maximize its profit, so it is up to you devise a way to increase profits through price discrimination. As a former economics student, you know that many firms successfully practice price discrimination by separating their market into two identifiable types of consumers-what economists...
7. Producer surplus for an individual and a market Suppose the market for cheesecake is a perfectly competitive market-that is, sellers take the market price as given. Manuel owns a restaurant where he sells cheesecake. The following graph shows Manuel's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of cheesecake is $3.00 per slice, as shown by the horizontal black line. Manuel's Weekly Supply 5.00 4.00 3.50 3.50 3.00...
Only THIS SIDE MONOPOLY Woreksiteet Hint: Under perfect competition price is fixed for a small producer and MR is the same as price. Under monopoly demand is down sloping and price changes at different quantities. Therefore under monopoly MR is no longer the same as price. You need to calculate it. MR equals change in TR divided by change in Q. TR is still the product of price multiplied by quantity and the rules of profit maximization are the same...
The "misery is not miserly" phenomenon refers to a person's spending judgment going haywire when sad. In a recent study, 31 young adults were given $10 and randomly assigned to either a sad or neutral group. The participants in the sad group watched a video about the death of a boy's mentor (from The Champ) and those in the neutral group watched a video on the Great Barrie Reef. After the video, each participant was offered the chance to trade...
UUUUULUI. IL 25 of 65 (22 complete) This Test: 65 pts ly- 5.00 Q Consider the market for gasoline, ilustrated in the figure to the right. The equilibrium quantity of gasoline is million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is s per gallon 4.50- 4.00 3.50 instead the market price were $3.25, then there would be a million gallons Price of Gasoline (per gallon) & 3.00 2.50 200...
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