Homework Answers
Quota becomes binding when pice is equal to
$42 and quantity is 32 units.
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Suppose the market supply curve with no quota is QNo Quota = -10 + 1.00p and...
Suppose the demand function (D) for golf clubs is: Q=240-1.00P where P is the price paid...
Suppose the demand function (D) for golf clubs is: Q=240-1.00P where P is the price paid by consumers in dollars per club and is the quantity demanded in thousands Suppose the supply curve (S) for golf clubs is estimated to be Q=2.00P Calculate the equilibrium price for golf clubs and the equilibrium quantity sold The equilibrium price is $ per club (Enter your response as an integer.), and the equilibrium quantity is Suppose instead that golf club producers agree to...
Suppose Firm A has a supply curve of and Firm B has a supply curve of...
Suppose Firm A has a supply curve of and Firm B has a supply curve of How much is the total supply at a price of $4? Tot al supply is thousand units (enter your response as a real number rounded to one decimal place) How much is total supply at a price of $13? Total supply is thousand unts (enter your response as a real number rounded to one deoimal place)
Q3) Suppose that the market demand and supply curve in a competitive market are Q"-15 - 2P and QS...
Q3) Suppose that the market demand and supply curve in a competitive market are Q"-15 - 2P and QS-P. For each of the following policies, calculate the price and quantity that will be traded and the value of the deadweight loss. a) An excise tax of S1 per unit, paid by producers. b) A subsidy of $2 per unit, paid to consumers. c) A price floor of S7. d) A price ceiling of S4. e) A production quota of 3...
If the supply curve is q=2+2p, what is the producer surplus if the price is p=10?...
If the supply curve is q=2+2p, what is the producer surplus if the price is p=10? Producer surplus (PS) equals _____ (Enter your response as a whole number.)
1. Assume the government imposes a quota on the importation of foreign cars, with the quota...
1. Assume the government imposes a quota on the importation of foreign cars, with the quota being less than the number of cars that would be bought and sold in the U.S. without the quota. (Assume the market for foreign cars is competitive.) The graph below shows an example of a quota of 10 cars would affect the supply curve S1 10 12 (a) Using the supply and demand curves for foreign cars, show graphically why the quota policy will...
If S1 is the market supply curve, then in the short run, the profit-maximizing level of...
If S1 is the market supply curve, then in the short run, the
profit-maximizing level of output for a single firm in this market
is how many gallons per week?
If S2 is the market supply curve, then in the short run, the
profit-maximizing level of output for a single firm in this market
is how many gallons per week?
If the market supply curve is given by S1, then would we expect
firms to enter the market, exit the...
Suppose the market supply curve in a competitive market is given by is Q = 2p-...
Suppose the market supply curve in a competitive market is given by is Q = 2p- 10. At a price of $15, producer surplus equals 37.5 O 25. 12.50. 100
Suppose the market supply curve in a competitive market is given by is Q = 2p- 10. At a price of $15, producer surplus equals 37.5 O 25. 12.50. 100
Suppose you are asked to analyze a competitive market with identical firms for the government. You...
Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p 100 0.01Q, = The long-run market supply is: p = 10 Each firm's total cost function is: = 500 +0.05q C(q) What is the marginal cost faced by each firm? МС 3 Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number)...
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit,...
Suppose that a perfectly competitive firm faces a market price of $ 12 12 per unit, and at this price the upward-sloping portion of the firm's marginal cost curve crosses its marginal revenue curve at an output level of 1 comma 800 1,800 units. If the firm produces 1 comma 800 1,800 units, its average variable costs equal $ 7.00 7.00 per unit, and its average fixed costs equal $ 1.00 1.00 per unit. What is the firm's profit-maximizing (or...
Suppose a country is trying to limit gasoline consumption by setting a consumption quota that is...
Suppose a country is trying to limit gasoline consumption by setting a consumption quota that is less than the equilibrium consumption in the absence of the quota. Please use a supply and demand curve to illustrate the impacts of this quota policy on the following aspects: a. The equilibrium quantity and price with the quota b. Changes in consumer surplus and producer surplus c. Instead of a quota policy, what is the tax rate that will bri ng consumption/production to...
Suppose the demand function (D) for golf clubs is: Q=240-1.00P where P is the price paid by consumers in dollars per club and is the quantity demanded in thousands Suppose the supply curve (S) for golf clubs is estimated to be Q=2.00P Calculate the equilibrium price for golf clubs and the equilibrium quantity sold The equilibrium price is $ per club (Enter your response as an integer.), and the equilibrium quantity is Suppose instead that golf club producers agree to...
Suppose Firm A has a supply curve of and Firm B has a supply curve of How much is the total supply at a price of $4? Tot al supply is thousand units (enter your response as a real number rounded to one decimal place) How much is total supply at a price of $13? Total supply is thousand unts (enter your response as a real number rounded to one deoimal place)
Q3) Suppose that the market demand and supply curve in a competitive market are Q"-15 - 2P and QS-P. For each of the following policies, calculate the price and quantity that will be traded and the value of the deadweight loss. a) An excise tax of S1 per unit, paid by producers. b) A subsidy of $2 per unit, paid to consumers. c) A price floor of S7. d) A price ceiling of S4. e) A production quota of 3...
1. Assume the government imposes a quota on the importation of foreign cars, with the quota being less than the number of cars that would be bought and sold in the U.S. without the quota. (Assume the market for foreign cars is competitive.) The graph below shows an example of a quota of 10 cars would affect the supply curve S1 10 12 (a) Using the supply and demand curves for foreign cars, show graphically why the quota policy will...
If S1 is the market supply curve, then in the short run, the
profit-maximizing level of output for a single firm in this market
is how many gallons per week?
If S2 is the market supply curve, then in the short run, the
profit-maximizing level of output for a single firm in this market
is how many gallons per week?
If the market supply curve is given by S1, then would we expect
firms to enter the market, exit the...
Suppose the market supply curve in a competitive market is given by is Q = 2p- 10. At a price of $15, producer surplus equals 37.5 O 25. 12.50. 100
Suppose the market supply curve in a competitive market is given by is Q = 2p- 10. At a price of $15, producer surplus equals 37.5 O 25. 12.50. 100
Suppose you are asked to analyze a competitive market with identical firms for the government. You estimate the following: Inverse market demand is: p 100 0.01Q, = The long-run market supply is: p = 10 Each firm's total cost function is: = 500 +0.05q C(q) What is the marginal cost faced by each firm? МС 3 Assuming the industry is in long-run equilibrium, how many firms are currently in this market? (enter your answer rounded to the nearest whole number)...
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