Homework Answers
Answer
The decrease in the demand shifts the demand curve to the left and decreases both price and quantity
Producer surplus =0.5*( Price - Y-axis intercept of the supply curve)*Q
the price and quantity both decrease so the producer surplus decreases.
the correct option is
There is definitely going to be a decrease in producer surplus (option b and option d)
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Quest Question 2 1 poin In the market for air travel, if because of a pandemic,...
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only answer for question 2
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Question 9 1 pts Suppose that the market equilibrium price for a basic medical check-up is $50, in a market in which there is no health insurance. To encourage more people to get a check- up, the local government mandates that the price of a check-up cannot be more than $40. Is this a price floor or a price ceiling? This example describes neither...
Consider the market for plan tickets to the Caribbean. A bad
winter is Eastern and central Canada increases the demand for
tropical Caribbean vacations, shifting the demand curve to the
right. The supply curve stays constant. Total surplus will:
Consider the market for plane tickets to the Caribbean. A bad winter in E stays constant. Total surplus will: O increase because consumer surplus increases. O decrease because both consumer and producer surplus decrease. O increase because both consumer and producer...
The diagram above shows how the imposition of a sales tax affects the market. Producer surplus before the tax is areas a 1, 2, 3, 4 6. 5, 6, 7, 8, 9 c. 1, 2 d. 5,8 The imposition of a tariff in a market will usually result in a. an increase in consumer surplus, an increase in producer surplus, and an increase in total surplus. b. an increase in consumer surplus, an increase in producer surplus, and a decrease...
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only answer for question 2
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