Homework Answers
1) Market demand means sum of all individual demands, Here there are two buyers and two sellers. Price is 7 rupees.
2) Equilibrium price is determined by demand and supply in the market.
Equilibrium price :- Demand =supply
Equilibrium. Price is Rs. 4/-
4)Lowest cost is Rs. 7 /-
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(1 point) In the market for oranges, there are two demanders and two suppliers. Here are...
(1 point) Widgets sell for $50 each. There are three producers in the widget industry, with...
(1 point) Widgets sell for $50 each. There are three producers in the widget industry, with the following marginal cost curves: Firm A Firm B Firm C MCQ MCQ MC 1 $20 1 $25 1 $15 2 $30 2 $35 2 $30 3 $503 $55 3 $35 4 $604 $654 $50 How many widgets are produced altogether? How much producer surplus does firm A eam? How much producer surplus does firm B earn? How much producer surplus does firm C...
Question 2: Consider the market for Florida oranges. The demand for Florida oranges is given by...
Question 2: Consider the market for Florida oranges. The demand for Florida oranges is given by the inverse demand function p = 70 -- 2Q The market cost function for firms that sell Florida oranges is C?(Q) = 100 + 302 Shipping Florida oranges around the country uses trucks that produce C02 gas. For parts (1)-(4), the social cost of this pollution is Cº (Q) = 302 Note that both of these are cost functions, not marginal cost functions. (1)...
1. Suppose Andy sells oranges in a perfectly competitive market. The following table represents his output...
1. Suppose Andy sells oranges in a perfectly competitive market. The following table represents his output and costs: Output Total Fixed Variable ATC AFC AVC MC per day Cost Cost Cost $10.00 $20.50 $24.50 $28.00 $34.00 $43.00 $55.50 $72.00 $93.00 $119.00 a) Fill in the missing columns b) Suppose the equilibrium price for oranges in the market is $12.50. How many oranges should Andy sell if he wants to maximize profits? What price will he charge for a unit of...
Consider the market for oranges in the US. Suppose we begin with an equilibrium in this...
Consider the market for oranges in the US. Suppose we begin with an equilibrium in this market, where quantity produced is equal to quantity demanded, which is equal to 5 million tons of oranges. Further suppose the price of a pound of oranges is $2.50. a. Illustrate this equilibrium by using supply and demand curves. Don't forget to label the axes, show the equilibrium quantity and the equilibrium price. (5 pts) b. Now suppose a tropical storm hits Florida destroying...
Use the black point (plus symbol) to indicate the equilibrium price of a tonne of oranges...
Use the black point (plus symbol) to indicate the equilibrium price of a tonne of oranges and the equilibrium quantity of oranges in Zambia in the absence of international trade. Then, use the green point (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use the purple point (diamond symbol) to shade the area representing producer surplus in equilibrium. Note: Select and drag a fill area point from the palette to the graph. To fill in regions...
Question 5 If a market is in equilibrium, then all demanders receive the goods they want,...
Question 5 If a market is in equilibrium, then all demanders receive the goods they want, and all suppliers sell the goods they want O demand curves and supply curves are the same at the equilibrium price, quantity demanded is equal to quantity supplied Question 6 If excess demand exists in a market, then the quantity demanded is higher than the quantity supplied and price falls the quantity demanded is higher than the quantity supplied and price rises the quantity...
Suppose Zambia is open to free trade in the world market for oranges. Because of Zambia's small size, the demand for and supply of oranges in Zambia do not affect the world price.
3. Welfare effects of a tariff in a small country Suppose Zambia is open to free trade in the world market for oranges. Because of Zambia's small size, the demand for and supply of oranges in Zambia do not affect the world price. The following graph shows the domestic oranges market in Zambia. The world price of oranges is Pw = $800 per ton. On the following graph, use the green triangle (triangle symbols) to shade the area representing consumer surplus (CS)...
For each of three potential buyers of oranges, the table displays the willingness to pay for...
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. First Orange Second Orange Third Orange Allison $2.00 $1.50 $0.75 Bob $1.50 $1.00 $0.60 Charisse $0.75 $0.25 $0 Refer to Table 7-5. If the market price of an orange is $0.90, then the market quantity of...
1. Suppose market demand for oranges is given by QD = 500 - 10P where Qp...
1. Suppose market demand for oranges is given by QD = 500 - 10P where Qp is quantity demanded and P is the market price. Market supply is given by Qs = -100 + 10P where Qs is quantity supplied and P is the market price. (a) Find the equilibrium price and quantity in this market. (b) What is the consumer surplus and producer surplus? (C) Suppose that the government imposes a $10 tax on the good, to be included...
2. (15) Social Surplus Analysis The table below describes a market with two consumers and two...
2. (15) Social Surplus Analysis The table below describes a market with two consumers and two producers. It gives each consumer's demand curve and each producer's supply curve for integer quantities of the good. The demand and supply curves are all linear. Let p denote price, and q quantity Price S5 Firm 1SFirm2S_Agg S 10 Cons 1 D Cons 2 D Agg D 12.5 10 7.5 4 S3 S2 S1 4 4 4 2.5 10 a) (3) Fill in the...
(1 point) Widgets sell for $50 each. There are three producers in the widget industry, with the following marginal cost curves: Firm A Firm B Firm C MCQ MCQ MC 1 $20 1 $25 1 $15 2 $30 2 $35 2 $30 3 $503 $55 3 $35 4 $604 $654 $50 How many widgets are produced altogether? How much producer surplus does firm A eam? How much producer surplus does firm B earn? How much producer surplus does firm C...
Question 2: Consider the market for Florida oranges. The demand for Florida oranges is given by the inverse demand function p = 70 -- 2Q The market cost function for firms that sell Florida oranges is C?(Q) = 100 + 302 Shipping Florida oranges around the country uses trucks that produce C02 gas. For parts (1)-(4), the social cost of this pollution is Cº (Q) = 302 Note that both of these are cost functions, not marginal cost functions. (1)...
1. Suppose Andy sells oranges in a perfectly competitive market. The following table represents his output and costs: Output Total Fixed Variable ATC AFC AVC MC per day Cost Cost Cost $10.00 $20.50 $24.50 $28.00 $34.00 $43.00 $55.50 $72.00 $93.00 $119.00 a) Fill in the missing columns b) Suppose the equilibrium price for oranges in the market is $12.50. How many oranges should Andy sell if he wants to maximize profits? What price will he charge for a unit of...
Consider the market for oranges in the US. Suppose we begin with an equilibrium in this market, where quantity produced is equal to quantity demanded, which is equal to 5 million tons of oranges. Further suppose the price of a pound of oranges is $2.50. a. Illustrate this equilibrium by using supply and demand curves. Don't forget to label the axes, show the equilibrium quantity and the equilibrium price. (5 pts) b. Now suppose a tropical storm hits Florida destroying...
Use the black point (plus symbol) to indicate the equilibrium price of a tonne of oranges and the equilibrium quantity of oranges in Zambia in the absence of international trade. Then, use the green point (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use the purple point (diamond symbol) to shade the area representing producer surplus in equilibrium. Note: Select and drag a fill area point from the palette to the graph. To fill in regions...
Question 5 If a market is in equilibrium, then all demanders receive the goods they want, and all suppliers sell the goods they want O demand curves and supply curves are the same at the equilibrium price, quantity demanded is equal to quantity supplied Question 6 If excess demand exists in a market, then the quantity demanded is higher than the quantity supplied and price falls the quantity demanded is higher than the quantity supplied and price rises the quantity...
1. Suppose market demand for oranges is given by QD = 500 - 10P where Qp is quantity demanded and P is the market price. Market supply is given by Qs = -100 + 10P where Qs is quantity supplied and P is the market price. (a) Find the equilibrium price and quantity in this market. (b) What is the consumer surplus and producer surplus? (C) Suppose that the government imposes a $10 tax on the good, to be included...
2. (15) Social Surplus Analysis The table below describes a market with two consumers and two producers. It gives each consumer's demand curve and each producer's supply curve for integer quantities of the good. The demand and supply curves are all linear. Let p denote price, and q quantity Price S5 Firm 1SFirm2S_Agg S 10 Cons 1 D Cons 2 D Agg D 12.5 10 7.5 4 S3 S2 S1 4 4 4 2.5 10 a) (3) Fill in the...
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