Homework Answers
33) (a) total surplus is maximised
When total surplus is maximised, then efficiency is attained. Thus, option a is correct.
34) (b) above the equilibrium price, causing a surplus
A binding price floor occurs when the government sets a required price on a good or goods at a price above equilibrium. Because the government requires that prices not drop below this price, that price binds the market for that good.
35) (d) all of the above are determinants
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33. Efficiency is attained when a. total surplus is maximized. b. producer surplus is maximized. c....
Under a monopoly market structure a. Consumer surplus is maximized. b. Producer surplus is maximized. c....
Under a monopoly market structure a. Consumer surplus is maximized. b. Producer surplus is maximized. c. Producer surplus is minimized. d. Consumer surplus is negative e. None of the above
when the market is in equilibrium, with no government intervention? a)total surplus is minimized. b)total surplus...
when the market is in equilibrium, with no government intervention? a)total surplus is minimized. b)total surplus is maximized. c)government maximizes total revenue. d) none of the above.
Which of the following best defines producer surplus? O The difference between the price that suppliers...
Which of the following best defines producer surplus? O The difference between the price that suppliers actually O A situation in which all of the potential gains from trade have been realized. O The difference between the price that suppliers actually receive and the minimum price they would be willing to accept. receive and the maximum price they would be willing to accept. O The difference between the maximum price consumers are willing to pay and the price they actually...
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...
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...
On here I have to calculate the consumer surplus Change and on the second the producer...
On here I have to calculate the consumer surplus Change and on the
second the producer surplus changw . I count the triangle of
DEADWEIght loss in question 3 and I don’t in question 4... please
explain !! How do I know when to count it ??
10 20- 30 Quantity 1 Figure 2.4: Loss of consumer surplus due to a price floor Given the following inverse demand and supply curves: m..4. 2 old-new 0 LSS and assuming that price...
I need help with this problem 6. Quantity supplied c Supply 2. A good will have...
I need help with this problem
6. Quantity supplied c Supply 2. A good will have more inelastic demand, the treater the availability of close substitutes b. longer the period of time. C broader the definition of the market d more it is regarded as a luxury 3. If the price elasticity of demand for a good is 2, then a percent increase in price results in a a 2 percent decrease in the quantity demanded. b. 1 percent decrease...
i know answer is B but could you explain why Figure: Gain In Producer Surplus Price...
i know answer is B but could you explain why
Figure: Gain In Producer Surplus Price Quantity Refer to Figure: Gain in Producer Surplus. Identify the area or areas that represent the total change in consumer surplus when the price floor at P1 is lifted and the market reaches equilibrium price (i.e., market clearing price). a. A and B b. B and C price cant be below a certain point 4. D and E d. A, B, and C laborib
When the efficient quantity is produced O A. producer surplus exceeds consumer surplus by the greatest...
When the efficient quantity is produced O A. producer surplus exceeds consumer surplus by the greatest possible amount O B. consumer surplus exceeds producer surplus by the greatest possible amount O C. total producer surplus is zero . O D. total consumer surplus is zero. O E. the sum of consumer surplus and producer surplus is maximized
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...
Which of the following best defines producer surplus? O The difference between the price that suppliers actually O A situation in which all of the potential gains from trade have been realized. O The difference between the price that suppliers actually receive and the minimum price they would be willing to accept. receive and the maximum price they would be willing to accept. O The difference between the maximum price consumers are willing to pay and the price they actually...
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...
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...
On here I have to calculate the consumer surplus Change and on the
second the producer surplus changw . I count the triangle of
DEADWEIght loss in question 3 and I don’t in question 4... please
explain !! How do I know when to count it ??
10 20- 30 Quantity 1 Figure 2.4: Loss of consumer surplus due to a price floor Given the following inverse demand and supply curves: m..4. 2 old-new 0 LSS and assuming that price...
I need help with this problem
6. Quantity supplied c Supply 2. A good will have more inelastic demand, the treater the availability of close substitutes b. longer the period of time. C broader the definition of the market d more it is regarded as a luxury 3. If the price elasticity of demand for a good is 2, then a percent increase in price results in a a 2 percent decrease in the quantity demanded. b. 1 percent decrease...
i know answer is B but could you explain why
Figure: Gain In Producer Surplus Price Quantity Refer to Figure: Gain in Producer Surplus. Identify the area or areas that represent the total change in consumer surplus when the price floor at P1 is lifted and the market reaches equilibrium price (i.e., market clearing price). a. A and B b. B and C price cant be below a certain point 4. D and E d. A, B, and C laborib
When the efficient quantity is produced O A. producer surplus exceeds consumer surplus by the greatest possible amount O B. consumer surplus exceeds producer surplus by the greatest possible amount O C. total producer surplus is zero . O D. total consumer surplus is zero. O E. the sum of consumer surplus and producer surplus is maximized
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