Homework Answers
Without Government intervention is $3 per gallon
Q.D - Quantity demanded , Q.S Quantity Supplied , E.Q - Excess Quantity
Excess quantity = Quantity supplied - Quantity Demanded = 40-20= 20 units
Cost of 20 units at $4 = $4x20= $80
Government would need to buy 20gallons of paint ......... would cost the govenment $80
Legislation would be easily defeated because the increased priced would hurt millions of consumers who would not reelect their representative
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3. Special-interest groups, lobbying, and rent-seeking behavior The following graph shows the market for orange juice. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in the grey field will change accordingly. Graph Input Tool Supply 88 Price (Dollars per gallon) Quantity demanded (Millions of gallons) Surplus (Millions...
First option: $4- $5- $6 Second option: 0 million- 67 million- 100 million- 95 million Third...
First option: $4- $5- $6
Second option: 0 million- 67 million- 100 million- 95
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Attempts: Average: /3 daSpeial-interest groups, lobbying, and rent-seeking behávior The following graph shows the market for milk Use the graph input tool to help you answer the following questions. rou will not be graded on any changes you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts...
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3. Special-interest groups, lobbying, and rent-seeking behavior The following graph shows the market for orange juice. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in the grey field will change accordingly. Graph Input Tool Supply 88 Price (Dollars per gallon) Quantity demanded (Millions of gallons) Surplus (Millions...
First option: $4- $5- $6
Second option: 0 million- 67 million- 100 million- 95
million
Third option: $603 million- $909 million- $306 million- $54
million
4. Special-interest groups, lobbying, and rent-seeking behavior The following graph shows the market for milk. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding...
I'm not sure if the 2 questioned with the filled blanks are
right or not either. So please answer all the questions
Attempts: Average: /3 daSpeial-interest groups, lobbying, and rent-seeking behávior The following graph shows the market for milk Use the graph input tool to help you answer the following questions. rou will not be graded on any changes you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts...
The following graph shows the market for milk. Suppose the government introduces a variety of policies that set floor prices for milk at $3. At the support price, a surplus of gallons is generated Figure 16.1 Dollars per gallon S b 33 Support price 2 1 1 1 1 0 75 100 150 Gallons of milk Select one: a. 25 b. 75 C. 100 d. 1.50
3. The graph below depicts the cost and demand conditions of an industry that is seeking infant industry protection from its government. It assumes that the world price of the good is $15 in 2017 and is also projected to remain at $15 in 2020. (20P) a. If the industry were operating under world market conditions in 2017, it could supply 8 million units but the industry could/could not break even because its average cost at this supply level is...
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2. Price controls in the Florida orange market The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly Graph Input Tool Market for Florida...
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Homework (Ch 07) 3. Consumer surplus for a group of consumers The following graph shows the demand curve for a group of consumers in the U.S. market (blue line) for tablets. The market price of a tablet is shown by the black horizontal line at $150. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Carlos, green (triangle symbols) for Deborah, purple (diamond symbols) for Felix, tan (dash...
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