Homework Answers
If at the given price the quantity sold and brought in the market is less than equilibrium then there is deadweight loss in the economy and there will be more gains in the economy when more bananas are sold and produced in the market.
The answer is "A".
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Consider a free market for bananas. A free market means there is no government intervention in...
Which statement describes the equity‑efficiency trade‑off? Government intervention can increase efficiency in a market. The least...
Which statement describes the equity‑efficiency trade‑off? Government intervention can increase efficiency in a market. The least efficient economic outcome is the fairest outcome. Actions intended to make economic outcomes fairer may cause efficiency to decrease. There is always a more equitable outcome that is also more efficient.
Consider a market free of government intervention and having a downward sloping demand curve and an...
Consider a market free of government intervention and having a downward sloping demand curve and an upward sloping supply curve intersecting at some price P0. Write a short explanation of why any price higher than P0cannot be a free market equilibrium. Write a shortexplanation of why any price lower than P0cannot be a free market equilibrium. Now decrease supply a great deal and decrease demand until the curves no longer intersect (that is, the curves meet the vertical axis without...
Consider the following situation after a government intervention. In this market, the quantity demanded is zero...
Consider the following situation after a government intervention. In this market, the quantity demanded is zero when the price is above 200 and quantity supplied is zero when the price is zero. Before the government intervention, the market equilibrium quantity and price were 100 and 10. After the government imposed a tax of $2 per unit, the price to consumers increased to $11 and only 90 units were a. Calculate the consumer surplus after the government intervention. b. Calculate the...
Discussion Topic: Capitalism/Free Market encompasses limited to no government intervention in order to maximize the overall...
Discussion Topic: Capitalism/Free Market encompasses limited to no government intervention in order to maximize the overall benefits to an economy. There have been increased calls for significant trade barriers on goods specifically from China. How might these trade barriers impact your career interest or pathway? How will they benefit and/cost the U.S. economy? Pathways: AHCD, Business, Education, Health Science, IMCT, Public Safety, SBSHS, STEM Make sure to cite at least two reliable sources you used for this assignment
Discussion Topic:...
Please help with the following microeconomics question 3: 1. A city has a large number of...
Please help with the following microeconomics question 3: 1. A city has a large number of casinos. The demand by patrons for the games (in thousands per week) is Qd = 90 - 3P and the supply is Qs = 3P where P is the price charged to play a game. What is the equilibrium number (quantity) of games played? What is the equilibrium price? 2. Continue your analysis of the casino market in the city: demand by patrons for...
Please help with the following microeconomics question 2: 1. A city has a large number of...
Please help with the following microeconomics question 2: 1. A city has a large number of casinos. The demand by patrons for the games (in thousands per week) is Qd = 90 - 3P and the supply is Qs = 3P where P is the price charged to play a game. What is the equilibrium number (quantity) of games played? What is the equilibrium price? 2. Continue your analysis of the casino market in the city: demand by patrons for...
Question 12 (1 point) One study indicated that the biggest intervention people could make toward reducing...
Question 12 (1 point) One study indicated that the biggest intervention people could make toward reducing their carbon footprints would be to eat less red meat (due to GHG emissions from raising animals such as cattle). Suppose the external cost of producing one pound of hamburger meat is equal to $1. Given the information in the diagram below, compute the reduction in total social benefit from reducing output of hamburger meat from the market equilibrium quantity to the socially-efficient quantity...
9. The pricing system Consider the market for hamburgers in an economy where the market equilibrium...
9. The pricing system Consider the market for hamburgers in an economy where the market equilibrium is characterized by a quantity of hamburgers of 50 million and a price of $5.00 per hamburger. Suppose that currently 80 million hamburgers are being produced and sold at a price of $2.50. This outcome in the market for hamburgers is economically because: Some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. The opportunity cost of...
QUESTION 1 The market for bananas and muffins are interrelated. Assume that bananas and muffins have...
QUESTION 1 The market for bananas and muffins are interrelated. Assume that bananas and muffins have a typical upward sloping supply and downward sloping demand curves. In a market for bananas, the current equilibrium price is $1.00 per kilogram and the equilibrium quantity is 1,000 kilograms per week. Suppose the government imposes a price floor on bananas at $1.20 per kg, causing the quantity supplied to increase to 1,500 kg per week. Based on the above information, draw a...
Analyze the following three scenarios (Efficient, A, and B) describing the market for widgets. ● Consider...
Analyze the following three scenarios (Efficient, A, and B) describing the market for widgets. ● Consider the market for widgets, consumers have a market (aggregate) marginal benefit curve of MB = 90 – 2Q. The supplier(s) in that market have a market (aggregate) marginal cost curve of MC = 4Q. Efficient Outcome ● Use the marginal benefit and marginal cost equations given above to determine the efficient quantity (Q*) and the joint surplus (JS*) based on that quantity. Equilibrium with...
Discussion Topic: Capitalism/Free Market encompasses limited to no government intervention in order to maximize the overall benefits to an economy. There have been increased calls for significant trade barriers on goods specifically from China. How might these trade barriers impact your career interest or pathway? How will they benefit and/cost the U.S. economy? Pathways: AHCD, Business, Education, Health Science, IMCT, Public Safety, SBSHS, STEM Make sure to cite at least two reliable sources you used for this assignment
Discussion Topic:...
Question 12 (1 point) One study indicated that the biggest intervention people could make toward reducing their carbon footprints would be to eat less red meat (due to GHG emissions from raising animals such as cattle). Suppose the external cost of producing one pound of hamburger meat is equal to $1. Given the information in the diagram below, compute the reduction in total social benefit from reducing output of hamburger meat from the market equilibrium quantity to the socially-efficient quantity...
9. The pricing system Consider the market for hamburgers in an economy where the market equilibrium is characterized by a quantity of hamburgers of 50 million and a price of $5.00 per hamburger. Suppose that currently 80 million hamburgers are being produced and sold at a price of $2.50. This outcome in the market for hamburgers is economically because: Some hamburgers produced incur opportunity costs of production that exceed their value or marginal benefit to consumers. The opportunity cost of...
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