Homework Answers
1. Consumer surplus = 0.5(22-16)6= 18
2. Producer surplus = 0.5(16-4)6= 36
3. Total surplus = 0.5(22-4)6= 54
4. This is efficient allocation of resources because social welfare is maximized and surplus cannot be increased any more.
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Supply A & Demand • 10 11 Dexto 1. Refer to Figure above. Show the consumer...
41) Figure 7-24 (1.67pts) 1 Price Supply Demand 2 3 + 4 + 5 + 6...
41) Figure 7-24 (1.67pts) 1 Price Supply Demand 2 3 + 4 + 5 + 6 + 7 + 8 9 10 + + + 11 Quantity Refer to Figure 7-24. The equilibrium allocation of resources is efficient because total surplus is maximized at the equilibrium.
Question 3 1 pts Figure 8-1 1 Price Supply KI | Lly Demand Quantity Refer to...
Question 3 1 pts Figure 8-1 1 Price Supply KI | Lly Demand Quantity Refer to Figure 8-1. Suppose the government imposes a tax of P'P. The area measured by I+Y represents the deadweight loss due to the tax. loss in consumer surplus due to the tax. loss in producer surplus due to the tax. total surplus before the tax.
Figure 9-11 Price Domestic Supply World Price Domestic Demand Quantity Refer to Figure 9.11. Consumer surplus in...
Figure 9-11 Price Domestic Supply World Price Domestic Demand Quantity Refer to Figure 9.11. Consumer surplus in this market before trade is O a. A Ob. B+C O c. A+B+D. O d.c. Supply Demand Refer to Figure 7-21. Which area represents consumer surplus when the price is P1? O a. A O b.B ос. С To a.D
do part b Figure 1: Market for Musthaves Price $40 Supply 24 1X1 Demand 32 48...
do part b
Figure 1: Market for Musthaves Price $40 Supply 24 1X1 Demand 32 48 72 Quantity Question 1: Use Figure 1 (The Market for Musthaves) to answer the following: b) Suppose that an event causes Musthaves to become a necessary item for most people. As a result, the number of buyers of Musthaves increases significantly and the equilibrium price rises to $28. i. Show graphically why this happens. ii. What is the new consumer surplus? How does it...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
Refer to Figure: Supply and Demand Suppose the government imposes a tax of $6 on consumers....
Refer to Figure: Supply and Demand Suppose the
government imposes a tax of $6 on consumers. Which statement is
correct?
a.
Consumers will pay $16, the producer will receive $10, and total
surplus decreases by $6.
b.
Consumers will pay $14, the producer will receive $8, and total
surplus decreases by $6.
c.
Consumers will pay $14, the producer will receive $8, and total
surplus decreases by $24.
d.
Consumers will pay $16, the producer will receive $10, and total...
Refer to a figure that shows the market for backpack to answer the following questions. Price...
Refer to a figure that shows the market for backpack to answer the following questions. Price Supply (S Demand 30 60 90 120 Number of Laptop 1) The equilibrium price is $ and the equilibrium quantity is The consumer surplus at the market equilibrium is 0.5 x(120- 1x60 = $ The producer surplus at the market equilibrium is $ As a result, the total surplus at the market equilibrium is $ 2) Suppose that the price per laptop is $90....
6. Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply...
6. Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum QD = 317,500 - 10,000P (Demand) Qs = -2,500 + 10,000P (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Complete the following table: A Calculate the market equilibrium price and output? B. What is the inverse demand curve P = f(QD)? C. Compute the consumer surplus at...
Graphs 1. Show using supply and demand analysis the areas that make up consumer surplus, producer...
Graphs 1. Show using supply and demand analysis the areas that make up consumer surplus, producer surplus, and total surplus. 2. Show using supply and demand analysis the effect on total surplus if the government provides consumers with an income subsidy. 3. Show using supply and demand analysis the effect on total surplus if there is an increase in a products sales tax.
Q=100,000-10,000P solve for the consumer surplus at the equilibrium price and quantity Demand: Let the Market...
Q=100,000-10,000P solve for the consumer surplus at the
equilibrium price and quantity
Demand: Let the Market Demand curve for soybeans be given by the following equation: Q=100,000 -10,000P where the quantity of soybeans in kilograms P = the price of soybeans in dollars per kilogram. Supply: Let the Market Supply curve for soybeans be given by the equation: Q=-5,000+ 5,000P 3) Consumer Surplus: The Consumer Surplus (CS) is the triangular area under the demand curve and above the equilibrium price....
41) Figure 7-24 (1.67pts) 1 Price Supply Demand 2 3 + 4 + 5 + 6 + 7 + 8 9 10 + + + 11 Quantity Refer to Figure 7-24. The equilibrium allocation of resources is efficient because total surplus is maximized at the equilibrium.
Question 3 1 pts Figure 8-1 1 Price Supply KI | Lly Demand Quantity Refer to Figure 8-1. Suppose the government imposes a tax of P'P. The area measured by I+Y represents the deadweight loss due to the tax. loss in consumer surplus due to the tax. loss in producer surplus due to the tax. total surplus before the tax.
Figure 9-11 Price Domestic Supply World Price Domestic Demand Quantity Refer to Figure 9.11. Consumer surplus in this market before trade is O a. A Ob. B+C O c. A+B+D. O d.c. Supply Demand Refer to Figure 7-21. Which area represents consumer surplus when the price is P1? O a. A O b.B ос. С To a.D
do part b
Figure 1: Market for Musthaves Price $40 Supply 24 1X1 Demand 32 48 72 Quantity Question 1: Use Figure 1 (The Market for Musthaves) to answer the following: b) Suppose that an event causes Musthaves to become a necessary item for most people. As a result, the number of buyers of Musthaves increases significantly and the equilibrium price rises to $28. i. Show graphically why this happens. ii. What is the new consumer surplus? How does it...
QUESTION 3 Figure Price Supply P K I P" P B M N Demand Quantity Refer to Figure. If the government imposes a tax size of P- P" in the above market then the area L+M+Y represents a. consumer surplus after the tax. producer surplus after the tax. Cconsumer surplus before the tax. producer surplus before the tax. QUESTION 4 4 point Figure Supply Dennd Quantity Q1 02 Q3 Q Qs Refer to Figure. If the government impose a tax...
Refer to Figure: Supply and Demand Suppose the
government imposes a tax of $6 on consumers. Which statement is
correct?
a.
Consumers will pay $16, the producer will receive $10, and total
surplus decreases by $6.
b.
Consumers will pay $14, the producer will receive $8, and total
surplus decreases by $6.
c.
Consumers will pay $14, the producer will receive $8, and total
surplus decreases by $24.
d.
Consumers will pay $16, the producer will receive $10, and total...
Refer to a figure that shows the market for backpack to answer the following questions. Price Supply (S Demand 30 60 90 120 Number of Laptop 1) The equilibrium price is $ and the equilibrium quantity is The consumer surplus at the market equilibrium is 0.5 x(120- 1x60 = $ The producer surplus at the market equilibrium is $ As a result, the total surplus at the market equilibrium is $ 2) Suppose that the price per laptop is $90....
6. Demand, Supply, consumer surplus and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum QD = 317,500 - 10,000P (Demand) Qs = -2,500 + 10,000P (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Complete the following table: A Calculate the market equilibrium price and output? B. What is the inverse demand curve P = f(QD)? C. Compute the consumer surplus at...
Graphs 1. Show using supply and demand analysis the areas that make up consumer surplus, producer surplus, and total surplus. 2. Show using supply and demand analysis the effect on total surplus if the government provides consumers with an income subsidy. 3. Show using supply and demand analysis the effect on total surplus if there is an increase in a products sales tax.
Q=100,000-10,000P solve for the consumer surplus at the
equilibrium price and quantity
Demand: Let the Market Demand curve for soybeans be given by the following equation: Q=100,000 -10,000P where the quantity of soybeans in kilograms P = the price of soybeans in dollars per kilogram. Supply: Let the Market Supply curve for soybeans be given by the equation: Q=-5,000+ 5,000P 3) Consumer Surplus: The Consumer Surplus (CS) is the triangular area under the demand curve and above the equilibrium price....
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