Homework Answers
Answer
$ 4 per ride & 4 milion of ride per year
As Demand supply met at $10 to 10 miliion rides
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(Table: The Market for Taxi Rides) Use Table: The Market for Taxi Rides. If a government...
Question 7 (1 point) Price of taxi ride $4 60 80 Quantity of taxi rides Refer...
Question 7 (1 point) Price of taxi ride $4 60 80 Quantity of taxi rides Refer to the above diagram. If the price of a taxi ride increases from $6 to $8, producer surplus for this taxi driver will (rise, fall) by Include the $ sign and separate your two answers only with a comma and no space. For example, if your answer is" fall by $60.50, show this as fall,$60.50. If your answer is Eighty dollars, show this as...
The below table shows both a hypothetical market demand and hypothetical market supply schedule for corn...
The below table shows both a hypothetical market demand and hypothetical market supply schedule for corn in 2018. PRICE (DOLLARS PER BUSHEL) MARKET DEMAND (MILLIONS OF BUSHELS) MARKET SUPPLY (MILLIONS OF BUSHELS) 13,000 14,000 15,000 16,000 17,000 2.50 16,500 12,000 3.00 16,00015,5004.00 15,00014,5005.00 14,000 3.50 4.50 5.50 13,500 18,000 7. Based on this schedule, what was the equilibrium price and quantity for corn in this market in 2018? Why is this the equilibrium?
NAME PRINT LAST NAME, FIRST NAME SECTION Commodity taxes usually result in deadweight loss because a...
NAME PRINT LAST NAME, FIRST NAME SECTION Commodity taxes usually result in deadweight loss because a tax saus fall, increasing both consumer surplus and producer Surplus fall, decreasing both consumer surplus and producer surplus rise, increasing both consumer surplus and producer surplus rise, decreasing both consumer surplus and producer surplus Use the graph below to answer questions 6 through 10. Price 8.50 Supply + Tas 6.50 5.50 4.50 - Supply 3.50 Demand 750 1,500 Quantity If there is no tax...
Consider the market for gasoline, illustrated in the figure to the right. Suppose the government adds...
Consider the market for gasoline, illustrated in the figure to
the right. Suppose the government adds a $1.50 per gallon excise
tax on gasoline, which shifts the supply curve from S1 to S2 , as
illustrated. What is tax incidence? Consumers pay $------- of the
tax and producers pay $------ of the tax. (Enter your responses
rounded to two decimal places.)
Question Help on 5.50 S2 5.00-1 4.50 4.00- G 3.50- 3.00 Price (dollars per gallon) 2.50 2.00 1.50 1.00...
The figure to the right illustrates the market for apples in which the government has imposed...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? 12 million crates of apples per year. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? There will be a surplus of 18 million crates of...
Suppose the following table reflects the domestic supply and demand for radios: Price $18 $16 $14...
Suppose the following table reflects the domestic supply and demand for radios: Price $18 $16 $14 $12 $10 $8 $6 $4 Qs 8 7 6 5 4 3 2 1 Qd 2 4 6 8 10 12 14 16 Graph these market conditions and identify the equilibrium price and quantity. Now suppose that foreigners enter the market, offering to sell an unlimited supply of radios for $6 a piece. Illustrate and identify the new market price, domestic quantity supplied and...
The market for cigarettes is equilibrium at p=$6 and quantity of 200 (million of packs per...
The market for cigarettes is equilibrium at p=$6 and quantity
of 200 (million of packs per day). Suppose a $2/pack tax is imposed
that causes equilibrium quantity to go down to 150 (million of
packs per day).
Calculate the tax incidence i.e. share of the tax paid by
consumers & producers
Calculate the consumer surplus before and after the tax
Calculate the deadweight loss of the tax
Calculate the tax revenue of the tax
Price/ pack $7.50 $6 $5.50
Use the information on the Kumquat market in the fofowing table to answer the questions (...
Use the information on the Kumquat market in the fofowing table to answer the questions ( millions of crates per year) ants are given in the icon to view the graph Price Quantity (Per Crate) Demanded 120 110 Quantity Supplied 10 The equilibrium price is and the equilibrium quantity is million crates (Enter your responses as integers) How much revenue do kumquat producers receive when the market is in equilibrium? Kumquat producers receive 5 billion in revenue (Enter your response...
The table shows the demand and supply schedules for apples Suppose that the government introduces a...
The table shows the demand and supply schedules for apples Suppose that the government introduces a production quota for apples and sets it at 2,500 pounds per week. Who gains and who loses? What are the market price of apples, the producer surplus, and the deadweight loss? The market price of applsisa pound. The producer surpluas is s Quantity supplied Quantity Pricedemanded ars per 3.50 5.25 7.00 8.75 10.50 pounds per week) 5,625 5,000 4,375 3,750 3,125 2.500 1,250 2,500...
The following graph shows the market for Oregon salmon. Suppose the state of Oregon limits the salmon harvest to 400 million pounds per year in Oregon waters in order to prevent over-fishing. The sta...
The following graph shows the market for Oregon salmon. Suppose the state of Oregon limits the salmon harvest to 400 million pounds per year in Oregon waters in order to prevent over-fishing. The state issues 2,000 fishing licenses that allow each license holder to harvest 200,000 pounds of salmon per year PRICE (Dollars per pound) 20 Quota 18 16 14 12 10 Demand 1000 200 400 600 800 QUANTITY (Millions of pounds per yearl Use the graph to fill in...
Question 7 (1 point) Price of taxi ride $4 60 80 Quantity of taxi rides Refer to the above diagram. If the price of a taxi ride increases from $6 to $8, producer surplus for this taxi driver will (rise, fall) by Include the $ sign and separate your two answers only with a comma and no space. For example, if your answer is" fall by $60.50, show this as fall,$60.50. If your answer is Eighty dollars, show this as...
NAME PRINT LAST NAME, FIRST NAME SECTION Commodity taxes usually result in deadweight loss because a tax saus fall, increasing both consumer surplus and producer Surplus fall, decreasing both consumer surplus and producer surplus rise, increasing both consumer surplus and producer surplus rise, decreasing both consumer surplus and producer surplus Use the graph below to answer questions 6 through 10. Price 8.50 Supply + Tas 6.50 5.50 4.50 - Supply 3.50 Demand 750 1,500 Quantity If there is no tax...
Consider the market for gasoline, illustrated in the figure to
the right. Suppose the government adds a $1.50 per gallon excise
tax on gasoline, which shifts the supply curve from S1 to S2 , as
illustrated. What is tax incidence? Consumers pay $------- of the
tax and producers pay $------ of the tax. (Enter your responses
rounded to two decimal places.)
Question Help on 5.50 S2 5.00-1 4.50 4.00- G 3.50- 3.00 Price (dollars per gallon) 2.50 2.00 1.50 1.00...
The figure to the right illustrates the market for apples in which the government has imposed a price floor of $12 per crate. How many crates of apples will be sold after the price floor has been imposed? 12 million crates of apples per year. (Enter your response as an integer.) Will there be a shortage or surplus? If there is a shortage or surplus, how large will it be? There will be a surplus of 18 million crates of...
The market for cigarettes is equilibrium at p=$6 and quantity
of 200 (million of packs per day). Suppose a $2/pack tax is imposed
that causes equilibrium quantity to go down to 150 (million of
packs per day).
Calculate the tax incidence i.e. share of the tax paid by
consumers & producers
Calculate the consumer surplus before and after the tax
Calculate the deadweight loss of the tax
Calculate the tax revenue of the tax
Price/ pack $7.50 $6 $5.50
Use the information on the Kumquat market in the fofowing table to answer the questions ( millions of crates per year) ants are given in the icon to view the graph Price Quantity (Per Crate) Demanded 120 110 Quantity Supplied 10 The equilibrium price is and the equilibrium quantity is million crates (Enter your responses as integers) How much revenue do kumquat producers receive when the market is in equilibrium? Kumquat producers receive 5 billion in revenue (Enter your response...
The table shows the demand and supply schedules for apples Suppose that the government introduces a production quota for apples and sets it at 2,500 pounds per week. Who gains and who loses? What are the market price of apples, the producer surplus, and the deadweight loss? The market price of applsisa pound. The producer surpluas is s Quantity supplied Quantity Pricedemanded ars per 3.50 5.25 7.00 8.75 10.50 pounds per week) 5,625 5,000 4,375 3,750 3,125 2.500 1,250 2,500...
The following graph shows the market for Oregon salmon. Suppose the state of Oregon limits the salmon harvest to 400 million pounds per year in Oregon waters in order to prevent over-fishing. The state issues 2,000 fishing licenses that allow each license holder to harvest 200,000 pounds of salmon per year PRICE (Dollars per pound) 20 Quota 18 16 14 12 10 Demand 1000 200 400 600 800 QUANTITY (Millions of pounds per yearl Use the graph to fill in...
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