Homework Answers
C. Inefficient ; less than
Efficiency is achieved at the intersection of demand and supply. At q= 8, supply which is marginal social cost is less than demand which is marginal social benefit.
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The figure shows the market for cotton in Georgestan. The government regulates the market with a...
O The figure shows an education market in which the government is providing households with vouchers....
O The figure shows an education market in which the government is providing households with vouchers. What is the efficient quantity of students? nows Price and cost (thousands of dollars per student) O A. 2 million o the 20 O B. more than 6 million S = MC O c. more than 4 million and less than 6 16 OD 4 million 12 Ws an e eholds udent? O E. 6 million 8 D = MSB 0 4 MB 0...
27 2$ Refer to the diagram below. Price $13 Domestic Supply 00 $1.00 Tarih ) un...
27 2$ Refer to the diagram below. Price $13 Domestic Supply 00 $1.00 Tarih ) un World Price Domestic Demand 30 40 60 84 96 Quantity Assuming that an import quota is given to foreign producers for free. What would be the total revenue received by foreign producers if an import quota is imposed instead of a $1 per unit tariff? 00 $1.00 Tariff 10 World Price Domestic Demand 30 40 60 84 96 Quantity Assuming that an import quota...
The following diagram is for the cotton market in a small country. Under free trade, the...
The following diagram is for the cotton market in a small country. Under free trade, the world price of cotton is $30 per pound. After the small country imposes import quota, the domestic price of cotton reaches $32 per pound in the small country. Price Supply $32 530 Demand 100 200 400 Quantity (thousands) 600 Refer to the figure above. If the government was to auction the quota license competitively, the government could earn the quota rent of Select one:...
Price (S/pound) The graph to the right shows the competitive equilibrium in the domestic cotton market...
Price (S/pound) The graph to the right shows the competitive equilibrium in the domestic cotton market in autarky (no trade). Suppose the world price of cotton is $7 per pound, and assume that the United States can buy as much imported cotton as it wants at the world price. Now suppose that the U.S. allows the free trade of cotton. 1.) Using the line drawing tool, indicate the world price of cotton and label it Pw 2.) Using the point...
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...
(Table: The Market for Taxi Rides) Use Table: The Market for Taxi Rides. If a government...
(Table: The Market for Taxi Rides) Use Table: The Market for Taxi Rides. If a government quota limit at 6 million rides is imposed, the quota rent accruing to the owner of a taxi medallion will be per ride, but there will be a total missed opportunity (inefficiency) to consumers and producers of million rides. 6 Table: The Market for Taxi Rides Quantity Demanded Fare (millions of rides (per ride) per year) $7.00 6.50 7 6.00 8 5.50 5.00 4.50...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E Quantity (per period) The figure above shows a market failure. Based on the figure, what is true if production is at level G? Price is equal to marginal cost and greater than marginal benefit. Marginal benefit is equal to marginal cost. Marginal benefit is less than marginal cost. Marginal benefit is greater than marginal cost. QUESTION 62 с Price per unit $25 and marginal...
Suppose the figure to the right represents the market for cotton. To help reduce debt, the...
Suppose the figure to the right represents the market for
cotton. To help reduce debt, the government decides to levy a tax
on cotton of $0.90 per pound to be paid by cotton farmers. What is
the incidence of this tax? Producers pay $------- of the $0.90
tax and consumers pay $ -------. (Enter your responses rounded to
two decimal places.)
Suppose the figure to the right represents the market for cotion. To help reduce debt, the government decides to...
Price (dollars per pound) 13- Sus 12- 11- The graph shows the market for lobster in...
Price (dollars per pound) 13- Sus 12- 11- The graph shows the market for lobster in the United States. The world price of lobster is $6 a pound. Suppose the U.S. government imposes a tariff of $1 a pound on lobster imported into the United States. Draw a line to show the price of lobster in the United States. Label it U.S. price. Draw a point to show the quantity of lobster supplied by U.S. producers and the price at...
O The figure shows an education market in which the government is providing households with vouchers. What is the efficient quantity of students? nows Price and cost (thousands of dollars per student) O A. 2 million o the 20 O B. more than 6 million S = MC O c. more than 4 million and less than 6 16 OD 4 million 12 Ws an e eholds udent? O E. 6 million 8 D = MSB 0 4 MB 0...
27 2$ Refer to the diagram below. Price $13 Domestic Supply 00 $1.00 Tarih ) un World Price Domestic Demand 30 40 60 84 96 Quantity Assuming that an import quota is given to foreign producers for free. What would be the total revenue received by foreign producers if an import quota is imposed instead of a $1 per unit tariff? 00 $1.00 Tariff 10 World Price Domestic Demand 30 40 60 84 96 Quantity Assuming that an import quota...
The following diagram is for the cotton market in a small country. Under free trade, the world price of cotton is $30 per pound. After the small country imposes import quota, the domestic price of cotton reaches $32 per pound in the small country. Price Supply $32 530 Demand 100 200 400 Quantity (thousands) 600 Refer to the figure above. If the government was to auction the quota license competitively, the government could earn the quota rent of Select one:...
Price (S/pound) The graph to the right shows the competitive equilibrium in the domestic cotton market in autarky (no trade). Suppose the world price of cotton is $7 per pound, and assume that the United States can buy as much imported cotton as it wants at the world price. Now suppose that the U.S. allows the free trade of cotton. 1.) Using the line drawing tool, indicate the world price of cotton and label it Pw 2.) Using the point...
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...
(Table: The Market for Taxi Rides) Use Table: The Market for Taxi Rides. If a government quota limit at 6 million rides is imposed, the quota rent accruing to the owner of a taxi medallion will be per ride, but there will be a total missed opportunity (inefficiency) to consumers and producers of million rides. 6 Table: The Market for Taxi Rides Quantity Demanded Fare (millions of rides (per ride) per year) $7.00 6.50 7 6.00 8 5.50 5.00 4.50...
Price per unit S (Marginal cost) H с B X A D (Marginal benefit) F E Quantity (per period) The figure above shows a market failure. Based on the figure, what is true if production is at level G? Price is equal to marginal cost and greater than marginal benefit. Marginal benefit is equal to marginal cost. Marginal benefit is less than marginal cost. Marginal benefit is greater than marginal cost. QUESTION 62 с Price per unit $25 and marginal...
Suppose the figure to the right represents the market for
cotton. To help reduce debt, the government decides to levy a tax
on cotton of $0.90 per pound to be paid by cotton farmers. What is
the incidence of this tax? Producers pay $------- of the $0.90
tax and consumers pay $ -------. (Enter your responses rounded to
two decimal places.)
Suppose the figure to the right represents the market for cotion. To help reduce debt, the government decides to...
Price (dollars per pound) 13- Sus 12- 11- The graph shows the market for lobster in the United States. The world price of lobster is $6 a pound. Suppose the U.S. government imposes a tariff of $1 a pound on lobster imported into the United States. Draw a line to show the price of lobster in the United States. Label it U.S. price. Draw a point to show the quantity of lobster supplied by U.S. producers and the price at...
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