Homework Answers
To achieve the optimal quantity the demand for the product should be increased, the government can do this by giving a subsidy to consumers. The subsidy lowers the price of the product and then will increase the demand and the demand will shift to the right.
Ans: B). Providing a per unit subsidy to consumers equal to P3-P1.
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the figure at right. The market equilibrium quantity is Q. Point Q2 represents the optimal amount...
In the figure above, if the government provides level Q2 of the public good: Group of...
In the figure above, if the government provides level Q2 of the public good: Group of answer choices a. it leads to a welfare gain because it creates jobs in the public sector. b. it is the optimal level. c. it is less than the optimal level Q3. d. it leads to a welfare loss because the MC is less than the sum of the marginal benefits. Refer to the figure above. A yardstick pricing proposal will require: Group of...
Figure. On the grapn, Q represents the quantity of plastics and represents the price of plastics....
Figure. On the grapn, Q represents the quantity of plastics and represents the price of plastics. Social Cost Private Cost Demand + 100 200 300 400 500 Refer to Figure above. In order to reach the social optimum, the government could offer a subsidy of $6 per unit on plastics. impose a tax of $6 per unit on plastics. impose a tax of $2 per unit on plastics. impose a tax of $8 per unit on plastics. o tea 9...
Price Supply Q1 Q2 Quantity Refer to Figure 7-15. When the price rises from P1 to...
Price Supply Q1 Q2 Quantity Refer to Figure 7-15. When the price rises from P1 to P2, what area represents the increase in producer surplus? OA. OA+B+C. ОА+В. OG.
Per Unit Costs Cost per Unit (5) Q, QQ Output Quantity What is the profit-maximizing price...
Per Unit Costs Cost per Unit (5) Q, QQ Output Quantity What is the profit-maximizing price and level of output for the monopolist? Price=P1 Quantity=Q1 Price=P3 & Quantity=Q3 Price=P4 & Quantity=Q1 Price=P2 & Quantity=Q1 O Price=P3 & Quantity=Q1 Question 7 (1 point) Per Unit Costs Cost per Unit (5) Q, QO Output Quantity What area shows the deadweight loss to society resulting from the monopolist's output decision? Area: D,B,F Area: P4, P3, D, F O Area: P2, P1, B, E...
PRICE Demand Q2 Q1 QUANTITY Refer to Figure 5-4. Total revenue when the price is P...
PRICE Demand Q2 Q1 QUANTITY Refer to Figure 5-4. Total revenue when the price is P 1 is represented by a. areas A+B. b. areas C+D. C. area D. d. areas B+D. ESTION 11 Which of the following could be the price elasticity of demand for a good for which a decrease in price would increase total revenue? a. 2.8 o 6.0.3 C. 3.6 d. 1 PRICE Demand Q2 Q1 QUANTITY Refer to Figure 5-4. If rectangle D is larger...
Figure: Profit Maximizing Price, ATC, AVC, and MC (per unit) 91 92 93 94 95 Quantity...
Figure: Profit Maximizing Price, ATC, AVC, and MC (per unit) 91 92 93 94 95 Quantity (per period) Reference: Ref 9-3 if the price in the competitive market is The optimal level of output will be O A. 91; P3 O B. 92; P4 O C. 93; P2 O D.O; P1 O E. None of the above
1. Refer to Figure 1-5. The figure above represents demand and supply in the market for...
1. Refer to Figure 1-5. The figure above represents demand and
supply in the market for cigarettes. Use the diagram to answer the
following questions.
a. How much is the government tax on each pack of
cigarettes?
b. What portion of the unit tax is paid by consumers?
c. What portion of the unit tax is paid by producers?
d. What is the quantity sold after the imposition of the
tax?
e. What is the after-tax revenue per pack received...
Question 18 Refer to the figure below. If a market changes from perfectly competitve to a...
Question 18 Refer to the figure below. If a market changes from perfectly competitve to a monopoly, what happens to the price and output levels? Price MC MR Demand Quantity O A. They move from point A to point B. B. They move from point B to point C. C. They move from point C to point B. O D. They move from point A to point C. Question 20 Refer to the figure below. How much is the amount...
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...
Price (S) 50 Quantity Figure 3 12. Refer to Figure 3. Assume that production of this good generates a $30 per unit exte...
Price (S) 50 Quantity Figure 3 12. Refer to Figure 3. Assume that production of this good generates a $30 per unit external cost. How many of the following regulations would lead to the efficient outcome? • A price ceiling at $30 • A price floor at $60 • A per-unit tax of $30 • A per-unit subsidy of $30 a) 1 b) 2 c) 3 d) 4 13. Refer to Figure 3. Assume that production of this good generates...
Figure. On the grapn, Q represents the quantity of plastics and represents the price of plastics. Social Cost Private Cost Demand + 100 200 300 400 500 Refer to Figure above. In order to reach the social optimum, the government could offer a subsidy of $6 per unit on plastics. impose a tax of $6 per unit on plastics. impose a tax of $2 per unit on plastics. impose a tax of $8 per unit on plastics. o tea 9...
Price Supply Q1 Q2 Quantity Refer to Figure 7-15. When the price rises from P1 to P2, what area represents the increase in producer surplus? OA. OA+B+C. ОА+В. OG.
Per Unit Costs Cost per Unit (5) Q, QQ Output Quantity What is the profit-maximizing price and level of output for the monopolist? Price=P1 Quantity=Q1 Price=P3 & Quantity=Q3 Price=P4 & Quantity=Q1 Price=P2 & Quantity=Q1 O Price=P3 & Quantity=Q1 Question 7 (1 point) Per Unit Costs Cost per Unit (5) Q, QO Output Quantity What area shows the deadweight loss to society resulting from the monopolist's output decision? Area: D,B,F Area: P4, P3, D, F O Area: P2, P1, B, E...
PRICE Demand Q2 Q1 QUANTITY Refer to Figure 5-4. Total revenue when the price is P 1 is represented by a. areas A+B. b. areas C+D. C. area D. d. areas B+D. ESTION 11 Which of the following could be the price elasticity of demand for a good for which a decrease in price would increase total revenue? a. 2.8 o 6.0.3 C. 3.6 d. 1 PRICE Demand Q2 Q1 QUANTITY Refer to Figure 5-4. If rectangle D is larger...
Figure: Profit Maximizing Price, ATC, AVC, and MC (per unit) 91 92 93 94 95 Quantity (per period) Reference: Ref 9-3 if the price in the competitive market is The optimal level of output will be O A. 91; P3 O B. 92; P4 O C. 93; P2 O D.O; P1 O E. None of the above
1. Refer to Figure 1-5. The figure above represents demand and
supply in the market for cigarettes. Use the diagram to answer the
following questions.
a. How much is the government tax on each pack of
cigarettes?
b. What portion of the unit tax is paid by consumers?
c. What portion of the unit tax is paid by producers?
d. What is the quantity sold after the imposition of the
tax?
e. What is the after-tax revenue per pack received...
Question 18 Refer to the figure below. If a market changes from perfectly competitve to a monopoly, what happens to the price and output levels? Price MC MR Demand Quantity O A. They move from point A to point B. B. They move from point B to point C. C. They move from point C to point B. O D. They move from point A to point C. Question 20 Refer to the figure below. How much is the amount...
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...
Price (S) 50 Quantity Figure 3 12. Refer to Figure 3. Assume that production of this good generates a $30 per unit external cost. How many of the following regulations would lead to the efficient outcome? • A price ceiling at $30 • A price floor at $60 • A per-unit tax of $30 • A per-unit subsidy of $30 a) 1 b) 2 c) 3 d) 4 13. Refer to Figure 3. Assume that production of this good generates...
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