Homework Answers
answer:
if the wheat market is in competitive equilibrium the producer’s surplus will equal to:
area 3+5
in the competitive equilibrium the market demand is equal to the supply so equilibrium point at the intersection point of S and D curve at point 6
so the surplus above the equilibrium point (the horizontal line from p1 to 6) is consumer’s surplus (1+2+4) and the surplus below the equilibrium till the point S curve touches y- axis is producer’s equilibrium
so the producer’s equilibrium is the area 3+5
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QUESTION 31 Price 100 90 80 20 7 8 4 5 6 Competitive Market Reference: Ref...
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What is the equilibrium price and quantity? P=10, Q=0 P=6,Q=4
What is the equilibrium price and quantity?
P=10,
Q=0
P=6,Q=4
P=5,Q=5
P=0,Q=10
Use the image above. What happens when the market price is
$4?
Shortage
Nothing
Surplus
Equilibrium
Using the same image. What happens if the price is
$10?
Shortage
Nothing
Surplus
Equilibrium
Demand and Supply Price $10 Quantity Demanded Quantity Supplied 0 1 2 3 4 5 6 7 8 9 10 Quantity
1. 2. 3. 4. 5. 6. Submit when finished answering the R button. Due to this being a web course, only scores will...
1.
2.
3.
4.
5.
6.
Submit when finished answering the R button. Due to this being a web course, only scores will be shown, there will be back Question 1 1 pts Willingness to pay measures the value that a buyer places on a good. O is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. is the maximum amount a buyer is willing to pay minus the minimum...
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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...
41) Figure 7-24 (1.67pts) 1 Price Supply Demand 2 3 + 4 + 5 + 6...
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Exhibit 24-7 Price Quantity Total Cost $10 10 $80 9 15 85 8 20 95 7...
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Price 10 8 6 4 2 2 Quantity in the amount of Refer to the figure...
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Question 2 Exhibit 4-5 Price (dollars) P. 0 QI Quantity Kidneys for Transplants Refer to Exhibit 4-5. If a free market were allowed in the transplanted kidney market, then the equilibrium price would be Pg. The number of kidneys transplanted would increase by compared to the number transplanted at a price ceiling of P-50. Q-01) O (Q2-01) Question 3 Exhibit 3-10 30 20 Price of X (dollars) 10 100 300 Quantity of Refer to Exhibit 3-10, $20 is the price...
Exhibit 3-4 Price (dollars) OT 5 10 15 20 25 Quantity Refer to Exhibit 3-4. A price of $6 in the market will result in a a. shortage of 10 units. of units c. surplus of 5 units. d. shortage of 5 units. ANS PTS: 1 DIF: Difficulty: Moderate NAT: BUSPROG: Analytic LOC: DISC: Supply and demand KEY: Bloom's: Comprehension 53. Refer to Exhibit 3-4. At a price of $2 units will be exchanged. d. 20 ANSPTS: 1 DIF: Difficulty:...
Question 23 (1 point) Figure 4-18 20 price 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium quantity in this market? a) 7.5 units Ob) 5 units OC) 10 units O d) The equilibrium quantity cannot be determined from this graph. Question 24 (1 point) Figure 4-18 2 prace 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium price in...
QUESTION 31 Price 100 90 80 20 7 8 4 5 6 Competitive Market Reference: Ref 9-1 9 10 11 Quantity Refer to the competitive market graph. If market price is equal to $40, A. there will be a shortage of 6 units. B. None of the above is correct. C. the market will be in equilibrium. D. there will be a surplus of 6 units.
What is the equilibrium price and quantity?
P=10,
Q=0
P=6,Q=4
P=5,Q=5
P=0,Q=10
Use the image above. What happens when the market price is
$4?
Shortage
Nothing
Surplus
Equilibrium
Using the same image. What happens if the price is
$10?
Shortage
Nothing
Surplus
Equilibrium
Demand and Supply Price $10 Quantity Demanded Quantity Supplied 0 1 2 3 4 5 6 7 8 9 10 Quantity
1.
2.
3.
4.
5.
6.
Submit when finished answering the R button. Due to this being a web course, only scores will be shown, there will be back Question 1 1 pts Willingness to pay measures the value that a buyer places on a good. O is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept. is the maximum amount a buyer is willing to pay minus the minimum...
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...
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.
Exhibit 24-7 Price Quantity Total Cost $10 10 $80 9 15 85 8 20 95 7 25 110 6 30 140 5 35 175 4 40 215 Refer to Exhibit 24-7. A monopolistic competitive firm earns a total profit of when it produces and sells 20 units of its good. a. $80. b. $40. c. $200 O d. 550. O e. $65.
Price 10 8 6 4 2 2 Quantity in the amount of Refer to the figure above. At a price of 3, the market will experience units excess demand; 5 units excess supply, 7 units O equilibrium: 4 units O excess supply 3 units
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