Homework Answers
Q8
Answer
A person consumes at williness to pay above or =price
P=$35
Peter will purcahse 1 book
Consumer surplus =williness to pay -price
=35-35=0
Option A
==========
Q9
Answer
P=$15
then Peter buy 5 books
Consumers surplus =35-15+30-15+25-15+20-15+15-15
=50
Option C
========
Q10
P=5 and Q=6000-200*5=5000 units
consumers will purcahse 5000 units
Option D
==========
Q11
Answer
Q=0 and Q=6000-200P
0=6000-200P
200P=6000
P=6000/200
P=30
Option D
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Price (per unit) $35 Вooks $30 2 $25 $20 S15 $10 $5 8. The table above shows Peter's monthly demand for books. If t...
12. Suppose that the market demand for yo-yos is given by Q-6,000-200P. If the market price...
12. Suppose that the market demand for yo-yos is given by Q-6,000-200P. If the market price of yo-yos is $5 per unit, market consumer surplus is A. $125,000. B. $62,500. C. $25,000. D. None of the above. 13. Market consumer surplus is due to the fact that A. Different con sumers are willing to pay different prices for the same product. B. All consumers pay the same price for the product. C. The supply curve is upward sloping. D. All...
QUESTION 15 Figure 5-5 11 Price - Demand 5 10 15 20 25 30 35 40...
QUESTION 15 Figure 5-5 11 Price - Demand 5 10 15 20 25 30 35 40 45 50 55 Quantity Refer to Figure 5-5. Using the midpoint method, demand is unit elastic between prices of O a. $20 and $40. b.$50 and $70 c. $40 and $60 d. $40 and $50.
Figure 4: A Subsidy surPLY SUPPLY 70 we suby 35 DEMAND 10 30 40 Qatity The next 4 questions involve the above diagra...
Figure 4: A Subsidy surPLY SUPPLY 70 we suby 35 DEMAND 10 30 40 Qatity The next 4 questions involve the above diagram, which depicts a subsidy of $10 per unit 15.What is the initial market price and quantity, before the subsidy is enacted? (A) p 40, q = 30 (B) p 40, a 40 (C) p 35, g 40 (D) p 10, g = 20 16.What is the market price and quantity, with the subsidy enacted? (A) p 40,...
The graph shows the demand curve for DVDs. Price (dollars per DVD) Suppose the price of...
The graph shows the demand curve for DVDs. Price (dollars per DVD) Suppose the price of a DVD is $30. Draw an arrow that shows the consumer surplus on the 1 millionth DVD bought. Consumer surplus is Market price O A. equal to the amount that we pay for a good or service O B. measured as the marginal benefit (or value) of a good minus the price paid for it, summed over the quantity bought OC. the value that...
Unit 7-Market Intervention: Price Ceilings and Floors, Taxes Suppose that the demand curve for coffee is...
Unit 7-Market Intervention: Price Ceilings and Floors, Taxes Suppose that the demand curve for coffee is Q-10-P and the supply curve is Q = P. Draw the supply and demand curves below. 107 NWU 3 4 5 6 7 8 9 10 1. What is the equilibrium price and quantity? 2. What is total surplus, consumer surplus, and producer surplus? 3. Suppose the government implemented a price floor at $7 per cup of coffee. a. Identify the new quantities demanded...
Microeconomics Questions Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalw...
Microeconomics Questions
Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalwood The graph above shows the domestic market for sandalwood in equilibrium at a price of $800 per kilogram in the absence of international trade. Now assume the country begins to engage in international trade, and sandalwood is selling at a price of $600 per kilogram in the world market. Which of the following would most likely result? a) The country would increase domestic...
Question 36 Figure 6-32 Price 20 ELENTEND 10 20 30 40 50 60 70 80 100...
Question 36 Figure 6-32 Price 20 ELENTEND 10 20 30 40 50 60 70 80 100 Quantity Refer to Figure 6-32. Which of following statements is true based upon the conditions in the market? a shortage will develop when a price ceiling is imposed at a price of S10. a surplus will develop when a price floor is imposed at a price of $8. a surplus will develop when a price floor is imposed at a price of $12. a...
I. Suppose a monopolist has C(Q)20 + 2Q, and the demand curve it faces is Q- 200p-2. What w be the price, quantity, and prof for this firm? Calculate the deadweight loss resulting from the monopoly i...
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101 10 20 price . 18 .. 16 ... E- .. .. . 10 20 30...
101 10 20 price . 18 .. 16 ... E- .. .. . 10 20 30 40 50 Refer to the figure above, assuming that the demand curve's price intercept is at $20 and the supply's intercept is at (0,0). You will need these intercepts for the calculations. Please answer the following questions. 1. Please calculate the consumer surplus, producer surplus and the Refer to the figure above, assuming that the demand curve's price intercept is at $20 and the...
Figure 9-2.4 The following diagram shows the domestic demand and supply in a market. Assume that...
Figure 9-2.4 The following diagram shows the domestic demand and supply in a market. Assume that the world price in this market is $20 per unit Price 90 80 70 60 50 40 Supply 30 20 10 Demand 5 10 5 25 3540Luanta Refer to Figure 9-24. Suppose the government imposes a tariff of S10 per unit. With trade and a tariff, consumer surplus is A) s1,225 and producer surplus is s225. B) S1,225 and producer surplus is s25. C)...
12. Suppose that the market demand for yo-yos is given by Q-6,000-200P. If the market price of yo-yos is $5 per unit, market consumer surplus is A. $125,000. B. $62,500. C. $25,000. D. None of the above. 13. Market consumer surplus is due to the fact that A. Different con sumers are willing to pay different prices for the same product. B. All consumers pay the same price for the product. C. The supply curve is upward sloping. D. All...
QUESTION 15 Figure 5-5 11 Price - Demand 5 10 15 20 25 30 35 40 45 50 55 Quantity Refer to Figure 5-5. Using the midpoint method, demand is unit elastic between prices of O a. $20 and $40. b.$50 and $70 c. $40 and $60 d. $40 and $50.
Figure 4: A Subsidy surPLY SUPPLY 70 we suby 35 DEMAND 10 30 40 Qatity The next 4 questions involve the above diagram, which depicts a subsidy of $10 per unit 15.What is the initial market price and quantity, before the subsidy is enacted? (A) p 40, q = 30 (B) p 40, a 40 (C) p 35, g 40 (D) p 10, g = 20 16.What is the market price and quantity, with the subsidy enacted? (A) p 40,...
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Unit 7-Market Intervention: Price Ceilings and Floors, Taxes Suppose that the demand curve for coffee is Q-10-P and the supply curve is Q = P. Draw the supply and demand curves below. 107 NWU 3 4 5 6 7 8 9 10 1. What is the equilibrium price and quantity? 2. What is total surplus, consumer surplus, and producer surplus? 3. Suppose the government implemented a price floor at $7 per cup of coffee. a. Identify the new quantities demanded...
Microeconomics Questions
Price of Sandalwood Domestic Supply $800 $600 Domestic Demand Q, Q, Q Quantity of Sandalwood The graph above shows the domestic market for sandalwood in equilibrium at a price of $800 per kilogram in the absence of international trade. Now assume the country begins to engage in international trade, and sandalwood is selling at a price of $600 per kilogram in the world market. Which of the following would most likely result? a) The country would increase domestic...
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I. Suppose a monopolist has C(Q)20 + 2Q, and the demand curve it faces is Q- 200p-2. What w be the price, quantity, and prof for this firm? Calculate the deadweight loss resulting from the monopoly in this market. What are producer surplus consumer surplus, and total surplus under monopoly and at the efficient level? 2. Which of the following are na tural monopolies? Explain your answers a. Firms cach have C(q)-10+q b. Firms cach have C(q) 1000000 +1000000q c....
101 10 20 price . 18 .. 16 ... E- .. .. . 10 20 30 40 50 Refer to the figure above, assuming that the demand curve's price intercept is at $20 and the supply's intercept is at (0,0). You will need these intercepts for the calculations. Please answer the following questions. 1. Please calculate the consumer surplus, producer surplus and the Refer to the figure above, assuming that the demand curve's price intercept is at $20 and the...
Figure 9-2.4 The following diagram shows the domestic demand and supply in a market. Assume that the world price in this market is $20 per unit Price 90 80 70 60 50 40 Supply 30 20 10 Demand 5 10 5 25 3540Luanta Refer to Figure 9-24. Suppose the government imposes a tariff of S10 per unit. With trade and a tariff, consumer surplus is A) s1,225 and producer surplus is s225. B) S1,225 and producer surplus is s25. C)...
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