Question

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0U nd 5 sinks. 12. Refer to Table: Production. Which of the following statements is correct? The carpenter has an absolute and comparative advantage fixing in doors. b. The plumber has an absolute advantage in fixing sinks and doors c. The carpenter has a comparative advantage in fixing doors and sinks d. a. The plumber has an absolute and comparative advantage in fixing sinks. P=100-109 G100-109 Demand and Supply Equations. Demand is represented PD = 100-100D and supply is represented PS = 10+5Qs, with price in dollars and quantity in thousands. 6 Refer to Demand and Supply Equations. What is producer surplus in equilibrium? (09-99 13. EG a) $75,000 Ib) $90,000 c) $105,500 d) $165,000 4.8 X 2. 14. Refer to Demand and Supply Equations. What would be the result of a $30 price ceiling? a) A surplus of 1500 units b) A shortage of 1500 units c) A surplus of 3000 units d) A shortage of 3000 units

Answer 1

s pz 100 -1009 ps 10+5gs At equilibrium po PS 100 - 1080 - 10+593 At equilibrium go-ge 100-109 = 10 +59 90 = 159 8 = 6 unill P= 10+30= 40 At 992.0, P=10 ga=0 ,pd_100 Producer sweplus = (6)(40-10) 2 3.30 = 90 (b) $90,000 (14) At price $30, 99 = 100-30 0 - 30510 - 7 units 10 ₂ 4 units Demand supply mismatch There will be a shortage of 3000 units (d)