Homework Answers
Penalty on sellers-
Supply curve shifts left by $20.
Equilibrium price= $70 Equilibrium quantity= 100
Penalty on consumers-
Demand curve shifts left by $20
Equilibrium price = $50 Equilibrium quantity= 100
Penalty on both consumer and producer
Both demand and supply curve shifts left by $20
Equilibrium price= $60 equilibrium quantity= 90
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Price (dollars per unit) The figure illustrates the market for an illegal good. (Note: CBL is short for Cost of Breakin...
The graph shows the market for tulips. Price (dollars per bunch) Draw a point at the...
The graph shows the market for tulips. Price (dollars per bunch) Draw a point at the equilibrium price and equilibrium quantity. Label it 1. Suppose that tulips are taxed $6 a bunch and that the tax is on the sellers of tulips. Draw a curve that shows the effect of the tax. Label it. Draw a point to indicate the price paid by buyers and the quantity bought. Label it 2. 114 Buyers pay $ of the tax and sellers...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
The following figure illustrates a standard market-demand curve and market-supply curve, with price per unit measured...
The following figure illustrates a standard market-demand curve and market-supply curve, with price per unit measured on the vertical axis and quantity measured on the horizontal axis. Price Demand Supply 0 1 2 3 4 5 6 7 8 9 10 Quantity Figure Description: Quantity demanded and quantity supplied is measured on the horizontal axis and price per unit is measured on the vertical axis. One downward sloping demand curve is provided and is labeled Demand. One upward sloping supply...
57. The following figure shows the market supply and demand of a good whose production entails...
57. The following figure shows the market supply and demand of a good whose production entails a $2 negative externality per unit. Refer to the figure above. A total of ________ units of this good will be traded in this market, at the price of ________. a. 20; $2 b. 60; $8 c. 40; $4 d. 80; $6 58. The following figure shows the market supply and demand of a good whose production entails a $2 negative externality per unit....
7. Effect of a tax on buyers and sellers Suppose the calculator illustrates the market for...
7. Effect of a tax on buyers and sellers Suppose the calculator illustrates the market for wine in the United States. The orange (upward-sloping) line represents the supply curve of wine, and the blue (downward-sloping) line represents the market demand. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. The market is initially in equilibrium. Then the government institutes a $11.60 per bottle tax...
The graph illustrates the unregulated market for pesticide. Price (dollars per ton) 720- When the factories produce pes...
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5) Use the figure below to answer the following question. Price and cost (dollars per unit)...
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(Figure: Price and Quantity 2) At a cost of $20 per unit in the diagram, the...
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Refer to the following graph: 00 Market demand v PRICE OR COST (dollars per unit) -...
Refer to the following graph: 00 Market demand v PRICE OR COST (dollars per unit) - Nw Au Average total cost Marginal cost 0 10 20 30 40 50 60 70 80 90 100 110 120 130 Marginal revenue QUANTITY (units per period) Identity output and price and calculate profits for: Instructions: Enter your responses for output and profits as a whole number. Round your responses for price to two decimal places. If you are entering any negative numbers be...
] The graph illustrates the market for concert tickets. Price (dollars per concert ticket) 100 Suppose...
]
The graph illustrates the market for concert tickets. Price (dollars per concert ticket) 100 Suppose the current price of a concert ticket is $90 and 1 million concert tickets a year are bought. S 80- J What do you predict will happen to the price of a concert ticket? 60- 50 40- A. The surplus of concert tickets forces the price down. B. The shortage of concert tickets forces the price up. O C. The price will not change...
The graph shows the market for tulips. Price (dollars per bunch) Draw a point at the equilibrium price and equilibrium quantity. Label it 1. Suppose that tulips are taxed $6 a bunch and that the tax is on the sellers of tulips. Draw a curve that shows the effect of the tax. Label it. Draw a point to indicate the price paid by buyers and the quantity bought. Label it 2. 114 Buyers pay $ of the tax and sellers...
Figure 14-8 Suppose a firm operating in a competitive market has the following cost curves: 1. Refer to Figure 14-8. Which line segment best reflects the short run supply curve for this firm? a. ABCF b. CD c. DF d. BCD 24. Efficiency in a market is achieved when a. the sum of producer surplus and consumer surplus is maximized. b. a social planner intervenes and sets the quantity of output after evaluating buyers' willingness to pay and sellers' costs....
The following figure illustrates a standard market-demand curve and market-supply curve, with price per unit measured on the vertical axis and quantity measured on the horizontal axis. Price Demand Supply 0 1 2 3 4 5 6 7 8 9 10 Quantity Figure Description: Quantity demanded and quantity supplied is measured on the horizontal axis and price per unit is measured on the vertical axis. One downward sloping demand curve is provided and is labeled Demand. One upward sloping supply...
7. Effect of a tax on buyers and sellers Suppose the calculator illustrates the market for wine in the United States. The orange (upward-sloping) line represents the supply curve of wine, and the blue (downward-sloping) line represents the market demand. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. The market is initially in equilibrium. Then the government institutes a $11.60 per bottle tax...
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(Figure: Price and Quantity 2) At a cost of $20 per unit in the diagram, the value of the unexploited gains from trade is: Price $100 80 60 B m 50 40 с 20 10 20 30 40 50 60 70 80 90 100 Quantity A. $600. B. $200. C. $500 D. $900. 1 po A market can be described by the equations Qd = 50 - 3 P and Qs =2 P. What are the equilibrium price and quantity...
Refer to the following graph: 00 Market demand v PRICE OR COST (dollars per unit) - Nw Au Average total cost Marginal cost 0 10 20 30 40 50 60 70 80 90 100 110 120 130 Marginal revenue QUANTITY (units per period) Identity output and price and calculate profits for: Instructions: Enter your responses for output and profits as a whole number. Round your responses for price to two decimal places. If you are entering any negative numbers be...
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The graph illustrates the market for concert tickets. Price (dollars per concert ticket) 100 Suppose the current price of a concert ticket is $90 and 1 million concert tickets a year are bought. S 80- J What do you predict will happen to the price of a concert ticket? 60- 50 40- A. The surplus of concert tickets forces the price down. B. The shortage of concert tickets forces the price up. O C. The price will not change...
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