Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200 600 $60 800 800 $70 400 1000 $80...
Price Quantity Demanded Quantity Supplied
$20 2400 0
$30 2000 200
$40 1600 400
$50 1200 600
$60 800 800
$70 400 1000
$80 0 1200
Refer to the above table. Suppose the government imposes a price floor of $30 on this market. What will be the size of the surplus in this market?
A. 0 units
B. 200 units
C. 1800 units
D. 2000 units
Homework Answers
Answer
the market is in equilibrium at Qd=Qs
where
P=60 and Q=800
A price floor is a minimum price can a seller charge so it is
effective if the price is above the equilibrium price
but
a price floor is 30
so it is not effective and it will not have an effect on the market
so there is no surplus or shortage
Option A
0 units
Add Answer to:
Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200 600 $60 800 800 $70 400 1000 $80...
Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200...
Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200 600 $60 800 800 $70 400 1000 $80 0 1200 Refer to the above table. Suppose the government imposes a price ceiling of $70 on this market. What will be the size of the surplus in this market? A. 0 units B. 400 units C. 600 units D. 1000 units
400 800 1200 1600 2000 Quantity (units) 1. What are the equilibrium price and the equilibrium...
400 800 1200 1600 2000 Quantity (units) 1. What are the equilibrium price and the equilibrium quantity in this market? 2. Find the Consumer Surplus and the Producer Surplus when the market is at the equilibrium. 3. Suppose the government impose a price ceiling and only 400 units are traded, what is the loss in Total Surplus? 4. Find the new TS, the new CS and the new PS.
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Table 1 Price Quantity Quantity Demanded Supplied $0 10 12 Refer to Table 1. Suppose the government imposes a price floor of $5 on this market. What will be the size of the surplus in this market? Select one: a. O units b. 2 units • c. 8 units d. 10 units Clear my choice
Figure 9-12 Price Domestic Supply World Price Domestic Demand 200 400 600 800 1000 1200 1400...
Figure 9-12 Price Domestic Supply World Price Domestic Demand 200 400 600 800 1000 1200 1400 Quantity 62. Refer to Figure 9-12. With trade allowed, this country a. exports 200 units of the good. c. imports 200 units of the good. b. exports 400 units of the good. d. exports 800 units of the good. 63. Refer to Figure 9-12. With trade, the domestic price and domestic quantity demanded are a. $18 and 400. c. $14 and 400. b. $18...
Figure 9-22 The following diagram shows the domestic demand and domestic supply in a market. In...
Figure 9-22 The following diagram shows the domestic demand and domestic supply in a market. In addition, assume that the world price in this market is $40 per unit. 1 Price Domestic Supply - -- 90 80+ 70+ 60+ Domestic Demand 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 Quantity 26. Refer to Figure 9-22. Suppose the government imposes a tariff of $20 per unit. With trade and a tariff, total surplus a. $96,000. b. $114,000....
17) Figure 9-12 (1pts) Price Domestic Supply -- World Price + + Domestic Demand 2400 2800 Quantity + 400 800 1200 1...
17) Figure 9-12 (1pts) Price Domestic Supply -- World Price + + Domestic Demand 2400 2800 Quantity + 400 800 1200 1600 2000 Refer to Figure 9-12. Producer surplus after trade is $28,000. $30,000. $35,200 SE Tyne here to search
Figure 9-22 The following diagram shows the domestic demand and domestic supply in a market. In...
Figure 9-22 The following diagram shows the domestic demand and domestic supply in a market. In addition, assume that the world price in this market is $40 per unit. 1 Price Domestic Supply - -- 90 80+ 70+ 60+ Domestic Demand 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 Quantity 27. Refer to Figure 9-22. Suppose the government imposes a tariff of $20 per unit. With trade and a tariff, consumer surplus is a. $75,000 and...
Price per Tulip Tulips $2.00 $1.25 $1.00 D 400 800 1200 Quantity 600 1000 Refer to...
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400 800 1200 1600 2000 Quantity (units) 1. What are the equilibrium price and the equilibrium quantity in this market? 2. Find the Consumer Surplus and the Producer Surplus when the market is at the equilibrium. 3. Suppose the government impose a price ceiling and only 400 units are traded, what is the loss in Total Surplus? 4. Find the new TS, the new CS and the new PS.
Composition (at% Ag) 0 20 40 60 80 100 2200 1200 A 2000 -Liquidus 1000 Liquid 1800 F Solidus a + L 1600 a 800 779°C (TE) BUL B E G 1400 8.0 (C&E) Temperature (°C) 71.9 (CE) B 91.2 (CBE) Temperature (°F) 1200 600 1000 Solvus a + B 800 400 с 600 H 200 400 100 0 20 40 60 80 (Cu) Composition (wt% Ag) (Ag) c) Assume slow cooling and that equilibrium conditions exist for the alloy...
Table 1 Price Quantity Quantity Demanded Supplied $0 10 12 Refer to Table 1. Suppose the government imposes a price floor of $5 on this market. What will be the size of the surplus in this market? Select one: a. O units b. 2 units • c. 8 units d. 10 units Clear my choice
Figure 9-12 Price Domestic Supply World Price Domestic Demand 200 400 600 800 1000 1200 1400 Quantity 62. Refer to Figure 9-12. With trade allowed, this country a. exports 200 units of the good. c. imports 200 units of the good. b. exports 400 units of the good. d. exports 800 units of the good. 63. Refer to Figure 9-12. With trade, the domestic price and domestic quantity demanded are a. $18 and 400. c. $14 and 400. b. $18...
Figure 9-22 The following diagram shows the domestic demand and domestic supply in a market. In addition, assume that the world price in this market is $40 per unit. 1 Price Domestic Supply - -- 90 80+ 70+ 60+ Domestic Demand 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 Quantity 26. Refer to Figure 9-22. Suppose the government imposes a tariff of $20 per unit. With trade and a tariff, total surplus a. $96,000. b. $114,000....
17) Figure 9-12 (1pts) Price Domestic Supply -- World Price + + Domestic Demand 2400 2800 Quantity + 400 800 1200 1600 2000 Refer to Figure 9-12. Producer surplus after trade is $28,000. $30,000. $35,200 SE Tyne here to search
Figure 9-22 The following diagram shows the domestic demand and domestic supply in a market. In addition, assume that the world price in this market is $40 per unit. 1 Price Domestic Supply - -- 90 80+ 70+ 60+ Domestic Demand 200 400 600 800 1000 1200 1400 1600 1800 2000 2200 2400 Quantity 27. Refer to Figure 9-22. Suppose the government imposes a tariff of $20 per unit. With trade and a tariff, consumer surplus is a. $75,000 and...
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Quantity of jets demanded Quantity of jets supplied Price of Jet (millions) 140 120 110 100 90 80 70 60 50 40 20 100 150 200 250 300 350 400 450 500 600 1200 1000 900 800 700 600 500 400 300 200 0 2 2Z 2oo Irot unnly and demand curves. What are the equilibriumprice and Illustrate graphically the economic effects ofan $90. Compute the producer surplus. PsH6。Q-400 8 export subsidy of 15%...
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