please explain how to find the consumer and producer
surplusesHomework Answers
The consumer surplus is the area below the demand curve and above the price line (upto the equilibrium quantity)
CS = (Y intercept (demand) - Price) x Q/2 = (12 - 4) x 40/2 = 160
The producer surplus is the area above the supply curve and below the price line (upto the equilibrium quantity)
PS = (Price - Y intercept (supply)) x Q/2 = (4 - 2) x 40/2 = 40
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please explain how to find the consumer and producer surpluses 10) The government decides to introduce...
I need help with these Mcq's please. Thank you 37. Efficiency in a market is achieved...
I need help with these Mcq's please. Thank you
37. Efficiency in a market is achieved when cial planner intervenes and sets the quantity of output after evaluating buyers willingness to pay and sellers' costs the sum of producer surplus and consumer surplus is maximized all firms are producing the end at the same low cost per unit. no buyer is willing to pay more than the equilibrium price for any unit of the good. C ( 38. Total surplus...
please answer these. Thank you. 29. When a tax is placed on the buyers of coffee,...
please answer these. Thank you.
29. When a tax is placed on the buyers of coffee, the buyers bear the entire burden of the tax b. sellers bear the entire burden of the tax burden of the tax will be always be equally divided between the buyers and the sellers d. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal 30. the government wants to reduce...
I need help solving this Asap. thanks alot. Figure 1: Supply and Demand in the Market...
I need help solving this Asap. thanks alot.
Figure 1: Supply and Demand in the Market for a Good Price ($/unit) 35 27 Supply 23 19 15 13 11 9 Demand 5 13 17 Quantity (units) 11 12 10 8 6 14. Refer to Figure 1. At the market equilibrium, total consumer surplus is $10 b. $50 а. $100 d. $200 15. Refer to Figure 1. Holding the supply curve fixed, assume demand increased, which caused the equilibrium price to...
Provider A Provider B m. Call provider: a. What is the cost to your friend of...
Provider A Provider B m. Call provider: a. What is the cost to your friend of Jb. How many minutes would your frie C. Flow much would he end un paving every in d. How much consumer surplus would neo ost to your friend of an extra minute on the phone? y minutes would your friend talk on the phone? he end up paying every month? consumer surplus would he obtain? 150 720 105 OO 100 100 (Hint for d:...
A subsidy is a benefit given by the government to groups or individuals, usually in the...
A subsidy is a benefit given by the government to groups or individuals, usually in the form of cash payment or tax reduction to encourage production. We can think of a subsidy as a “negative” tax. Suppose the government gives producers a specific subsidy of $4 per unit. (35 points) Using supply and demand curves, draw a diagram that clearly shows what happens when the specific $4 subsidy is implemented. What price do sellers receive and what do the consumers...
PLEASE ANSWER QUESTIONS E - H Q3 The demand for ice cream is given by QD...
PLEASE ANSWER QUESTIONS E - H
Q3 The demand for ice cream is given by QD = 20 - 2p, measured in gallons of ice cream. The supply of ice cream is given by QS = 4p – 10. a. Graph the supply and demand curves, and find the equilibrium price and quantity of ice cream. b. Suppose that the government legislates a $1 tax on a gallon of ice cream, to be collected from the buyer. Plot the new...
Figure 1: Market for Chocolates Price: $80 Supply $70 860 $50 $40 $30 $20 P $10...
Figure 1: Market for Chocolates Price: $80 Supply $70 860 $50 $40 $30 $20 P $10 Demand 10 20 30 40 50 60 Kgs of Chocolates Figure 2: Market for Steel Price. Social Cost $175 $150 Supply $125 $100 $75 $50 $25 Demand Steel (1000) 10 15 20 25 Instructions: Send assignment to Joshua.Boitnott Omyasm.ca prior to 9:00 am Make sure to submit your own copy of the assignment. You can work with others, but the final submission must be...
please assist with question 6 and 7 , thank you . In this question, we study...
please assist with question 6 and 7 , thank you
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In this question, we study the consequences of trade policies on the automobile market. We assume that cars are all similar on the market in other words, a car is a homogeneous good). The supply of Japanese cars is perfectly elastic at a price pj= 20. Moreover, the supply of cars made in the US is Qus = p - 15 for any price larger than 15. Finally, the...
Class: Econ 201 Spring 2019 Due: Assignment Indicate the answer choice that best completes the statement...
Class: Econ 201 Spring 2019 Due: Assignment Indicate the answer choice that best completes the statement or answers the question 1. When policymakers make policies that change the costs and benefits that people face, what is the result for socicty? a. people's behaviours are altered b. people ignore incentives c. inflation occurs d. government revenue is reduced 2. How does the invisible hand direct economic activity? a. through advertising b. through prices e through central planning d. through government regulations...
PLEASE SHOW ME HOW THESE PROBLEMS ARE SOLVED STEP BY STEP WITH CLEAR EXPLANATION WOULD BE...
PLEASE SHOW ME HOW THESE PROBLEMS ARE SOLVED
STEP BY STEP WITH CLEAR EXPLANATION WOULD BE HIGHLY
APPRECIATED!
1. For each of the following production functions, decide if (and EXPLAIN why) it describes a constant, increasing or decreasing returns to scale technology (a) f(K,L) = 0.520.8 (b) f(K, L) = 5(VK + 0) 2. Assume that a competitive market is populated by many identical firms producing a homogenous output good. If their common) cost function is c(q) = 36 +249...
I need help with these Mcq's please. Thank you
37. Efficiency in a market is achieved when cial planner intervenes and sets the quantity of output after evaluating buyers willingness to pay and sellers' costs the sum of producer surplus and consumer surplus is maximized all firms are producing the end at the same low cost per unit. no buyer is willing to pay more than the equilibrium price for any unit of the good. C ( 38. Total surplus...
please answer these. Thank you.
29. When a tax is placed on the buyers of coffee, the buyers bear the entire burden of the tax b. sellers bear the entire burden of the tax burden of the tax will be always be equally divided between the buyers and the sellers d. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal 30. the government wants to reduce...
I need help solving this Asap. thanks alot.
Figure 1: Supply and Demand in the Market for a Good Price ($/unit) 35 27 Supply 23 19 15 13 11 9 Demand 5 13 17 Quantity (units) 11 12 10 8 6 14. Refer to Figure 1. At the market equilibrium, total consumer surplus is $10 b. $50 а. $100 d. $200 15. Refer to Figure 1. Holding the supply curve fixed, assume demand increased, which caused the equilibrium price to...
Provider A Provider B m. Call provider: a. What is the cost to your friend of Jb. How many minutes would your frie C. Flow much would he end un paving every in d. How much consumer surplus would neo ost to your friend of an extra minute on the phone? y minutes would your friend talk on the phone? he end up paying every month? consumer surplus would he obtain? 150 720 105 OO 100 100 (Hint for d:...
PLEASE ANSWER QUESTIONS E - H
Q3 The demand for ice cream is given by QD = 20 - 2p, measured in gallons of ice cream. The supply of ice cream is given by QS = 4p – 10. a. Graph the supply and demand curves, and find the equilibrium price and quantity of ice cream. b. Suppose that the government legislates a $1 tax on a gallon of ice cream, to be collected from the buyer. Plot the new...
Figure 1: Market for Chocolates Price: $80 Supply $70 860 $50 $40 $30 $20 P $10 Demand 10 20 30 40 50 60 Kgs of Chocolates Figure 2: Market for Steel Price. Social Cost $175 $150 Supply $125 $100 $75 $50 $25 Demand Steel (1000) 10 15 20 25 Instructions: Send assignment to Joshua.Boitnott Omyasm.ca prior to 9:00 am Make sure to submit your own copy of the assignment. You can work with others, but the final submission must be...
please assist with question 6 and 7 , thank you
.
In this question, we study the consequences of trade policies on the automobile market. We assume that cars are all similar on the market in other words, a car is a homogeneous good). The supply of Japanese cars is perfectly elastic at a price pj= 20. Moreover, the supply of cars made in the US is Qus = p - 15 for any price larger than 15. Finally, the...
Class: Econ 201 Spring 2019 Due: Assignment Indicate the answer choice that best completes the statement or answers the question 1. When policymakers make policies that change the costs and benefits that people face, what is the result for socicty? a. people's behaviours are altered b. people ignore incentives c. inflation occurs d. government revenue is reduced 2. How does the invisible hand direct economic activity? a. through advertising b. through prices e through central planning d. through government regulations...
PLEASE SHOW ME HOW THESE PROBLEMS ARE SOLVED
STEP BY STEP WITH CLEAR EXPLANATION WOULD BE HIGHLY
APPRECIATED!
1. For each of the following production functions, decide if (and EXPLAIN why) it describes a constant, increasing or decreasing returns to scale technology (a) f(K,L) = 0.520.8 (b) f(K, L) = 5(VK + 0) 2. Assume that a competitive market is populated by many identical firms producing a homogenous output good. If their common) cost function is c(q) = 36 +249...
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