Homework Answers
Option 4
The area of the producer surplus = (3-1.5)*16 + 0.5*(16)*(1.5-0.5) = 32
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QUESTION 8 Assume that the market for Good X is defined as follows: QD- 64-16P and...
Week 3: Jan. 21-25-20 QUESTION7 Assume that the market for Good X is defined as follows:...
Week 3: Jan. 21-25-20 QUESTION7 Assume that the market for Good X is defined as follows: QD- 64-16P and QS O$24.50 16P-8. If the government imposes a price floor in this market at $3.00, what will consumer surplus be? $49.00 $9.00 $8.00 $32.00 : : QUESTION8 Assume that the market for Good X is defined as follows: QD- 64-16P and QS 16P-8. If the government imposes a price floor in this market at $3.00, what will producer surplds be $24.00...
QUESTION 7 Assurme that the market for Good X is defined as follows: QD 64-16P and...
QUESTION 7 Assurme that the market for Good X is defined as follows: QD 64-16P and QS 16P-8. If the government imposes a price floor in this market at $3.00, what will consumer surplus be? $24.50 o $49.00 $9.00 $8.00 $32.00
Assume that the market for Good X is defined as follows: QD = 64 - 16P...
Assume that the market for Good X is defined as follows: QD = 64 - 16P and QS = 16P - 8. If the government imposes a price floor in this market at $3.00, what will producer surplus be?
Assume that the market for Good X is defined as follows: QD = 64 - 16P...
Assume that the market for Good X is defined as follows: QD = 64 - 16P and QS = 16P - 8. If the government imposes a price floor in this market at $3.00, what will consumer surplus be?
Assume that the market for Good X is defined as follows: QD = 64 - 16P...
Assume that the market for Good X is defined as follows: QD = 64 - 16P and QS = 16P - 8. If the government imposes a price floor in this market at $3.00, what will be the total loss in welfare to the economy?
Question 3 1 pts Assume that the market for Good X is defined as follows: Qp...
Question 3 1 pts Assume that the market for Good X is defined as follows: Qp = 64 - 16P and Qs = 16P - 8. If the government imposes a price floor at $3.00, what is the welfare loss associated with this policy? $32 $16 $48 $9 $64 Question 4 1 pts Supply poby- Demand QdQ* Qs Quantity Using the diagram above, if a price floor was introduced at E, then producer surplus would be UFB OP'UGB OXUGB EGB...
Both questions 6 and 7 Quantity supplied has decreased Demand has decreased. O Demand has increased...
Both questions 6 and 7
Quantity supplied has decreased Demand has decreased. O Demand has increased Supply has increased. Supply has decreased. QUESTION 6 Assume that the market for Good X is defined as follows: Q0 64-16P and Qs 16P- 8. What is the equilibrium price and output? s2.25, 28 $2.16 s2.75, 36 $4,48 $4,16 QUESTION 7 Assume that the market for Good X is defined as follows: QD-64-16P and QS-16P-8. What is consumer surplus in this market? O $40.50...
QUESTION9 rice noor in this market at $3.00, what will be the total loss in welfare...
QUESTION9 rice noor in this market at $3.00, what will be the total loss in welfare to the QD.64-16P and s-16ρ-Rif the government imposes a Assume that the market for Good X defined as follows economy? 24.50 549.00 $9.00 $8.00 There is no loss because producers receive a higher price for their product
1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes...
1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes is given by: QS= 9P -120. Calculate the Gains from Trade (also known as Economic Surplus) that would exist in this market in a competitive equilibrium. 2 Suppose the demand for jackets was given by: QD= 140 -0.4P. The supply of jackets is given by: QS= 4P -80. Suppose the price was $49 per jacket. Calculate whether there is a surplus or shortage of...
The demand for a good is given by: QD=165-0.5P. The inverse demand for this good is:...
The demand for a good is given by: QD=165-0.5P. The inverse demand for this good is: P=330-20D. The supply for this good is given by: QS=4P-150. The inverse supply for this good is given by: P=37.5+0.25QS. The government imposes a price floor of $160. Calculate the Consumer Surplus from this price floor. (Do not include a "$" sign in your response.) Answer:
Week 3: Jan. 21-25-20 QUESTION7 Assume that the market for Good X is defined as follows: QD- 64-16P and QS O$24.50 16P-8. If the government imposes a price floor in this market at $3.00, what will consumer surplus be? $49.00 $9.00 $8.00 $32.00 : : QUESTION8 Assume that the market for Good X is defined as follows: QD- 64-16P and QS 16P-8. If the government imposes a price floor in this market at $3.00, what will producer surplds be $24.00...
QUESTION 7 Assurme that the market for Good X is defined as follows: QD 64-16P and QS 16P-8. If the government imposes a price floor in this market at $3.00, what will consumer surplus be? $24.50 o $49.00 $9.00 $8.00 $32.00
Question 3 1 pts Assume that the market for Good X is defined as follows: Qp = 64 - 16P and Qs = 16P - 8. If the government imposes a price floor at $3.00, what is the welfare loss associated with this policy? $32 $16 $48 $9 $64 Question 4 1 pts Supply poby- Demand QdQ* Qs Quantity Using the diagram above, if a price floor was introduced at E, then producer surplus would be UFB OP'UGB OXUGB EGB...
Both questions 6 and 7
Quantity supplied has decreased Demand has decreased. O Demand has increased Supply has increased. Supply has decreased. QUESTION 6 Assume that the market for Good X is defined as follows: Q0 64-16P and Qs 16P- 8. What is the equilibrium price and output? s2.25, 28 $2.16 s2.75, 36 $4,48 $4,16 QUESTION 7 Assume that the market for Good X is defined as follows: QD-64-16P and QS-16P-8. What is consumer surplus in this market? O $40.50...
QUESTION9 rice noor in this market at $3.00, what will be the total loss in welfare to the QD.64-16P and s-16ρ-Rif the government imposes a Assume that the market for Good X defined as follows economy? 24.50 549.00 $9.00 $8.00 There is no loss because producers receive a higher price for their product
The demand for a good is given by: QD=165-0.5P. The inverse demand for this good is: P=330-20D. The supply for this good is given by: QS=4P-150. The inverse supply for this good is given by: P=37.5+0.25QS. The government imposes a price floor of $160. Calculate the Consumer Surplus from this price floor. (Do not include a "$" sign in your response.) Answer:
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