26 24 22 20 18 16 14 Werk pace Domestic supply Domestic demand 20 000 100 120 140 10 10 Refer to the above graph showing the market for calculators in some country. This country will choose your answer... type your answer... calculators when trade is allowed. Before trade, total surplus is $ type your answer... type your answer.... After trade, total surplus is $
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- Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. OA. increases; increases OB. increases; decreases OC. decreases; increases OD. decreases; decreases In the market for cheese, OA. consumer surplus decreases and producer surplus decreases 60- 50- 40- 30 20- 10- Price (bolivars per gallon) 0 40 $ 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. 100 Price control D Next SOUClick on the icon to read the news clip, then answer the following questions. www The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. OA. increases; decreases OB. decreases; increases Oc. increases; increases OD. decreases; decreases In the market for cheese, OA. the price is below the market equilibrium 9 O 60- 50- 40- 30- 20- Price (bolivars per gallon) 10+ 0 40 $ 100 Price control 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. D NextAnswer the following questions based on the graph that represents Kyle's demand for ribs per week at Big Ed's Barbecue. f. If the price of ribs rose to $10, what would happen to Big Ed's producer surplus? g. What is the total surplus in this market at a price of $10? h. If the price of ribs fell to $5, what would be Kyle's consumer surplus? j. What is the total surplus in this market at a price of $5?
- The graph shows the car market in Mexico when Mexico places no restriction on the quantity of cars imported. The world price of a car is $10,000. Suppose the government of Mexico introduces an import quota on imported cars of 4 million a year. Draw a line that shows the effect of the import quota on supply. Label it S + quota. Label it. Draw a point to show the quantity of cars bought in Mexico and the price paid. When the government of Mexico introduces an import quota of 4 million cars, Mexico imports nothing million cars and produces nothing million cars.The graph shows the demand curve for haircuts and the market price of a haircut. If the price of a haircut rises from $15 to $20, what is the change in consumer surplus? Consumer surplus decreases by $ 50000 C 30- 25- 20- 15- 10- 5- Price (dollars per haircut) 10 20 30 Quantity (haircuts per day) Market priceFor cach of the scenarios, calculate the surplus and indicate if it is a producer surplus or a consumer surplus. Alice is willing to spend $30 on a pair of jeans, and has a coupon for $10 off which she found online. She selects and purchases a $35 pair of jeans which cost $35 pre-discount. Roy is willing to pay $2.50 for a sports drink. He puts $5.00 into the vending machine and pushes the button for the sports drink without noticing that the price has increased to $2.75 until he counts the change he gets back. Roy has a Roy's surplus: $ producer surplus. consumer surplus.
- The table provides information on the supply schedules of hot air balloon rides by Xavier, Yasmin, and Zack, who are the only sellers in the market. When the price is $80 a ride, what is each seller's producer surplus? What is the market producer surplus when the price is $80 a ride? CKED When the price is $80 a ride, Xavier's producer surplus is When the price is $80 a ride, Yasmin's producer surplus is When the price is $80 a ride, Zack's producer surplus is When the price is $80 a ride, the market producer surplus is $ Price (dollars per ride) 100 8882889 90 80 70 60 50 40 Xavier 30 25 20 15 10 5 0 Quantity supplied (rides per week) Yasmin 25 2242400 15 10 Zack 85950o. 20 15 10Lewis University + F3 X Problem 2 Student X -us-east-1-prod-fleet02-xythos.content.blackboardcdn.com/5dfaf8e708673/1358081?X-Blackboard-Expiration= + //c a C. If the price of donuts rose to $0.40, how many donuts would she purchase now? What would happen to Tammy's consumer surplus? Content You are an advisor to the Indian government. Until now, government policy in India has been to severely limit imports into India, resulting also in a low level of hidian exports. The government is considering a policy shift to much freer trade. 1/1 CD A [T Based on what you have learned so far about the benefits of international trade, give at least three arguments to support free trade. C ra X LP A Bb 1358081 FO P F10 0:- F11What is the value of consumer surplus? What is the value of producer surplus?
- The graph shows the market for game consoles Suppose 1 million game consoles a year are being produced Draw the deadweight loss on game consoles Suppose the quantity of game consoles produced is 1 million and the price is the equilibrium price Calculate the consumer surplus, producer surplus, and deadweight loss The consumer surplus is 5 The producer surplus is 5 The deadweight loss is million. million million 000 500- 4004 200 Price (dolars per game console) 3004 100 300 3 Quantity (millions of game consoles per year) CLook at the tables below. Person Bob Barb Bill Bart Brent Betty $ Maximum Price Willing to Pay $17 14 13 12 11 10 Person Carlos Courtney Chuck Cindy Craig Chad Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? $ b. What is the total surplus if Barb buys a unit from Courtney? $ c. What is the total surplus if Bob buys a unit from Chad? Minimum Acceptable Price $6 7 8 9 10 11 d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved?Observe the graph given below and answer the following qusestions.1 Producer Burplus at Price 1 Price Supply 15 10 Quantity Copyrigheso ?a. When the price is 10, What is the area of initial producer surplus ?b. When the price is 15, What is the area of additional producer surplus to the initial producer ?c. When the price is 15, What is the area of producer surplus to the new producer d. When the price increases from 10 to 15, What happens to the producer surplus? Increase or ?decrease e. When the price increases from 10 to 15, What happens to the quantity supplied in the ?market