Price (S/unit) $100- 90 588888888 80 70 60- 50- 40 30- 20 10- D₁ 0 10 20 30 40 50 60 70 80 90 100 Quantity Suppose the government sets a price floor of $60/unit, what is the values of producer surplus after the price change?
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- In a market which demand and supply curves are shown below: Price ($/hour) 36- 32 28- 24 20- 16 12- 8- 4- 0 Demand Supply 1000 2000 3000 4000 5000 6000 7000 Quantity (units/day) a) Calculate the consumer surplus for the market. (If necessary round your answer to the nearest whole number.) Consumer Surplus = $0 b) Calculate the producer surplus for the market. (If necessary round your answer to the nearest whole number.) Producer Surplus = $0Monthly rent Quantitydemanded Quantitysupplied $600 800 140 $650 650 210 $700 500 280 $750 350 350 $800 200 420 What is the market price without rent control? $ How many one-bedroom apartments will be rented after the rent control law is passed?GRAPH ($) Price 90 $90.00 80 70 60 50 $50.00 40 30 20 10 Surplus Measures off SETTINGS S Tax imposed on: Supply Demand Excise Tax (0-$20) Demand Perfectly Inelastic Supply 0.00 Reset Relatively Elastic Relatively Elastic Elastic Perfectly Elastic Perfectly stic D CALCULATIONS 0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 19.0 Quantity (thousands per week) Price Paid Quantity No Tax $50.00 4,000 With Tax $50.00 4,000
- Title Calculate consumer surplus for a demand curve like the one just describedexcept that the buyers’ reservation prices for each unit are $2 higher thanbefore, as shown in the graph below. Description Calculate consumer surplus for a demand curve like the one just describedexcept that the buyers’ reservation prices for each unit are $2 higher thanbefore, as shown in the graph below.ut Figure 6-13 Price F1 Price 191-4 on this page 2 W F2 # (a) 3 (c) E 80 fer to Figure 6-13. In which market will the maiority of a tax be paid by the buyer? F3 Quantity $ 4 Quantity R Price F4 Price 5 0 F5 (b) (d) 6 D F6 Quantity D Quantity & 7 F7 8 DII F8Price Quantity demanded Quantity supplied $300 60 30 $400 55 40 $500 50 50 $600 45 60 $700 40 70 $800 35 80 Use the information provided in Table to plot the price ceiling of $400 onskateboards.
- What is Consumer Surplus at a price of $5? Price Quantity Demanded Quantity Supplied 12 1 6 10 2 5 8 3 4 6 4 3 4 5 2 2 6 1 Multiple Choice $4 $20 $161. Price $152 $144 $136 $128 $120 $112 $104 $96 $88 $80 572 S64 $56 $48 $40 $32 CORNW 524 $16 $8 SO 0 25 50 75 100 1₁ 125 150 - - Supply 175 200 Quantity 225 Demand A. Calculate consumer surplus at the equilibrium price and quantity B. Calculate producer surplus at the equilibrium price and quantity D. Calculate total surplus at the equilibrium price and quantity D. Shade the area of the graph that corresponds to total surplus 250 275 300 325 350 375Price ($) 15 14 13 12 11 10 9 S 8 D 7654321 0 10 20 30 40 50 60 70 80 90 Quantity Assume the market depicted in the graph is in equilibrium. What is total surplus?
- What is Producer Surplus at a price of $5? Price 12 10 8 6 42 Quantity Demanded 1 2 WN 3 456 Quantity Supplied 6 5 4 3 2 1You currently have a television that you want tosell. You can either pick a price and try to sell it ata yard sale or auction it off on eBay. Which methoddo you think will yield a higher producer surplus?Why?First, use the black point (plus symbol) to indicate the equilibrium price and quantity of designer handbags in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per handbag) 500 450 400 Demand 350 300 250 200 Before Tax Supply 150 100 50 0 0 160 320 480 640 800 960 1120 1280 1440 1600 QUANTITY (Handbags) + Equilibrium Consumer Surplus Producer Surplus ?