Refer to the Figure below. At the equilibrium price, what is the total surplus? Price 17 16 15 14 13 12 11 10 9 8 7 6 4 D 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Quantity
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- Graph the table below and mark the two equilibrium point as A and B and explain. Price 0 3 6 9 12 15 18 Demand 600 500 400 300 200 100 0 Supply A 0 100 200 300 400 500 600 Supply B 0 200 400 600 800 1000 1200Price ($) 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?Consider the Figure below for the market of gasoline, given the equilibrium after a change in supply from S1 to S2 Price (per gallon) $5 4 3 2 1 0 S₁ D 200 300 400 500 600 Quantity of gasoline (per month) A. the equilibrium price will decrease due to excess supply at the old equilibrium price level. B. the equilibrium price will increase due to excess demand at the old equilibrium price level. 100 S₂ C. consumer surplus will decrease due to decrease in the market price. D. the equilibrium quantity will decrease due to excess demand at the old equilibrium price level.
- Calculate producer surplus at the equilibrium price for the graph below 3 Price 56 49 42 35 28 21 14 7 16 24 Demand and Supply for good X 32 40 Quantity 48 ---Demand -Supply 56 64 72 BO &The following figure illustrates the demand and supply curves for a good. Price (5) 888 60 40 0 5 10 20 30 Supply Demand Quantity (unit) Refer to the figure above. Which of the following is likely to happen if a price control of $80 is imposed in the market? O There will be a shortage of 25 units in the market. O There will be a surplus of 10 units in the market. O There will be a surplus of 25 units in the market. O There will be a shortage of 10 units in the market.1. The government wishes to encourage students to become more literate in economics and is therefore giving a S10 per unit subsidy to the purchasers of microeconomics textbooks. Given the following demand and supply, what are the economic effects of this subsidy? Illustrate with a diagram. Show work. P= 100 - Qa P= 20 + 3Q. (1) (2) Original Price Original Output New Price Consumer Pays New Output New Price Producer Receives Benefit to consumer Benefit to producer Cost to government
- 11:13 AM Mon 22 Mar @ 62% McGraw-Hill ConnectEd Question 4 Section 1: 4/30 A Surplus $12 10 | 4 demanded At $9 there is a surplus of burritos 44 supplied 8. 2 4 12 20 28 36 44 52 60 Quantity The graph indicates a surplus of burritos at a price of $9. Why did this surplus occur? 200 words remaining Save & Continue » Price 4.The table shows the demand and supply schedules for tacos. If the quantity demanded of tacos decreases by 140 per hour at each price, the new price of a taco is $ Total surplus by $ decreases increases C M Price (dollars per taco) 0 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 Quantity demanded (tacos per hour) 560 Quantity supplied 490 420 350 280 210 140 70 0 0 70 140 210 280 350 420 490 560 NextComsumer Surplus Study The goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity is based off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 of Chapter 3 in the Business Calculus book. The table below shows how supply and demand of gasoliine vary depending on the price: Price ($/gal) Demand (million of gal.) Supply (million of gal.) 753 513 550 1.2 700 1.4 640 600 1.6 580 639 1.8 543 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 3. 367 763 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places %3D • Assume that the Demand has a quadratic relationship with the…
- Answer The correct answer is: 375 The graph shows the schedule for hours of tutoring in economics. Price (per hour of tutoring) $25 20 15 10 7.50 2.50 100 200 300 400 500 600 700 800 900 Quantity (hours of tutoring per week) If the price increases from the equilibrium price of $10 to $15, total surplus will decrease, in numerals, by8. Total economic surplus The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. ? PRICE (Dollars per headset) 400 360 320 280 240 200 160 120 80 40 0 0 Demand Supply 75 150 225 300 375 450 525 600 675 QUANTITY (Millions of headsets) Total surplus in this market is $ 750 million. Equilibrium Consumer Surplus Producer SurplusPRICE (Dollars per box) 50 45 40 35 20 15 10 5 0 + 0 Supply In this market, the equilibrium price is s Brico Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 per box, and the equilibrium quantity of blueberries is Quantity Supplied (Millions of boxes) million boxes. 210 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Quantity Domandod Quantity Supplied
