Price P₁ P₂ D O a. ACF O b. ABD OC. DEF O d. BCED E Q₂ B Quantity Refer to Figure 7-2. Which area represents consumer surplus at a price of P1?
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- Based on the following graph, identify the loss in consumer surplus when price changes from 12 to 15. P 000000 A ao o oÔ - - ס - 15 12 8 A B D F 10 C E 20 S1 D1How will each of the following demand and buppyaffects euelionium price and exuelibrium quantityi market: Competitive @Demand deereatee and Sepply is ConstantAaBbCcI AaBbCcI AaBbC = 三 T Normal T No Spac... Heading 1 Paragraph Finding the market price Consider the marketdemandand supply schedulesfor chocdlate bars Possible price of chocolate bars(pence) 50 Quantity dem andedper Quantity supplied m onth 100 000 150 000 per m onth 420 000 40 300 000 30 200 000 260 000 330000 200 000 120 000 60 000 20 10 400 000 40 000 On graphpaper plot the dem and and supply curvesfor chocolate bars on one graphwit "price per chocolate bar on the vertical axis and quantity per m orth' alongthe bottom 1. Using the above table state at which price dem andequals gupnl.. This will be the m arketpricefor chocolate barsbecause at that price producers are willi make and selljust asm anybars asconsuners are willing to byy,
- Saved Refer to the table below containing the market demand schedule for canoes. Price ($ per canoe) Quantity Demanded (canoes per month) $800 250 700 300 600 350 ok 500 400 nt a. Draw a graph showing the demand curve D. Plot only the endpoints of the curve, 2 points in total, in the graph below. ences Demand for Canoes 900 Tools 800 Demand 700 600 500 400 250 300 200 50 150 350 450 100 400 500 OuantituInaneee nor manth) Mc Graw Hill MacBook Air 888 DII F1 F2 F3 F4 F5 F6 F7 F8 F9 @ 23 $ % & 2 3 4 6. 7 8. E Y w/ Price ($ per canoe)4. Assume that gasoline is od in competive marke in which demand is relaively inelatic and sup is relatively elsi. (a) Draw a comeclylabeled graph ofthe asoline market. On you graph show the quilibrumprce and quantity of gsoine, labeled P, ndQ. E (b) Suppose the goverment imposes a $2 per uni ax on he roducers of gasoline. On your graph from par (a),show each of he folowingaftr he tax imposed. (1) The price paid by buyer,labeled P, (i) The after-ax price eceied b sellr, abele P, (i) The quanity, abeled (c) Using the labeling on your graph, explain how tocalulae the total tax revenue collected by the government. (d) Will the tax burden fall enirely on buyers, entrely on eles, more on buyers and less on seler,more on seller and es on buyers, or eqully on buyers and seller? Explain.Consider the market for chicken burger. For each of the events listed here, identify whichof the determinants of demand or supply are affected. Also indicate whether demand orsupply increases or decreases. Then draw a diagram to show the effect on the equilibriumprice and equilibrium quantity of chicken burger.a. Nowadays grade IX-XII students throughout the country thinks that chicken burger is the mostconvenient meal for lunch time in schoolb. Price of chicken meat is now higherc. People expect 10% discount on chicken burger in December as a Christmas offerd. Price of hotdog fallse. A stock market crash lowers people’s wealth [Consider chicken burger is inferior good for e)]
- vork 4 Compatibility Mode Search ences Mailings Review View Help Text Box EAa A 而、前。 AaBbCcl AaBbCcI AaBbC AaB AaBbc 田。 1 Normal T No Spac... Heading 1 Title Subtit. Paragraph Styles 2. Suppose that the government determines that the price of high speed internet service is too high. In order to reduce the price, it proposes three alternative price ceilings: $20 a month, $40 a month, and $60 a month. The demand and supply schedules for high speed internet service are given below. Quantity demanded (millions of connections) 220 Quantity supplied (millions of connections) Price $15 $20 200 10 $25 180 20 $30 $35 $40 160 40 140 60 120 80 $45 100 100 $50 $55 80 130 60 170 $60 $65 40 210 20 250 a. In the absence of government intervention, i. What is the equilibrium price? 11. What is the equilibrium quantity? b. If the government enacts a price ceiling of $20 per month, i. What will be the price? What will be the quantity traded? What will be the excess demand? 11. 111 Focus hp 米 fs fg f9…Mỹ Courses / BUSS 20 Test T D 035 20 Qui the quantity supplied and If there is surplus of a good, then the quantity demanded the price will 1 of Select one: 10 B a. Is less than rise tion 19 O b. Is greater than rise O c. Is less than_ fall Finish O d. Is greater than, fall Time Clear my choice Next page s pageThe graph below depicts Jacques's monthly demand for tuna. Suppose the price of tuna falls from $12 per pound to $8 per pound. On the diagram, use the area drawing tool to box in the changein Jacques's consumer surplus. To refer to the graphing tutorial for this question type, please click here. Jacques's Monthly Demand for Tuna Price per pound 16 15 14 13 12 11 10 9 7 4 3 2 1 るる る + SUBMIT ANSWER 4 VIEW SOLUTION 7 OF 14 QUESTIONS COMPLETED MacBook Pro
- Because bagels and cream cheese are often eatentogether, they are complements.a. We observe that both the equilibrium price ofcream cheese and the equilibrium quantity ofbagels have risen. What could be responsible forthis pattern: a fall in the price of flour or a fallin the price of milk? Illustrate and explain youranswer.b. Suppose instead that the equilibrium price ofcream cheese has risen but the equilibriumquantity of bagels has fallen. What could beresponsible for this pattern: a rise in the price offlour or a rise in the price of milk? Illustrate andexplain your answer.What is surplusSuppose that you have information indicating that the price of steel (an important input ofproduction in the auto industry) has doubled during the past few months. Show howthis economicshock will influence the market for American made cars and give your predictions for equilibriumprice and sales change.
