15. Suppose a new law makes illegal the sale of a good that had been legal. This wia. Decrease consumer surplusc. Increase producer surplusb. Increase consumer surplusd. Eliminate dead weight losshout tho way firms behave is that they

Correct : a. Decrease consumer surplus

Answered: 15. Suppose a new law makes illegal the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Ralph opened a small shop selling bags of trail mix. The price of the mix $5 and the market for trail mix is very competitive. Ralph's curves are shown in the figure bellow. Price $8 7 6 5 2 MC AC 2 4 6 8 10 12 14 16 18 20 22 24 Quantity a. At what quantity will Ralph produce? Why? b. When the price is $5, shade the area of profit or loss in the graph provided and calculate Ralph's profit or loss (round up).__ c. If all other sellers of trail mix have the same marginal and average costs as Ralph, should he expect more or less competition in future? In the long run, will the price of trail mix rise or fall? What will be the price of trail mix in the long run? Price will rise/fall in the LR. Price in the LR will be $
Figure 7-5 Price P₁ B C a. D b. AX O OC. B Od. C D Refer to Figure 7-5. What area represents producer surplus when the price is P1? Quantity
1. What is meant by producer surplus? a It is the difference between a producer's minimum selling price and the actual price. b It is the total quantity of a good produced by the seller. c It is the difference between the producer's marginal cost and the price. d It is a measure of the total benefit to producers resulting from the purchase of an input.
Figure 2 Pl P2 Price B C Select one: D a. ACG O b. BCGD O C. DFG O d. ABD. Q1 G Q2 Demand Refer to Figure 2. Which area represents the increase in consumer surplus when the price falls from P1 to P2? Quantity 4
ASAP PLZ If the demand for Lucky jeans becomes more elastic, deadweight loss________O A. increases intially but then decreasesOB. decreasesOC. doesn't changeOD. increases
Price 300 275 + 250 225 200 175 + 150+- 125 + 100 75+ 50 25 S D 25 50 75 100 125 150 175 200 Quantity D' Show Transcribed Text C. $2,185 d. $625 If the supply curve is S and the demand curve shifts from D to D', What will be the increase in the producer surplus due to new producers entering the market? a. $5,625 b. $1,500
Just complete Question 7A and 7B
O Macmillan Learning Suppose that Michelle buys a cappuccino from Paul's Cafe and Bakery for $4.25. Michelle was willing to pay up to $7.25 for the cappuccino, and Paul's Cafe and Bakery was willing to accept $1.75 for the cappuccino. Based on this information, answer the following questions. Michelle's consumer surplus: $ Paul's Cafe and Bakery's producer surplus: $
What is a b and c
Figure 3 iPrice 110 100 90 80 30 Demand 50 45 40 30 20 10 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 Luentity Refer to Figure 3. If 50 units of the good are bought and sold, then the marginal cost to sellers is equal to the marginal value to buyers. the marginal value to buyers is greater than the marginal cost to sellers. the marginal cost to buyers is greater than marginal value to sellers. d.producer surplus is less than consumer surplus.
stion 3 The area above the price line and belowlthe demand curve is called producer surplus. O a Ob oreconomic surplus. consumer surplus. OC. total surpluS. A Moving to another question will save this response. Quiz 5 Graph(1).docx

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15. Suppose a new law makes illegal the sale of a good that had been legal. This wi a. Decrease consumer surplus c. Increase producer surplus b. Increase consumer surplus d. Eliminate dead weight loss hout tho way firms behave is that they