2. Good X is produced in a competitive market using input A. Explain what would happen to the supply of good X in each of the following situations: a. The price of input A increases. b. An excise tax of $1 is imposed on good X Demand and Supply c. An ad valorem tax of 5 percent is imposed on good X. d. A technological change reduces the cost of producing additional units of good X 62

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Table 7-7 Cost (Dollars) Seller Mike 1,600 Laura 1,400 Sasha 1,100 900 David Codi 700 Refer to Table 7-7. Suppose each of the five sellers can supply at most one unit of the good. The market quantity supplied is exactly 2 if the price is O a. $1,150. O b. $700. O. $1,400. O d. $950.

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7. Producer surplus for an individual and a market Suppose the market for apple pie is a perfectly competitive market—that is, sellers take the market price as given. Eric owns a restaurant where he sells apple pie. The following graph shows Eric's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of apple pie is $3.00 per slice, as shown by the horizontal black line.

1. Marginal cost is the opportunity cost of a good or service divided by the number of units produced. of a good or service that exceeds its benefit. that your activity imposes on someone else. that arises from producing one more unit of a good or service. 2. The law of demand implies that demand curves shift leftward whenever the price rises. slope down. shift rightward whenever the price rises. slope up. 3. If the United States can increase its production of automobiles without decreasing its production of any other good, the United States must have been producing at a point on its PPF. within its PPF. beyond its PPF. None of the above is correct because increasing the production of one good without decreasing the production of another good is impossible. 4. Which of the following is true? productive or technical efficiency occurs anywhere on the production possibilities curve opportunity cost can be measured by the slope of the PPC curve (frontier) allocative efficiency occurs at a…

What is producer surplus, and how is it measured? What is the relationship between the cost to sellers and the supply curve? 2. Why do flounder populations face the threat of extinction while goidfish populations are in no such danger The government often intervenes when private markets fail to provide an optimal level of certain goods and services. For example, the goverment imposes an excise tax on gasoline to account for the negative extemality that deivers impose on one another. Why might the private market not reach the socially optimal level of traffie on the road without the help of goverament? A key difference berween accountants and economists is their ditferent treatment of the cost of capital Does this cause an secouutants estumate of total costs to be higher or lower than an economist's estimate? Explain

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If costs of production of good X increases what happens with supply or demand for good X? Explain!