omework 4 - Compatibility ModeO SeahJosephReferencesMailingsReviewViewHelpTable DesignLayoutA A Aa A三 TAaBbCcI AaBbCcI AaBbC AaB AaBbCcCA D- A三三三三|三。田1 Normal1 No Spac. Heading 1TitleSubtitleParagraphStyles3. The supply and demand schedules below describe the market for compactfluorescent lightbulbs (CFLS).DemandSame Supply Q nowat higher price withtax (millions)200Price +Supply(millions)Price(millions)tax$2.00400200$2.50350250250$3.00300300300$3.50250350350$4.00200400400$4.50150450450$5.00100500500a. Graph the supply and demand curves, drawing them toscale.i. What is the equilibrium price?ii. What is the equilibrium quantity?Focushphofg144

The Market is in equilibrium at a price where market demand for a commodity is equal to its supply.…

3. The supply and demand schedules below describe the market for compact fluorescent lightbulbs (CFLS). Price Same Supply Q now at higher price with tax (millions) 200 Price + Supply (millions) Demand (millions) tax $2.00 400 200 $2.50 350 250 250 $3.00 300 300 300 $3.50 250 350 350 $4.00 200 400 400 $4.50 150 450 450 500 $5.00 100 500 a. Graph the supply and demand curves, drawing them to scale. i What is the equilibrium price? ii. What is the equilibrium quantity?

3. The supply and demand schedules below describe the market for compact fluorescent lightbulbs (CFLS). Price Same Supply Q now at higher price with tax (millions) 200 Price + Supply (millions) Demand (millions) tax $2.00 400 200 $2.50 350 250 250 $3.00 300 300 300 $3.50 250 350 350 $4.00 200 400 400 $4.50 150 450 450 500 $5.00 100 500 a. Graph the supply and demand curves, drawing them to scale. i What is the equilibrium price? ii. What is the equilibrium quantity?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 14CTQ: The rules of politics are not always the same as the rules of economics. In discussions of setting...

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Homework 4 Compatibility Mode OSearch References Mailings Review View Help Text Box A A Aa A 三 T AaBbCcl AABBCI AaBbC AaB AaBbcc E xA .A- 出。 1 Normal 1 No Spac. Heading 1 Title Subtitle Styles Font Paragraph 6. Melinda buys an iPhone for $700 and gets a consumer surplus of $160. a. What is her willingness to pay? b. If she had bought the iPhone on sale for $500, what would her consumer surplus have been. c. If the price of an iPhone were $900, what would her consumer surplus have been? 7. The demand schedule for toasters, is given below. The price of toasters is $20. a. Graph the demand curve to scale and identify the area that represents the consumer surplus (S) (millions) 120 10 100 20 80 30 60 40 40 50 20 60 b. Calculate the consumer surplus for toasters. hp ho 144 %23 & 3 4. 5. 6. 7. 8. 6. CO LO
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