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- Discuss the effect of elasticity of demand on consumer and producer surplus and give examples.17. How can the elasticity of demand help in pricing strategy? Explain.Please written by computer source Suppose that the demand curve for a product is given by Q = 100 −10p and the supply curve is Q = 10p. Assume that income effects (elasticities) are small so consumer surplus is a good measure of consumer welfare. (a) What is the equilibrium price and quantity with no distortions? (b) The government imposes a tax of $2.00 per unit sold. What is the new equilibrium quantity? Sketch the market equilibrium in a graph. (c) Given the tax what is the change in consumer surplus? What is the change in producer surplus? What is the change in government revenue? What is the net Dead Weight Loss from the tax? (d) Say the government proposes to use the revenue from the tax to pay for snacks in our last ECON 312A lecture. The total social benefits from the snacks would be $82.00. Will the tax increase overall welfare if the revenue is used to buy the snacks? What is the dollar value of the net gain or loss to society?
- 1. Suppose the demand for towels and supply of towels are given by the below: QD = 100 - 4P QS = P a. Find the equilibrium price and quantity using demand and supply functions above. b. Plot demand and supply curve on the same graph and point out the equilibrium quantity and price. You should draw each graph precisely with intercepts and slopes. c. Solve for the price elasticities of demand and supply at the equilibrium point. Which is more elastic: demand or supply? Simply explain why. d. Suppose there was a demand shock so that at each price 20 more towels are demanded since consumers want more. Plot the new demand curve on the graph that you derive in part (a). Find the new equilibrium price and quantity. (Hint: You may derive a new demand function by adding a constant to find a new equilibrium price and quantity.)3. In the market for Samsung Galaxy S22, the demand function is Q = 200 - 2P, while the supply function is Q = 2P - 20, where P denotes the price, and Q the quantity of Samsung Galaxy S22. a. Calculate the equilibrium price and quantity! b. To reduce addiction to social media, the government imposes a specific tax of $5 on sellers. Calculate the new equilibrium price and quantity c. Now suppose the tax of $5 is imposed on buyers rather than sellers. Find the new equilibrium price and quantity.which of the following goods would be most inelastic in demand? -Ford -Cars -Toyota -Ford Escape -Dont have enough information in the question we can conclude that the good is ____in demand -elastic -unit elastic -inelastic -perfectly inelastic -perfectly elastic
- Consider the following excerpt: "Steve Cannon, CEO of the AMB Group, Blank's holding company, told ESPN that although food and beverage prices ere 50 percent lower in its new Mercedes-Benz Stadium than the prices in the Georgia Dome the previous year, fans spent 16 percent more." If there has been no change in the demand for concessions at football games, which of the following is true? Oa. Demand for concessions is always elastic b. At the initial prices, demand was inelastic. Oc. The demand curve for concessions slopes upwards Od. Concessions are an inferior good2. What is the application of the “elasticity” concept in economics? How does it help a producer decide the revenue maximizing price? Explain.Consider the following pairs of goods. In each case, which would you expect to have the more elastic demand? Why? e. personal computers or IBM personal computers
- 1. The demand for an auto company's sport utility vehicle is characterized by two types of customers. "Suburban parents" have market demand Q=200-0.67P. "Weekend warriors" have market demand Q -300-1.5P. Horizontal summation gives total demand of Q=200-0.67P+300-1.5P-500-2.17P The inverse demand curve for this is P=230-0.460. a. If the auto company cannot charge different prices to these two groups, what would be the optimal price to charge? At that price, calculate the quantity sold and total profits, if the firm produces the vehicles at constant marginal cost = 100, and fixed cost = 8,000. b. If the firm could separate out the two kinds of customers and has enough monopoly power to charge them different prices, what would be the optimal price and quantity sold in each market segment? What would be total profits? c. Discuss possible realistic ways an auto company might segment the market for such a product.Many movie consumers who used to rent DVDs are now patronising online video rentals, especially, streaming services. a. What impact did the advent of online video rentals and streaming have on the in-store movie industry? Use the demand and supply diagram to illustrate your answer. State all your assumptions. b. Which would be more price elastic, the demand for Netflix online streaming or the demand for online movie rentals in general? c. Would the price elasticity of demand for online movie rentals and in-store movie rentals be positive or negative? what does yoyr answer imply for the equilibrium price and quantity of online movie rentals? Use the demand and supply diagram to illustrate your answer. d. Because of COVID-19, most people are staying indoors yet they cannot afford online streaming movies, like Netflix. Should the Government regulate the price of online streaming? discuss pros and cons of price regulation.Demonstrate the welfare loss of: a. A restriction on output when supply is perfectly elastic. Graph the welfare loss of a quantity restriction equal to a maximum of Q=6. Instructions: Use the 3-point tool 'Loss' to identify the welfare loss. Click and drag each of the endpoints of the shaded area until the triangle highlights the desired region. Price 18- 16- 14- 12- 10 D 18 20 4 Loss
