45 40 35 30 25 20 15 10 5 a. Price 20 Show Transcribed Text $1,900. b. $1,600. 40 C. $2,000. 60 d. $1,800. 80 100 Refer to Figure. Suppose the world price in the above market is $10 per unit and government imposes a tariff of $5 per unit. With tariff the total surplus would be 120 140 Supply Demand H 160 Quantity

45 40 35 30 25 20 15 10 5 a. Price 20 Show Transcribed Text $1,900. b. $1,600. 40 C. $2,000. 60 d. $1,800. 80 100 Refer to Figure. Suppose the world price in the above market is $10 per unit and government imposes a tariff of $5 per unit. With tariff the total surplus would be 120 140 Supply Demand H 160 Quantity

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Welfare impact of a quota for a small country Pd Pw A B 1 G C P Q₂ Q4 1 Healtps 31. Loss in consumer surplus: in producer surplus: Gain in quota rents: Net loss (deadweight loss):
1. Suppose Home is a small exporter of wheat. At the world price of $100 per ton, Home growers export 20 tons. Now suppose the Home government decides to support its domestic producer with an export subsidy of $40 per ton. Use the following figure to answer these questions. a. Home Price 140 100 S 40 50 10 20 Quantity What is the quantity exported under free trade and with the export subsidy? b. Calculate the effect of the export subsidy on consumer surplus, producer surplus, and government revenue. c. Suppose that instead of an export subsidy of $40 per ton, the Home government applies an export subsidy of $60 per ton. Assume the domestic price after the $60 per ton export subsidy is $140 and at a price of $80 demand would be 25 and supply would be 35. Calculate the effect of the export subsidy on consumer surplus, producer surplus, and government revenue.
Carrie is willing to pay $1400 for the new Samsung Galaxy phone. Samsung is selling the new Galaxy phone for $1200. It costs Samsung $600 to produce this phone. The total economic surplus if Carrie purchases this phone is $________. Im not sure which one is right one individual said onsumer surplus = 1/2(willing to pay - selling price ) *quantity CS = 1/2 ( 1400 - 1200) *1 CS = 100 Producer surplus = 1/2( selling price - willing to receive)*quantity PS = 1/2 ( 1200-600)*1 PS =300 total economic surplus = PS +CS = 400 and another said According to the given information, total economic surplus would be: =12×Maximum willingness to pay-Minimum Willingness to accept×quantity sold=12×$1400-$600×1=$400=$800
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Subject:- Economy
$50 * Quota $20 $9,000 500 $12,000 None of these $15,000 $7,500 1000 1200 Refer to the figure above. Assume the government auctions off the quota licenses. Calculate the deadweight loss from this import quota (assume that all quota rents go to domestic producers). S 1500 D Q
What is Producer Surplus at a price of $5? Price 12 10 8 6 42 Quantity Demanded 1 2 WN 3 456 Quantity Supplied 6 5 4 3 2 1
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Figure 5 Price of Wagons $18.5 8 00 5 0 40 70 90 Domestic Supply World Price Domestic Demand Quantity of Wagons Refer to Figure 5. The increase in total surplus resulting from trade is Select one: O a. $60, since consumer surplus increases by $180 and producer surplus falls by $240. O b. $75, since consumer surplus increases by $300 and producer surplus falls by $225. O c. $60, since producer surplus increases by $180 and consumer surplus falls by $240. O d. $75, since consumer surplus increases by $240 and producer surplus falls by $165.
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