5. 100 200 300 400 500 600 Quantity (millions of gollons per yeor) The figure above shows the market for milk in Cowland. If a subsidy paid to producers of 51 per gallon of milk is introduced, what is the amount, including the subsidy, that suppliers keen per gallon? Select one: O a. $3.00 a gallon O b. between $3.00 and $4.00 per gallon Oc $4.00 a gallon O d. between $4.00 and $5.00 per gallon Price (dollars per gallon)

5. 100 200 300 400 500 600 Quantity (millions of gollons per yeor) The figure above shows the market for milk in Cowland. If a subsidy paid to producers of 51 per gallon of milk is introduced, what is the amount, including the subsidy, that suppliers keen per gallon? Select one: O a. $3.00 a gallon O b. between $3.00 and $4.00 per gallon Oc $4.00 a gallon O d. between $4.00 and $5.00 per gallon Price (dollars per gallon)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that a $20 subsidy is implemented into the market depicted below. Answer the questions that follow. price 100 80 60 40 20 20 40 60 80 100 What is the price that consumers pay after the subsidy is implemented? a. 80 O b. 50 c. 40 d. 60 Supply Demand 120 140 quantity
Which of the following results from a subsidy? Select one: O a. world output is increased O b. exports increase O c domestic production costs increase © d. imports increase
QUESTION 9 Table : The only four consumers in a market have the following willingness to pay for a good: Buyer Willingness to Pay Carlos $15 Quilana $25 Wilbur $35 Ming-la $45 Refer to Table. If the market price is $35 per unit then the total consumer surplus will be O a. $50 O b. $40 O. S0 Od. $10
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Question 21
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QUESTION 22 Answer the question on the basis of the given supply and demand data for wheat Bushels Demanded Bushels Supplled Per Per Month 45 Price Per Bushel $5 Month 77 50 4 73 56 68 61 57 61 2 67 1 Refer to the data. If the price in this market was $4: O C. buyers would want to purchase more wheat than is currently being supplied O D. the market would clear, quantity demanded would equal quantity supplied O A. farmers would not be able O B. there would be a to sell all their wheat shortage of wheat OUESTION 23 Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Which one of the following statement is incorrect? O A. The difference between the lowest price at which producers are willing to supply a product and the price they actually receive is known as the producer surplus O B. The producer surplus is depicted by the area below the demand curve and above the market price. O C. The value between what consumers pay and the maximum value that they are willing to pay for a product is known as the consumer surplus O D. To determine consumer surplus, one must have knowledge of the market price of a particular product
By definition: a substitute is a good that: Select one: O a. has same likeness as another good O b. that is not used in place of another good O c. of lower quality than another good O d. of higher quality than another good
Figure price 20 18+ 16 14 12 10 8. 4+ 10 20 30 40 50 60 70 80 90 quaxtity Refer to Figure. If price in this market is currently $14, then there would be a(n) O a. shortage 20 units therefore, the price will rise. O b. surplus of 20 units therefore, the price will fall. Os surplus of 40 units therefore, the price will fall. Od. surplus of 40 units therefore, the price will rise. Click Save Al Anstcers to save all answers. ま注

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