PLEASE ANSWER ALL THE QUESTIONS AND BLANKS COMPLETELY.. THAnK YOU!! 200PRICE (Dollars per used smart device)816012000Brian1Crystal+EdisonHilaryKevin24QUANTITY (Used smart devices)5MariaBRegion X (the purple shaded area) represents total producer surplus when the market price is equal to Swhen the market pricearea) representswhile Region Y (the grey shadedIn the following table, indicate which statements are true or false based on the information provided on the previous graph.True FalseO OOOStatementAssuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison.Producer surplus is smaller when the price is $140 than when it is $120.In order for Hilary to earn a producer surplus of exactly $20 from selling a used smart device, the market price must be 3 6. Producer surplus and price changesThe following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used smart devices. Each seller has only a singleused smart device available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller iswilling to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used smart device.PRICE (Dollars per used smart device)24020016012000BrianDO1Edison0CrystalD+OHilaryKevin24QUANTITY (Used smart devices)ローロMaria0

Producer surplus refers to the area below the price and above the supply curve. It is the difference…

8 PRICE (Dollars per used smart device) 8. 8 160 0 0 Brian Crystal Edison + Hilary Kevin 3 QUANTITY (Used smart devices) 5 Maria -0 Region X (the purple shaded area) represents total producer surplus when the market price is equal to $ when the market price area) represents while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph True Statement Assuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison. Producer surplus is smaller when the price is $140 than when it is $120. False O O

8 PRICE (Dollars per used smart device) 8. 8 160 0 0 Brian Crystal Edison + Hilary Kevin 3 QUANTITY (Used smart devices) 5 Maria -0 Region X (the purple shaded area) represents total producer surplus when the market price is equal to $ when the market price area) represents while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph True Statement Assuming each seller receives a positive surplus, Crystal will always receive less producer surplus than Edison. Producer surplus is smaller when the price is $140 than when it is $120. False O O

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 53P: Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles...

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Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. What is the quantity demanded and the quantity supplied at a price of 210? At what price is the quantity supplied equal to 48,000? Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from line table? What HIE die equilibrium price and equilibrium quantity? If the price was 120, what would the quantities demanded and supplied he? Would a shortage or surplus exist? If so, how large would the shortage or surplus he?
If the price is above line equilibrium level, would you predict a surplus or a shortage? If line price is below the equilibrium level, would you predict a surplus or a shortage? Why?
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p ($/unit) 200k 160 120 80 40 5000 Equilibrium price =$ Equilibrium quantity a) What are the equilibrium price and quantity for the supply and demand curves in the figure above? = S (quantity) Consumer surplus =$ i 10000 b) Estimate the consumer and producer surplus. Producer surplus =$ i Round your answers to the nearest thousand. SUPPORT
8. Total economic surplus The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. ? PRICE (Dollars per headset) 400 360 320 280 240 200 160 120 80 40 0 0 Demand Supply 75 150 225 300 375 450 525 600 675 QUANTITY (Millions of headsets) Total surplus in this market is $ 750 million. Equilibrium Consumer Surplus Producer Surplus
10) Refer to the graph shown that depicts a third-party payer market for prescription drugs. If the co-payment is $2 per pill, what will be the total market expenditures on prescription drugs? Price $8 4 2 A) $30 ⒸB) 590 C) 5270 D) $540 15 30 Supply 45 Demand 60 Quantity
8. Total economic surplus The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. (?) PRICE (Dollars per headset) 350 315 280 245 210 175 140 105 70 35 0 Demand 0 Supply 40 4 80 120 160 200 240 280 320 360 QUANTITY (Millions of headsets) Total surplus in this market is $ 400 million. Equilibrium A Consumer Surplus ◇ Producer Surplus
Comsumer Surplus Study The goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity is based off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 of Chapter 3 in the Business Calculus book. The table below shows how supply and demand of gasoliine vary depending on the price: Price ($/gal) Demand (million of gal.) Supply (million of gal.) 753 513 550 1.2 700 1.4 640 600 1.6 580 639 1.8 543 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 3. 367 763 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places %3D • Assume that the Demand has a quadratic relationship with the…
The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)
1. Using the following Supply and Demand schedules for bicycles to answer the questions below. Quantity Demanded (Qd) Price Quantity Supplied (Qs) $300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. In response to lobbying by the Bicycle Ridders Association, Congress places a price ceiling of $700 on bicycles. What effect will this have on the market for bicycles? Why? b. In response to lobbying by the same Bicycle Ridder Association, Congress places a price ceiling of $400 on bicycles, Using the information above, impose the price ceiling. What is the result of the price ceiling of $400 on bicycles?
Calculate the consumer surplus at the market equilibrium price. Calculate the producer surplus at the market equilibruim price. Calculate the total surplus at the market equilibruim price. At what price will the total surplus be maximized in this market. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.