Homework Help is Here – Start Your Trial Now!
Business
Economics
82 66 50 38 32 24 16 8 16 22 25 34 41 Q Use the graph above to answer questions #5-7 about the market for jeans. 5. If the market for jeans is in equilibrium, consumer surplus is a. $968 b. $836 c. $726 d. $484 e. $242 6. If the government institutes a price floor at P=$50 there will be a. Excess Demand = 22 units b. Excess Demand = 16 units c. Excess Supply = 34 units d. Excess Supply = 18 units e. Excess Supply = 6 units 7. A price floor at P=$50 will result in a loss of economics surplus, DWL, of at least, a. $400 b. $256 c. $208 d. $64 e. $54

82 66 50 38 32 24 16 8 16 22 25 34 41 Q Use the graph above to answer questions #5-7 about the market for jeans. 5. If the market for jeans is in equilibrium, consumer surplus is a. $968 b. $836 c. $726 d. $484 e. $242 6. If the government institutes a price floor at P=$50 there will be a. Excess Demand = 22 units b. Excess Demand = 16 units c. Excess Supply = 34 units d. Excess Supply = 18 units e. Excess Supply = 6 units 7. A price floor at P=$50 will result in a loss of economics surplus, DWL, of at least, a. $400 b. $256 c. $208 d. $64 e. $54

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
See similar textbooks
icon
Related questions
Question

i need 7 and 8 please 

82 66 50 38 32 24 16 D 8. 16 22 25 34 41 Q Use the graph above to answer questions #5-7 about the market for jeans. 5. If the market for jeans is in equilibrium, consumer surplus is a. $968 b. $836 c. $726 d. $484 e. $242 6. If the government institutes a price floor at P=$50 there will be a. Excess Demand = 22 units b. Excess Demand = 16 units c. Excess Supply = 34 units d. Excess Supply = 18 units e. Excess Supply = 6 units 7. A price floor at P=$50 will result in a loss of economics surplus, DWL, of at least a. $400 b. $256 c. $208 d. $64 e. $54 8. Adel, Beyoncé, and Christina Aguilera derive utility from consuming goods x and y according to the following utility functions: Adel: u^(x, y) = 4x + y Beyoncé: u* (x, y) = 5x + y Christina: u (x, y) = 3x + y They purchase x and y in the same market, so they all pay the same prices, p, and py. They all have the same income, I, and make purchases that maximize their utility. Adel is currently purchasing 30 units of x and 5 units of y. We can therefore conclude that a. Beyoncé is using all her money to buy x, while Christina is using all her money to buy y. b. Beyoncé is using all her money to buy y, while Christina is using all her money to buy x. c. Both Beyoncé and Christina are using all their money to buy x. d. Both Beyoncé and Christina are using all their money to buy y. e. Both Beyoncé and Christina are purchasing the same basket as Adel. 3
Transcribed Image Text:82 66 50 38 32 24 16 D 8. 16 22 25 34 41 Q Use the graph above to answer questions #5-7 about the market for jeans. 5. If the market for jeans is in equilibrium, consumer surplus is a. $968 b. $836 c. $726 d. $484 e. $242 6. If the government institutes a price floor at P=$50 there will be a. Excess Demand = 22 units b. Excess Demand = 16 units c. Excess Supply = 34 units d. Excess Supply = 18 units e. Excess Supply = 6 units 7. A price floor at P=$50 will result in a loss of economics surplus, DWL, of at least a. $400 b. $256 c. $208 d. $64 e. $54 8. Adel, Beyoncé, and Christina Aguilera derive utility from consuming goods x and y according to the following utility functions: Adel: u^(x, y) = 4x + y Beyoncé: u* (x, y) = 5x + y Christina: u (x, y) = 3x + y They purchase x and y in the same market, so they all pay the same prices, p, and py. They all have the same income, I, and make purchases that maximize their utility. Adel is currently purchasing 30 units of x and 5 units of y. We can therefore conclude that a. Beyoncé is using all her money to buy x, while Christina is using all her money to buy y. b. Beyoncé is using all her money to buy y, while Christina is using all her money to buy x. c. Both Beyoncé and Christina are using all their money to buy x. d. Both Beyoncé and Christina are using all their money to buy y. e. Both Beyoncé and Christina are purchasing the same basket as Adel. 3
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS