9. The market for peanut butter is given by the following demand and supply curves:P= 30-1/2 QDandP=5+20sa. Calculate the equilibrium price and quantity of peanut butter and show these on a properlylabeled supply and demand diagram for peanut butter.b. What is the consumer and producer surplus in the market? Calculate and indicate these onyour graph from part (a).IC. Is the market economically efficient? In one sentence or less, how do you know?Now assume that the price of jelly (the second ingredient in the ever-popular peanut butter and jelly(PBJ) sandwich) decreases.d. How does this affect the market for peanut butter? Draw these changes on your supply anddemand diagram from part (a).e.If the price were to remain at the previous equilibrium price, indicate the quantity of peanutbutter bought and sold in the market as Qu.f. Indicate consumer surplus and producer surplus on your graph. (You do not need tocalculate anything here).Is the market economically efficient? In one sentence or less, how do you know?h. Explain how the market will adjust to the new equilibrium.10. Nate, Ellie, and Marquis are all planning to go to the Taylor Swift Eras tour. Marquis is a huge Taylor1000Pil

“Since you have posted a question with multiple sub parts, we will provide the solution only to the…

9. The market for peanut butter is given by the following demand and supply curves: P=30-1/2 QD P=5+20¹ and a. Calculate the equilibrium price and quantity of peanut butter and show these on a properly labeled supply and demand diagram for peanut butter. b. What is the consumer and producer surplus in the market? Calculate and indicate these on your graph from part (a). c. Is the market economically efficient? In one sentence or less, how do you know?

9. The market for peanut butter is given by the following demand and supply curves: P=30-1/2 QD P=5+20¹ and a. Calculate the equilibrium price and quantity of peanut butter and show these on a properly labeled supply and demand diagram for peanut butter. b. What is the consumer and producer surplus in the market? Calculate and indicate these on your graph from part (a). c. Is the market economically efficient? In one sentence or less, how do you know?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Based on the graph shown here, if the price of this good is $4.00 and the consumer purchases the optimal quantity, how much is consumer surplus? Price ($) $10.00 $6.00 $4.00 $2.00 10 20 30 Demand (MB) Quantity (units of the good)
9. Total net benefit On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of smartphones. 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. Hint: Clicking a shaded area, after plotting it on the graph, will show you the total area of the shaded region. ? PRICE (Dollars per phone) 100 90 80 70 60 50 40 20 10 0 The Supply and Demand for Smartphones Demand 0 Supply 40 80 240 120 160 200 QUANTITY (Phones) 280 3:20 Total net benefit (or total surplus) in this market is S 360 400 + Equilibrium A Consumer Surplus Producer Surplus 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.
3) Suppose that the demand is described by the following function: P=397-2Q. Supply is described by P=100+0.7Q. The graphs of demand and supply are represented below 450 400 350 300 250 200 150 100 50 0 0 50 100 150 b. The equilibrium price equals space below. 200 a. On the graph above, label the axes and the lines that represent demand and supply. Show your calculations in the empty C. Calculate the consumer surplus and show your calculations below (2) Suppose that the government imposes per-unit tax of $30 per each unit sold. As a result, the consumer retail price for the product increases to $200. d. What is the quantity of product sold after the tax is imposed? Q = e. The price received by the suppliers after the tax is imposed is f. Has the consumer surplus changed after the tax is imposed? If yes, then how did it change (increased or decreased)? Shade the area that represents the consumer surplus after the tax is imposed, on the graph (1) g. The deadweight loss to the economy…
Suppose the daily demand curve for gasoline is as provided in the accompanying graph. a. Calculate the consumer surplus in the market for gasoline if the market price is $3.50. Consumer surplus = $ ___________ million Now suppose the price decreases to $2.50 per gallon. Move the price line on the graph to reflect this change, then calculate the new consumer surplus. New consumer surplus = $________million
9. a) Explain law of demand, willingness to pay and diminishing marginal benefit briefly? b) What factors cause to demand curves to shift and what is the reason for a movement along the demand curve?
Question 1. Melissa buys an iPhone for $120 and gets consumer surplus of $80. a) What is her willingness to pay? b) If she had bought the iPhone on sale for $90, what would her consumer surplus have been?
2. 3-5: Attaining Market Equilibrium *3* The Wall Street Journal of March 20, 2020, reported on the "large surplus of oil" as there is not enough storage capacity to hold the refined oil. Assuming the price of oil is set by competitive market forces, which of the following sequence of events accurately describes how the surplus of oil would be eliminated? As price decreases, the: Quantity demanded decreases, quantity supplied increases, and a new equilibrium will be reached. O Quantity demanded increases, quantity supplied increases, and a new equilibrium will be reached. O Demand decreases, supply increases, and a new equilibrium will be reached. O Demand increases, supply decreases, and a new equilibrium will be reached. O Quantity demanded increases, quantity supplied decreases, and a new equilibrium will be reached.
8. Given the following set of demand and supply functions, find the equilibrium price and quantities. (i) Qd = 450 - 3P; Qs = 50+ 5P, (ii) Qd = 500 - 3P; Qs = 100; (iii) Qs = 30 + 1/2p, find Qs, when P =2. P = 4, P = 6, p = 10 9. A) Briefly discuss the microeconomics goals b) With the help appropriate diagram briefly discuss a change in QTY demanded & change in demand.
1. Suppose that the market of iPhone 12 has recorded the following equations for: Q= 1000-20P and Q= 100+10P a) Calculate the equilibrium price in $ per unit and quantity for the market? b) Draw the graph of the market equilibrium for iPhones? c) Find the new market equilibrium if the price per unit doubles than its initial level (in a)?
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The graph shows the demand curve for wallets and the market price of a wallet. Price (dollars per wallet) 18.00- What is the consumer surplus on wallets? 16.00- What is the total expenditure on wallets? 14.00- What is the total benefit of wallets? Market 12.00- price .... 10.00- Draw a point that shows the quantity of wallets bought and the price paid. 8.00- Draw a shape that represents the consumer surplus. Label it CS. 6.00- 4.00- Draw a shape that represents total expenditure. Label it TE. 2.00- m 0.00- 30 Quantity (wallets per day) 15 45 60 75 90 105 The consumer surplus is $- As Total expenditure on wallets is >>> Draw only the objects specified in the question. SS Total benefit of wallets is $ O Time Remaining: 00:54:18 Next ced rse (ECON202 s2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9e
8. Consider the market for the Mona Lisa painting given by the following demand and supply curves: D: P = 1000-50QD and S: Qs=1 a. Draw the market for Mona Lisa paintings below. Label graph and axes. b. Calculate the equilibrium price and quantity of Mona Lisa paintings. Label P* and Q* on your graph from part a. C. Calculate consumer surplus and producer surplus. Label these (CS and PS) on your graph from part a. Suppose the French government imposed a $300 tax on buyers of Mona Lisa paintings. d. On the following graph, show the effect of the tax. Clearly label PBUYER PSELLER P, Q, QTAX CSTAX PSTAX, the tax revenue (TR), and DWL. (Here CSTAX PSTAX refer to consumer and producer surplus after the tax is imposed.) Calculate consumer surplus (CSTAX), producer surplus (PSTAX), deadweight loss (DWL), and the total tax revenue (TR) under the new tax. I e.