Homework 4 - Compatibility Mode Saved to this PCO SearchJoseph MercadoLayoutReferencesMailingsReviewViewHelpm12 A A Aa A E-EAaBbCcI AaBbCcl AaBbC AaB AabbcccOFindReplaA Selectab x, x A- D A-m。 ,田、1 Normal 1 No Spac. Heading 1TitleSubtitleFontParagraphStylesEditing9. Toasters again! The demand and supply schedule for toasters, is given below.a. Graph the supply and demand curves to scale and identify the areas that representthe consumer surplus and producer surplus($)(millions)(millions)120101001020802030603040405020506060b. What are the equilibrium quantity and price?P. =c. Calculate consumer surplus, producer surplus and total surplus.Foanhpt3fgfo104+#3%24&立 wok 4 Compatibility Mode Saved to this PC9SearchReferencesMailingsReviewViewHelp-A A Aa ApAaBbCel AaBbCcl AaBbC AaB Aabc岛。出。1 Normal 1 No Spac. Heading 1TitleSubtitiantParagraphStyles10. Toasters last time! With the same data as the last problem. What happens ifgovernment imposes a price ceiling of $30.a. How many toasters will be sold?b. What is consumer surplus with price ceiling?c. What is producer surplus with price ceiling?d. What is the total surplus with price ceiling?e. How did the price ceiling change the total surplus compared to free marketequilibrium of #9?Feousbps米fho%23近

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9. Toasters again! The demand and supply schedule for toasters, is given below. a. Graph the supply and demand curves to scale and identify the areas that represent the consumer surplus and producer surplus ($) (millions) (millions) 120 10 100 10 20 80 20 30 60 30 40 40 40 50 20 50 60 60 b. What are the equilibrium quantity and price? Qe P. = %3D c. Calculate consumer surplus, producer surplus and total surplus.

9. Toasters again! The demand and supply schedule for toasters, is given below. a. Graph the supply and demand curves to scale and identify the areas that represent the consumer surplus and producer surplus ($) (millions) (millions) 120 10 100 10 20 80 20 30 60 30 40 40 40 50 20 50 60 60 b. What are the equilibrium quantity and price? Qe P. = %3D c. Calculate consumer surplus, producer surplus and total surplus.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Review == 10 Consider the attached supply and demand diagram. At the market equilibrium, what is Consumer Surplus? 9 8 7 6 5 4 3 2 1 SD1 Review 0 Price 1 2 3 4 Type your numeric answer and submit 5 6 7 8 9 D Confusing 10 S Quantity 12 11 Close
please answer #5 letter a and b.
11. The figure illustrates the competitive market for cell phones. Price (dollars per cell phone) 60.00 45.00 30.00 15.00 50 D S 100 150 200 Quantity (cell phones per month) a. What are the equilibrium price and equilibrium quantity of cell phones? b. Shade in and label the consumer surplus at the competitive equilibrium. c. Shade in and label the producer surplus at the competitive equilibrium. d. Calculate total surplus at the competitive equilibrium. e. Is the competitive market for cell phones efficient?
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.
The screenshot shows a graph market for movies at equilibrium: A) Calculate Consumer, producer, and total surplus. b) Suppose in response to public outcry the government imposed a price ceiling of $8 in this market. Explain the impact on the total surplus and market efficiency.
9. Explain the concepts of producer surplus and consumer surplus in your own words. Use the example of a market for computer games in your explanation.
2. Determine the amount of producer surplus generated in each of the following situations. a. David lists his talking Vin Scully Bobblehead on eBay. He sets a minimum acceptable price, known as his reserve price, of $75. After five days of bidding, the final high bid is eхactly $75. b. Jade advertises her car for sale in the used-car section of the student newspaper for $2,000, but she is willing to sell the car for any price higher than $1,500. The best offer she gets is $1,200. c. Ryan likes his job so much as a Chief of Staff for Andrew Yang's Campaign that he would be willing to do it for free. However, his annual salary is $80,000.
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Refer to the figure. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles D 10 20 30 40 50 60 70 80 90 100110 S Quantity Quantity, Tools ps The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Price: $ game consoles b. Show the area of producer surplus on the graph, and then determine how much producer surplus is generated in the market each Instructions: Use the tool provided "PS to illustrate this area on the graph Producer Gurplus. $
Price per mile B C D---- E F H a Supply Demand Miles of taxi service per day Figure 6.6 Refer to Figure 6.6, which shows a market for taxi medallions. If the number of taxi licenses is reduced from Q₂ to Q₁ OA. the gain in consumer surplus equals the loss in producer surplus. B. the gain in producer surplus equals the loss in consumer surplus. OC. the gain in consumer surplus is greater than the loss in producer surplus. OD. the gain in producer surplus is smaller than the loss in consumer surplus.
3. Demand and supply of cigarettes in California are: Supply: Qs = 2Ps + 20 Demand: QD = 200 – PD Calculate the market equilibrium price and quantity, assuming perfect competition. a. b. California decides to tax on cigarettes to fund preschool. It recognizes that a secondary benefit of the tax would be to reduce teen smoking. Suppose taxes of $15 per carton are placed on the consumption of cigarettes. By how much will the tax increase the price consumers pay? By how much will it decrease the price producers receive?
First, use the black point (plus symbol) to indicate the equilibrium price and quantity of designer handbags in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per handbag) 500 450 400 Demand 350 300 250 200 Before Tax Supply 150 100 50 0 0 160 320 480 640 800 960 1120 1280 1440 1600 QUANTITY (Handbags) + Equilibrium Consumer Surplus Producer Surplus ?