90 70 60 50 30 120 180 240 300 360 420 480 540- 600 660 720 780 840 If there is a price floor of $60 imposed in this market, what is the new Producer Surplus? a. 7500 Ob. 10000 Oc. 12000 Od. 9000 10
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- The following figure illustrates the tomato market for Mexico, assumed to be a "small" country that is unable to affect the world price. Suppose the world price of tomato is given and constant at $100 per ton. SM is the domestic supply and DM is the domestic demand for Mexico. Now suppose the Mexican government provides production subsidy of $200 per ton to its tomato producers. SM (with subsidy) is Mexico's supply schedule with production subsidy. Price ($) 800 SM SM (with subsidy) 300 100 World price DM 8 Tons of Tomatoes Refer to the figure above. As a result of the production subsidy, the deadweight loss to Mexico equals [ Select) 20Consider the market for slug repellant. This good can be produced in the United States or abroad. Assume U.S. consumers wish to buy the least expensive slug repellant possible. Price Quantity demanded $6 13000 $7 12000 $8 11000 $9 10000 $10 9000 $11 8000 Quantity supplied domestically 2000 4000 6000 8000 9000 10000 Quantity supplied by importers if trade is allowed 5000 5000 5000 5000 5000 5000 If international trade is allowed, what is the equilibrium price?2.40 2.00 1.60 1.20 0.80 0.40 0 600 O1200 12000 13000 14000 15000 Supply Demand 16000 If a price ceiling of $0.80 is imposed on this market, what is the dead weight loss? O 400 800
- Price = $1000Quantity = Hundreds per monthOld equilibrium is 7, with a quantity of 5.New equilibrium is 9, with a quantity of 7. Total revenue is 3.5m(old) to 6.3m(new)How would I go about calculating the area for each producer surplus?Price/unit A P3 P2 P1 OCA Od. A+B+C. A G E+F+G. B At equilibrium producer surplus is area Oa.G. Ob. E Ic S D Quantity/timePrice per Trip $50 40 30 20 22 25 Number of Trips (1.000s per day) The area of consumer surplus at a price of $6 is equal to the number with no symbols or letters) dollars. (write just
- The following graph shows the supply curve for a group of students looking to sell used statistics textbooks. Each student has only one used textbook to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used textbook. (?) 430 190 Eleen ancy Susan 70 Raphael 1. QUANTITY (Ued lebeoka) Region A (the purple shaded area) represents the total producer surplus when the market price is , while Region B (the grey shaded area) represents * when the market price In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement True False Producer surplus is smaller when the price is $245 than when it is $175. Assuming each student receives a positive surplus, Susan will always receive more producer surplus than Alex. In order for Eileen to earn a producer surplus…Use the diagram below to answer the following questions. Assume an initial market price of $4. a. Identify the initial area of consumer surplus (CS1) when the market price is $4. Next, assume that supply decreases and the market price rises to $5. Draw the new supply curve and then identify the new area of consumer surplus (CS2). Instructions: (1) Use the tool provided 'CS, to identify the initial area of consumer surplus. This will drop a small triangle with three endpoints onto the graph. Drag the endpoints to the appropriate position to identify the initial area of consumer surplus. (2) Then use the tool provided 'S2' to draw the new supply curve. (3) Use the tool provided 'CS2' and follow the same process as before to identify the second area of consumer surplus. $10 Tools $9 $8 cs, CS2 $7 $6 S2 $5 $4 $3 $2 Noxt PriceWhat is a b and c