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- Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations: The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price. A new study says that eating cheese is good for your health, so that demand increases by 20 at every price.What is producer surplus ?fst
- The following table gives the demand and supply schedules for gadgets Quantity Demanded Price Quantity Supplied 30 $25 $20 90 210 110 190 130 170 $15 150 150 $10 170 130 The equilibrium price in this market is S6 The equilbrium quantity in this market isunits H the price in this market was $25 there would be a unitsThe graph shows the supply curve of smart watches and the market price of a smart watch. Draw the producer surplus from smart watches. Label it. What is producer surplus? Producer surplus is OA. equal to the value that the seller places on the good, summed over the quantity sold OB. received by a producer when price exceeds the marginal cost of production OC. the value of the good minus its marginal cost, summed over the quantity sold D. the marginal benefit received by a producer, summed over all the units sold 500+ 400- 300- 200- 100+ 0- Price (dollars per smart watch) S-MG 0 Market price 1 4 5 6 2 3 Quantity (millions of smart watches per year) >>> Draw only the objects specified in the question. Q 7Suppose that the supply and demand equations for a certain product are given by: p=D(q) =70-0.2x p= S(q) = 13+0.004.x² Graph the two functions on the same axes. Label some of the values on each axis.
- Why is my answer wrong?Please make graph and show what area you need to calculate. And find it geometrically answer and question Are attachedChoose the best statement O A. Producer surplus is the excess of the value of the good over the market price, summed over the quantity produced OB. If producers decrease the supply of a good, their producer surplus will increase OC. Producer surplus equals the total revenue from selling the good OD. An increase in the demand for a good increases producer surplusa. Demand for good Q is estimated to be Q = 14 - P, where P is price. If the prices rises from P = $3 to P = $6, then the lost revenue due to the quantity effect is b. A firm selling a product Q faces a demand where Q = 24 - P, where P is price. If the firm lowers the price from P = $20 to P = $16, then the lost revenue due to the price effect is