69°FSunnyPRICE (Dollars per smartphone)24021018015012060300RinaKyokoMarket PriceJacques012345678QUANTITY (Smartphones)Based on the information on the preceding graph, you can tell thatproducer surplus in this market will be $Suppose the market price of a smartphone increases to $165.SeanMusashiJacquesKyokoMusashiRinaSeanwill sell smartphones at the given market price, and total Homework (Ch 07)Suppose the market price of a smartphone increases to $165.On the following graph, use the rectangles once again to shade the areas representing producer surplus for each person who is willing to sell asmartphone at the new market price: blue (circle symbols) for Jacques, green (triangle symbols) for Kyoko, purple (diamond symbols) for Musashi,tan (dash symbols) for Rina, and orange (square symbols) for Sean. (Note: If a person will not sell a smartphone at the new market price, indicatethis by leaving his or her rectangle in its original position on the palette.)240210SeanJacques180150Kyoko120Musashi90RinaO69°FSunnyPRICE (Dollars per smartphone)60300KyokoJacquesRinaMusashiMarket Price

The surplus that depicts the difference between the amount at which the producer is willing to…

Based on the information on the preceding graph, you can tell that producer surplus in this market will be $ Suppose the market price of a smartphone increases to $165. will sell smartphones at the given market price, and total

Based on the information on the preceding graph, you can tell that producer surplus in this market will be $ Suppose the market price of a smartphone increases to $165. will sell smartphones at the given market price, and total

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the graph shown. With an effective price ceiling at $3, total surplus is reduced by: Please see attached image.
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Refer to Question 4b. The producer surplus for theater movies is $_____. Do not forget to round to two decimal places, input the decimal point and two places to the right of the decimal point, and place a comma, if needed.
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In 2020 the UK government introduced a sales tax on all products bought online from overseas. Please note this is not a tariff – it is a tax. The tax will be 2% of the value of the products sold in the UK. This tax is collected from online sellers such as Amazon or ebay. Source: BBC (2019). See link: https://www.bbc.com/news/business-50656106 Consider the market for online products. The initial market equilibrium is at 10 million products sold per year at an average price of $500 each. Then, the UK government imposes a tax on the market, collected from sellers (for example Amazon and ebay). The tax is 2% per item (each item has an average price of $500). Show the effect of this on the market for online products. Show the effect on consumers of online products, on the online sellers and on the government. Does the UK economy gain or lose as a result of the tax? Explain why. Use a diagram to support your answer.
Use the graph below to answer the following questions: a) what is the level of producer surplus if the market clearing price is $6? b) calculate the change in producer surplus if price increases from $6 to $8. c) what is the elasticity of supply in the $6-$8 price range?
Comsumer Surplus Study The goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity is based off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 of Chapter 3 in the Business Calculus book. The table below shows how supply and demand of gasoliine vary depending on the price: Price ($/gal) Demand (million of gal.) Supply (million of gal.) 753 513 550 1.2 700 1.4 640 600 1.6 580 639 1.8 543 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 3. 367 763 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places %3D • Assume that the Demand has a quadratic relationship with the…
Torsten's Marginal Willingness to Pay (MWTP) for flour is given in the table below. If the price of flour falls from $32 to $25, what is the change in Torsten's surplus? Flour can be bought in integer values only. Enter a number only, drop the $ sign. Include a negative sign if surplus decreases. Bags of flour MWTP 1 $48 2 $41 3 $38 4 $27 5 $16 6 $14 7 $7
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