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Based on the graph above, at $2, there would be a
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- The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. # 345470 10 QUANTITY (Unita) *** TO QUANTITY (Number of units) Graph Input Tool Market for Goods Quantity Demanded (Lv) Demand Price (Dollars per unit) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 2, 4, 5, 6, 8, and 10 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbo) to plot the results. Total Revenue QUANTITY() Ⓒ 50.00 Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of…2) The diagram below represents the market for battery packs. If the price were currently at $28/pack there would be a: Group of answer choices surplus of 4 battery packs surplus of 20 battery packs shortage of 4 battery packs shortage of of 20 battery packsPrice ($) 42 29 20 11 A B G 6 C H N DIE I 11 I K 16 S D If price is set at $11 in the market shown in the graph, consumer surplus will consist of areas: O Quantity
- QUESTION 2 28 24 20 16 12 8 4 0 P b) 10 c) 12 d) 16 e) 20 0 4 8 02. Quantity supplied at price = $10 is O a) 8 12 16 20 S1 D1 24 QQuestion 6 In the graph, consumer surplus is equal to 22 16 D 20 O $6 O $14 O $20 O $60 Question 7 MacBook Air On 2.1. Here is the demand for coconuts: P 3 4 5 6 7 8 9 11 13 16 20 QD 1100 1000 900 800 700 600 500 400 300 200 100 And here is supply P 3 4 5 6 7 8 9 10 11 12 13 QS 100 200 300 400 500 600 700 800 900 1000 1100 Identify the equilibrium price, quantity, consumer and producer surplus and show them on a graph. The graph should be pretty simple here, the main issue is finding the numbers for consumer and producer surplus.
- The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A. PRICE (Dollars per unit) 20 18 16 14 O ∞ 4 2 0 ┫ 0 O N M E * A L B M N O + 2 + 4 + cxxo 6 10 12 14 8 QUANTITY (Units) 16 Đ 18 20etion A 1. Suppose that there were 20 people are interested in buying good X who had a reservation price of Ksh 100, and the 15th person had a reservation price of Ksh50. What would the demand curve look like? 50 750 is theIf the market is described by the given Demand curve, and Supply curve 53, what is total market surplus? 18 Price 16 14 12 10 8 6 4 2 0 2 4 Typed numeric answer will be automatically saved. 6 8 10 Demand 12 14 16 S4 S3 S2 S1 Quantit 18 20
- $400 Assume 320 has been implemented. What is the quantity of lawn mowers that will be sold in the market with a price floor of $320? Hint: enter a number only with no units Example: if the answer is 8,000 lawn mowers, enter 800 O 320- 220- 160- 80- 40- a price floor of $ 400 Lawn Mowers D 900 1200 1600 1800 2000 2800 Q SSuppose that Raphael and Susan are the only suppliers of pieces of cake in some hypothetical market. Their annual supply schedules are given by the following table: Price (Dollars per piece) 1 2 3 4 5 PRICE (Dollars per piece) On the following graph, plot Raphael's supply of pieces of cake using the green points (triangle symbol). Next, plot Susan's supply of pieces of cake using the purple points (diamond symbol). Finally, plot the market supply of pieces of cake using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 6 5 1 0 0 20 Raphael's Quantity Supplied (Pieces) 0 20 30 35 40 40 60 80 QUANTITY (Pieces) 100 Susan's Quantity Supplied (Pieces) 20 35 45 50 55 120 Raphael's Supply Susan's Supply Market Supply (?)Refer to the figure. Price (dollars) 10 9 8 7 5 a 3 2 1 0 Market for Artichokes 50 100 D 150 3 200 Quantity (pounds of artichokes) 250 Tools ES O The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph determine how much economic surplus is generated in the market each week. Economic surplus: $
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