08 R S4 2. L %23 $. MacBook Pro « Previous O $1,950. O $975. O $1,800. Refer to the above figure. If the market price increases to $130 due to an increase in demand, then producer surplus is 8 1 2 6 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ++ ++ ++++ H+++ -20- 40 09 70- 0- 06 00t 110 120 130 150 09 170-

08 R S4 2. L %23 $. MacBook Pro « Previous O $1,950. O $975. O $1,800. Refer to the above figure. If the market price increases to $130 due to an increase in demand, then producer surplus is 8 1 2 6 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ++ ++ ++++ H+++ -20- 40 09 70- 0- 06 00t 110 120 130 150 09 170-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Country 1 International market Country 2 s2 S2 25 25 25 20 20 15 S1 15 rs1 s1 15 10 IP 10 %3IP 10 IP D2 d1EQ 0- d2 D1 0369 1215182124 0 3 6 9 1215182124 o Q 0369 1215182124Q 16. What is the welfare gain to producers (increase in producer's surplus) resulting from trade in country 1? O (a) $3 (b) $27 (c) $31.5 (d) $40.5 (e) $45 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers 47 23 AUG LEGO 13 5 20 .... P. 5
90 80 70 60 50 30 20 10 120 180 240 300 360 420 480 540- 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
es TB MC Qu. 03-106a (Algo) Reter to the table. If... (1) Qd 70 80 90 100 110 Multiple Choice O O O O (2) Qd 40 50 60 70 80 O Refer to the table. If demand is represented by columns (1) and (2) and supply is represented by columns (4) and (5), equilibrium price and quantity will be $9 and 70 units. $9 and 60 units. $10 and 70 units. $10 and 40 units. (3) Price $10 and 80 units. $ 10 9 8 7 6 (4) Qs 70 60 50 40 30 (5) Qs 80 70 60 50 40
Price $60 40 20 0 50 100 Quantity 150 O $60, resulting in a surplus of 100 units. O $60, resulting in a shortage of 100 units. $40, resulting in equilibrium. O $20, resulting in a shortage of 100 units. 200 Supply Demand Refer to the above diagram. A price floor could be established at:
Price D1 $12 5 $10 8 $8 11 $6 13 18 $4 16 21 $2 18 24 D₂ 9 12 15 S1 19 17 15 13 11 9° S₂ 14 12 10 8 6 4 Suppose that D₁ and S₁ are the prevailing demand and supply curves for a product. If the demand schedule changes from D₁ to D 2, then equilibrium price increases from $6 to $8 O equilibrium quantity decreases from 15 to 13 O equilibrium price decreases from $6 to $4 equilibrium quantity increases from 13 to 18
Figure 4 170 + 160 150 140 + 130+ 120 110 8 882 88 100+ 90 80 + 70 60+ 50 0 30 30 10 40+ 30+ 20 10+ Price + + 1 2 3 4 Select one: 5 6 Oa. $200. O b. $900. OC. $450. O d. $400. 7 8 K Refer to Figure 4. At the equilibrium price, producer surplus is 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Ata S Time left 1:57:28 Quantity
Suppose that the supply and demand schedules for a local electric utility are as follows:Price 17 16 15 14 13 12 11Quantity supplied 9 7 5 3 1 - -Quantity demanded 3 4 5 6 7 8 9The price is in cents per kilowatt hour (kWh), and the quantity is millions of kilowatt hours. The utilitydoes not operate at prices less than 13 cents per kWh.(a) Using graph paper and a ruler, or a computer spreadsheet or presentation program, carefully graphand label the supply curve for electricity.(b) On the same graph, draw and label the demand curve for electricity.(c) What is the equilibrium price of electricity? The equilibrium quantity? Label this point on yourgraph.(d) At a price of 17 cents per kWh, what is the quantity supplied? What is the quantity demanded? Whatis the relationship between quantity supplied and quantity demanded? What term do economists useto describe this situation?(e) At a price of 14 cents per kWh, what is the relationship between quantity supplied and quantitydemanded? What…
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$4.00 $3.50- $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 0 5 10 15 20 25 30 Quantity A price floor set at a price of $1.00 will result in O no change in the market outcomes. a surplus of 20 units. a surplus of 10 units. a shortage of 20 units. a shortage of 10 units. Price O O Supply Demand 35 40
1.00 0.90 0.80 0.70 0.60 0.50 Supply 0.40 0.30 Domand 0.20 0.10 50 100 150 200 250 400 300 350 If a price ceiling of $0.30 is imposed, what is the new consumer surplus? Oa. 50 Ob. 75.5 Oc. 45 Od. 67.50
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