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

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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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R C *F5 % Refer to Table 7-11. Both the demand curve and the supply curve are straight lines. At equilibrium, total surplus is O a. $72. O b. $56. OC. $44. O d. $96. 5 团 Price (Dollars per unit) 12.00 10.00 8.00 6.00 4.00 2.00 0.00 F6 F7 Y & Quantity Demanded Quantity Supplied (Units) 0 3 6 9 12 15 -18 Table 7-11 F8 * 8 ů F9 09 9 JUL F10 (Units) 36 30 24 18 12 6 O 0 ☀- F11 *+ F12 PrtSc
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Price (dollars per hour) Select one: O A. perfectly inelastic. OB. elastic. OC. inelastic. OD. unit elastic. O E. perfectly elastic. 7.00 6.60 6.00 5.60 5.00 0 1 2 3 4 5 S + tax 6 7 8 Quantity (thousands of frisbees) Figure 6.3.1 Refer to Figure 6.3.1 showing the market for frisbees before and after a tax is imposed. At a quantity of 4,500 frisbees, supply is
O The accompanying diagram represents the market for violins. Suppose that a new technology allows beginner-level violin producers to make violins at a substantially lower marginal cost while retaining the same quality. This causes the market supply curve to increase from $1 to $2. a. Place the area labeled CS to represent the new consumer surplus in the market and the area labeld PS to represent the new producer surplus in the market. 300 270 2404 210 180 150 120 90 Incorrect. 60 30 0 0 10 Market for violins 20 30 40 50 60 70 Quantity of violins (in thousands) Increase in consumer surplus: S Increase in producer surplus: $ Incorrect SI b. How much does this new technology increase consumer surplus? Increase in total surplus: $ c. How much does this new technology increase producer surplus? Incorrect S2 D 80 90 100 Incorrect CS PS d. How much does this new technology increase total (or social) surplus? /items/c33159e3-e40a-4... Q
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45
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