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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11. If suppliers could only provide 5 units, what would the price be? $8 Supply $6- $4 Demand $2- 0 5 10 15 20 25 30 35 Quantity $8 O $5 O $10 O $2 O O Price
5. Using the graph above, suppose a price floor of $14.00 is imposed. As a result, total surplus will: Increase by $80 Decrease by $10 Decrease by $20 Decrease by $80 a. b. C. d. Brice Homework 5: Government Policies in the Market Price $20 18 16 4 12 10 8 6 4. D 10 20 30 40 50 60 70 80 90 100 Quantity
D WAGE 10 9 8 7 6 5 4 3 2 Refer to Figure 19-1. If the minimum wage in this market is $8, then O a. there is a surplus of 1 million workers. O b. employment is 10 million. Oc. there is a surplus of 3 million workers. O d. employment is 12 million. Figure 19-1 Supply Demand 2 4 6 8 10 12 14 16 18 20 QUANTITY OF LABOR (Millions of workers)
Which one of the following statement is incorrect? O A. The difference between the lowest price at which producers are willing to supply a product and the price they actually receive is known as the producer surplus O B. The producer surplus is depicted by the area below the demand curve and above the market price. O C. The value between what consumers pay and the maximum value that they are willing to pay for a product is known as the consumer surplus O D. To determine consumer surplus, one must have knowledge of the market price of a particular product
Refer to the graph to the right. After the government imposes a price of $3.50 in this market, area A represents O A. total economic surplus. O B. the producer surplus transferred to consumers. OC. the consumer surplus transferred to producers. O D. a deadweight loss. $3.50 A 3.00 2.0 Quantity (billions of bushels per year) 2.2 1.8 Price (dollars per bushel) D.
3. Effects of rent control Rent controls force landlords to price apartments below the equilibrium price level. An immediate effect is a shortage (excess demand) of apartments, because the quantity of apartments demanded is greater than the quantity supplied at the regulated price. When cities prevent landlords from charging market rents, which of the following are common long-run outcomes? Check all that apply. O Efficient use of housing space results. O The quantity of available rental housing units falls. O The quality of rental housing units falls. O Landlords earn lower profits from renting housing units, but the rent charged has no effect on either the quantity or quality of rental units.
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P₁ 4 91 7 8 9 O A. areas 1, 2, 5 and 6 OB. areas 1 and 2 OC. area 2 OD. area 3 O E. areas 5 and 6 Qo Quantity Supply Demand FIGURE 5-6 Refer to Figure 5-6. The market for good X is in equilibrium at Po and Qo. Now suppose the government imposes a price ceiling at P₁. The redistribution of surplus from producers to the consumer is represented by ...
O The demand curve for a product is given by Qp = 400-20P and the supply curve for a product is given by Qs = 16P-32. O a. Illustrate the demand curve and the supply curve on the same graph. O b. Find the equilibrium price and quantity. O c. Find numerical values for the consumer surplus and the producer surplus. O d. Identify consumer surplus and producer surplus on your graph.
Dollars per unit $20- S $15 e $10 $6 $2 2,000 1,000 1,200 Quantity per period Use the graph above. If the price in the market is $10, what is the consumer surplus in the market? O None of the answers is correct O $40,000 O2,000 units O $10,000 Consumer surplus Producer surplus
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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