Figure 3 Price 110 + 100 Supply 90 80 +- 70 60+ Demand 50 45 40 30+ 20 10+ 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 u2xtity Refer to Figure 3. If 50 units of the good are bought and sold, then the marginal cost to sellers is equal to the marginal value to buyers. O b. the marginal value to buyers is greater than the marginal cost to sellers. O c. the marginal cost to buyers is greater than marginal value to sellers. O d. producer surplus is less than consumer surplus. 829

Figure 3 Price 110 + 100 Supply 90 80 +- 70 60+ Demand 50 45 40 30+ 20 10+ 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 u2xtity Refer to Figure 3. If 50 units of the good are bought and sold, then the marginal cost to sellers is equal to the marginal value to buyers. O b. the marginal value to buyers is greater than the marginal cost to sellers. O c. the marginal cost to buyers is greater than marginal value to sellers. O d. producer surplus is less than consumer surplus. 829

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

Q)Using this diagram calculate : 1) The producer surplus after change 2) The total surplus after the change Explains it correctly
Question 21
Price $20- 18- 16- 14 12 10 8 6- 4 2- 0 10 20 30 40 50 90 100 Quantity Refer to the Figure 4-3. If the price in this market is currently $14, what would happen? O a. There would be a shortage of 20 units so producers would increase production. O b. There would be a surplus of 20 units and the price would tend to fall. O c. There would be a shortage of 40 units so producers would increase production. O d. There would be a surplus of 40 units and the price would tend to fall.
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Subject:ec
Which of the following shift the quinoa supply curve to the right? a. The world-wide outbreak of a deadly virus which makes the transportation of quinoa more difficult. O b. Consumers become more aware of the health benefits of Quinoa. O c. Major quinoa farmers in the world form a cartel. O d. Quinoa farms adopt a better production technology and reduces its marginal cost.
7. Josh Brinkley is pricing popcorn at the local movie theatre. If the marginal cost of a 16 oz. bag of popcorn is $0.50 and the price elasticity of demand is -1.25, what price should Josh set? a. $0.50 b. $0.75 c. $1.25 d. $2.50
O b. $80 Given that the firm decides to only offer the high-end wok, what is the highest price it can charge the chefs? O a. $70 O c. $90 Cooking Wok No-name brand High-end professional series O d. $100 Use the following table for questions 50-57 Value to home users $50 $70 Value to professional Chefs $60 $100
Question 5 Select the graph that corresponds to a shift in the supply curve. O Price Price P₁ D D₂ I ← I D₁ S₁ A S₂ Quantity Quantity
Figure 7-4 Price P₂ P₁ o с D 9₂ B E 82 Quantity Refer to Figure 7-4. What will NOT occur when the price falls from P2 to P1? a. The total quantity sold in the market increases. b. The sellers who still sell the good are worse off because they now receive less. OC. The total cost of what is now sold by sellers is actually higher. X d. Producer surplus would fall by area A + B.
3.
Explanation it correctly