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![Figure 3-15
Price
P2
в
P1
Q1
Q2
Quantity
Refer to Figure 3-15. Which area represents producer surplus when the price is P1?
BCE
ACF
ABED
DEF](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F175b39d5-9fee-41d5-9b6f-1af4a141899e%2Fd85882ae-9c7e-4b10-8cf5-094122341244%2Fmtj2gce.png&w=3840&q=75)
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- Price $0 $5 $10 $15 $20 A 9:28 AM C E Supply of Grapefruits 0 5 10 15 20 Both $10 Both $50 Both $200 This table shows the supply and demand schedule for the grapefruit market. Assume that the supply and demand curves are linear. At the market equilibrium price, what are the consumer surplus and the producer surplus? B Print Assessment D Demand for Grapefruits 20 15 10 5 0 CS $45; PS $15 Both $100Figure 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.Price of Gasoline P3 P₂ P₁ 0 9₂ 9₂ 52 D S₁ Price Ceiling Quantity of Gasoline Refer to the figure above. With a price ceiling present in this market, what will happen when the supply curve for gasoline shifts from S₁ to S₂? The market price will stay at P₁ due to the price ceiling. A shortage will occur at the price ceiling of P2. The price will increase to P3. A surplus will occur at the new market price of P₂.
- Refer to the figure. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles D 10 20 30 40 50 60 70 80 90 100110 S Quantity Quantity, Tools ps The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Price: $ game consoles b. Show the area of producer surplus on the graph, and then determine how much producer surplus is generated in the market each Instructions: Use the tool provided "PS to illustrate this area on the graph Producer Gurplus. $age Figure 7-2 Price P₁ P₂ B D O a. ACF O b. ABD O C. DEF O d. BCED E Q₂ 8₂ D Quantity Refer to Figure 7-2. Which area represents consumer surplus at a price of P1? me left:52:46 NEXT PAGEPRICE (Dollars per notebook) 60 54 48 42 36 30 * 18 12 6 00 0 0 Supply Demand 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Notebooks) The equilibrium price in this market is $ Graph Input Tool Market for Notebooks Price (Dollars per notebook) Price (Dollars per notebook) Shortage or Surplus 42 18 Quantity Demanded (Notebooks) per notebook, and the equilibrium quantity is 12 Shortage or Surplus Amount (Notebooks) 620 Quantity Supplied (Notebooks) notebooks per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Pressure ? 380
- First, use the black point (plus symbol) to indicate the equilibrium price and quantity of designer handbags in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per handbag) 500 450 400 Demand 350 300 250 200 Before Tax Supply 150 100 50 0 0 160 320 480 640 800 960 1120 1280 1440 1600 QUANTITY (Handbags) + Equilibrium Consumer Surplus Producer Surplus ?Quantity Demanded Price per Unit Quantity Supplied 10 |$5 50 20 $4 40 30 $3 30 40 $2 20 $1 10 Refer to Table 3.1. If the government imposes a price of $3, O a surplus will rcsult. O Market is in equilibrium. a shortage will result. O the price will fall to $1 becausc producers will bc forced to incur losses. t分 %24 50X Question 7 Figure 4-3 Price per pound ($) o P₁ Po 0 B D G C с E 0₂ H Q₁ H bad Supply Demand Quantity of granola (lbs) Figure 4-3 shows the market for granola. The market is initially in equilibrium at a price of P1 and a quantity of Q1. Now suppose producers decide to cut output to Q2 in order to raise the price to P2. Refer to Figure 4-3. At the price P2, consumers are willing to buy the Q2 pounds of granola. Is this an economically efficient quantity?
- The equations describing demand and supply curves for pizzasare given as follows:Q= 500 –P and Q= 2P + 200. a.What is the equilibriumpriceand quantity? b.Suppose that the price levelis set by the government at $150. Will there be a shortage or surplus? Explain why . What is the size of the surplus or shortage ?12LGjjfiV9KIUa7A14QC7gvvPrKFtW6ZwP60WrVE/edit AP 100% PRICE Dolars perp Answer Price ($) 10. Using the graph below, determine the equilibrium price and quantity of pens. 0000 5000- 3000 2000- Normal text Answer: RUBRIC Worksheet 2 Scenario 11. Using the graph below, determine the approximate equilibrium price and quantity of soap. Supety 3 QUANTITY ons of pens) Demand Curve Arial Supply Curve Cartoon P Quantity Supplied Price determination AND PRICE 11 Demand + B I UA AQuantity of Frozen Latte - On - A - Stick Supplied Flo's Supply Rita's Supply Price 1 0. 2 15 12 Table 4.1 Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte - on -a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $2? 2 of 2 OA O ов. 2 OC. 3 2 of 2 O D. 5 1 of of of Click to select your answer. of
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