Figure: Demand 2 Price $100 on 80 70.74 60 60 40 40 20 19.63 A S2 D₁ B S₁ C D 35,73 46.02 0 10 20 30 40 50 60 70 80 90 100 Quantity WhereSjis the supply of drugs with no prohibition andS2is the supply of drugs with prohibition, the area that represents total revenue with drug prohibition is and the area that represents total revenue with no prohibition is O a. A+C+D:B+D O b. C+DA+C O c. A+C;C+D O d. B+DA+C

Figure: Demand 2 Price $100 on 80 70.74 60 60 40 40 20 19.63 A S2 D₁ B S₁ C D 35,73 46.02 0 10 20 30 40 50 60 70 80 90 100 Quantity WhereSjis the supply of drugs with no prohibition andS2is the supply of drugs with prohibition, the area that represents total revenue with drug prohibition is and the area that represents total revenue with no prohibition is O a. A+C+D:B+D O b. C+DA+C O c. A+C;C+D O d. B+DA+C

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 4E

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5.
Price ATC MC 20 18 16 15 MR Demand 15 18 20 25 Quantity
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AaBbCcDd AaBbCcDd AaBbC AABBCCC AaB AaBbCcl の、田、 1 Normal 1 No Spac... Heading 1 Heading 2 Title Subtitle Paragraph 3- Use the figure below to answer the following questions. Styles 70 60 Supply 50 40 30 20 10 Demand 1000 2000 3000 4000 5000 6000 7000 8000 Quantity (number of hours of gardening service per month) Figure 1 a- Consider the demand curve in Figure 1. What is the consumer surplus (CS) when the price is $30 per hour? (Mention the area using the numbers and calculate CS) b- Consider the demand curve in Figure 1. What is the producer surplus (PS) when the price is $30 per hour? (Mention the area using the numbers and calculate PS) c- Consider the demand curve in Figure 1. If the price rises from $30 to $50 per hour, What will happen to economic surplus? (Mention the area using the numbers) d- Consider the demand curve in Figure 1. If the price falls from $30 to $15 per hour, What will happen to economic surplus? (Mention the area using the numbers) Price ($s per hour)
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