Use Exhibit to answer questionPricePBPoPsABIIICSize of taxper unitய,FQ₁QoSupplyDemandQuantityIf there is no tax placed on the product in this market, consumer surplus is the areaa. A.O b. D+ C+ B.O C. C + D + F.d. A + B + C.O e. A + B + E.

The price a person is willing to pay for a good and the market price for that good are separated by…

Answered: If there is no tax placed on the…

If there is no tax placed on the product in this market, consumer surplus is the area O a. A. O O O b. D + C + B. C.C+D+F. d. A+B+C. e. A+B+E.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1.00 0.90 0.80 0.70 0.60 0.50 0.40 0.30 Demand 0.20 0.10 50 100 150 200 250 300 350 400 If the price of the good depicted above falls from $0.80 to $0.60, with no change in demand, then Consumer Surplus will increase by Оа. 40 O b. 60 Oc. 30 Od. 50
Ciear my cnoice 43. A tax paid by buyers shifts the supply curve, while a tax paid by sellers shifts the demand curve. However, the outcome is the same regardless of who pays the tax. Select one: O a. True O b. False Figure 64 Price 4
Figure 2 Pl P2 Price B C Select one: D a. ACG O b. BCGD O C. DFG O d. ABD. Q1 G Q2 Demand Refer to Figure 2. Which area represents the increase in consumer surplus when the price falls from P1 to P2? Quantity 4
QUESTION 9 Table : The only four consumers in a market have the following willingness to pay for a good: Buyer Willingness to Pay Carlos $15 Quilana $25 Wilbur $35 Ming-la $45 Refer to Table. If the market price is $35 per unit then the total consumer surplus will be O a. $50 O b. $40 O. S0 Od. $10
QUESTION 2 Andrea is willing to pay a maximum of $1000 for a 50 inches television. She was able to order the television online and earned a consumer surplus of 300. How much she would have paid for that TV? O a. $1,300. O b.$700. O. $300. O d. $1,000. QUESTION 3 In normal circumstances if the government doubles the tax on a product then the resulting deadweight loss will be O a. four times the previous deadweight loss. O b. double of the previous deadweight loss. O c. equals to the previous deadweight loss. O d. less than previous deadweight loss.
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Which of the following will most likely lead to the smallest deadweight loss (all else equal)? Select one: A. A payroll tax of $10 B. A mandated benefit that costs $15 and employees value at $4 C. A payroll tax of $7 D. A subsidy of $13 E. A mandated benefit that costs $9 and employees value at $3 O O O O
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Figure 7-2 180 150 120 110 Supply 90 70 60 30 Demand 5 10 15 20 25 30 QUANTITY Refer to Figure 7-2. If the government imposes a price floor of $110 in this market (i.e. decrees that the price cannot go below $110), then consumer surplus will decrease by O a. $800. O b. $200. O c. $400. O d. S600. PRICE
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