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- O The accompanying diagram represents the market for violins. Suppose that a new technology allows beginner-level violin producers to make violins at a substantially lower marginal cost while retaining the same quality. This causes the market supply curve to increase from $1 to $2. a. Place the area labeled CS to represent the new consumer surplus in the market and the area labeld PS to represent the new producer surplus in the market. 300 270 2404 210 180 150 120 90 Incorrect. 60 30 0 0 10 Market for violins 20 30 40 50 60 70 Quantity of violins (in thousands) Increase in consumer surplus: S Increase in producer surplus: $ Incorrect SI b. How much does this new technology increase consumer surplus? Increase in total surplus: $ c. How much does this new technology increase producer surplus? Incorrect S2 D 80 90 100 Incorrect CS PS d. How much does this new technology increase total (or social) surplus? /items/c33159e3-e40a-4... QQuestión 9 óf 20 Papa Mel's is an alfalfa farm in a perfectly competitive industry. Use the information in the graphs to answer the question. Note that the scale of the first graph is in thousands of bales. Alfalfa market Papa Mel's alfalfa Price and cost Price and cost $10 $10 9 Supply 8 8 7 7 Marginal cost 4 4 3 3 Demand 2 1 1 1 2 3 4 6. 7 8. 9. 10 1 2 3 4 8. 9. 10 Output (bales) Output (bales) 63. The components of marginal reve Mo's HookNLadder is the only company selling fire engines in the fictional country of Alexandrina. Mo initially produced four trucks, but then decided to increase production to five trucks. The following graph gives the demand curve faced by Mo's HookNLadder. As the graph shows, in order to sell the additional fire truck, Mo must lower the price from $105,000 to $90,000 per truck. Notice that Mo gains revenue from the sale of the additional engine, but at the same time, he loses revenue from the initial four engines because they are all sold at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial four engines by selling at $90,000 rather than $105,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $90,000. PRICE (Thousands of dollars per fire engine) Mo ####&* 165 150 135 120 106 90 75 45…
- A 21 lbs B $21 C $84 D $4Need asap please.Force Completion Once started, this test must be completed in one sitting. Do not leave the tes Your answers are saved automatically. Remaining Time: 28 minutes, 03 seconds. Question Completion Status: Moving to another question will save this response. Question 17 Difference between actual amount received and what they would accept is known as O Producer Surplus O Consumer Surplus O Individual Surplus O Managers Surplus A Moving to another question will nous this roopono bike 2.jpg bike.jpg # bike 2 101°F Sunny f5 esc fi ? 0 16
- The elasticity of resource demand is calculated as: % Chage in resource quantjty/% Change in resource price If a calculation of Resource Demand Elasticity returns a quotient that is less than 1, then O Resource demand elasticity is relatively elastic, indicating there is a lack of resource substitutability O Resource demand elasticity is relatively elastic, indicating there is an ease of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is a lack of resource substitutability Resource demand elasticity is relatively inelastic, indicating there is an ease of resource substitutabilityNo written by hand solutionIsnt the price to 2 and 3 34 and 45 respectively.
- This question is inspired on the recent evolution of electricity markets in Switzerland and the EU.Suppose a market consists of three producers:i. Firm 1 (photovoltaics) has a marginal cost of production od CHF 1 and can produce up to 100 MW/h;ii. Firm 2 (hydroelectric) has a marginal cost od production of CHF 5 and can produce up to 200 MW/H;iii. Firm 3 (gas) has a marginal cost od production of CHF 20 and can produce up to 200 MW/h.For simplicity, assume that there are no fixed costs of production.Consumers are willing to pay a constant amount of 25 CHF for each additional MW/h up to 500 MW/h. a) Draw a graph of supply and demand for this market.b) Calculate the price in the market and the profits of each company.TM N 99% O 5:23 TNT Edit 21 youay compeueery onog omemerconsev Devolopment of a highly competitive human resource, cuttingedge sclentific knowledge and innovative technologies for sustainable communities and environment. TP-IMD-02 Mission: vO0715 20 No.DOE 2014-05 For instructional purposes only - 1" Semester SY 2020-2021 59 AGSC12 Exercise No. 2 Price Elasticity of Demand Name: .-- Score : Class schedule:. Using the Price and Quantity demanded data, compute the needed values in each cell provided per column given the table below: Quantity Demanded (Qd) Total P1 +P2 Price Revenue 01 +02 Category AP (P) (TR) 2 2 100 3000 90 4000 80 5000 70 6000 60 7000 50 8000 40 9000 B. Complete the summary table below based on the results in Activity A If Price falls, The Elasticity Coefficient is If Price rises, If demand is Total Revenue will Total Revenue will EBlastic Inelastic Uhitary Page 59 of 97 Vision: A globally competitive university for science, technology, and environmentalconservation.…Microeconomics
