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Question 5
In the graph, producer surplus is equal to
10
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6.
$12
$30
$54
$60
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- 2. Suppose that the market for wind chimes is a competitive market. The following graph shows the daily cost curves of a particular firm operating in this PRICE (Dollars per wind chime) 40 36 32 28 24 20 16 2 8 4 0 0 MC 2 ATC AVC 6 4 8 QUANTITY (Thousands of wind chimes per day) + 10 12 14 16 18 20 market: a) In short run, at a market price of $26 per wind chime, how much will firm choose to produce per day? How do you know? b) If the market price is $26 in the short run, and the firm chooses to produce the quantity you obtained in question (a), indicate the area that represents firm's profit or loss in short run on the graph. c) What is this firm's shutdown price, that is the price below which it is optimal for the firm to shut down in short run? d) long run, all firms can enter and exit the market, and all entram the same costs as above. As this mark1 The change in producer surplus as a result of the shift in the graph below is cqual to: 1050 b. 1050 C 5000 O None of the above S1 90 So 60 50 25 75 100 125The graph shows the supply curve of fitness trackers and the market price of a fitness tracker. Draw a point that shows the marginal cost of the 30th fitness tracker. What is the marginal cost of the 30th fitness tracker? The marginal cost of the 30th fitness tracker is OA. the producer surplus received by the seller from the 30th fitness tracker O B. the minimum price at which the seller has an incentive to sell the 30th fitness tracker OC. the value that the buyer places on the 30th fitness tracker OD. the price that the seller receives when the 30th fitness tracker is sold 120- 100- 80- 60- 40- 20- Price (dollars per fitness tracker) 0+ 0 20 40 Market price 60 80 100 Quantity (fitness trackers per day) >>> Draw only the objects specified in the question. 120 o o 2
- The following graph displays four supply curves (HH, II, JJ, and KK) that intersect at point A. PRICE (Dollars per unit) 400 360 320 280 240 200 160 120 80 40 0 स 0 H 40 + 80 K B A + + 10+ o+ + E K H 120 160 200 240 280 320 360 400 QUANTITY (Units) ?Assume that hot dogs and mustard are complementary goods. If the price of hot dogs increase, what will happen to the price and quantity sold of mustard? Price will increase and quantity sold will increase. Price will increase and quantity sold will decrease. Price will decrease and quantity sold will decrease. O Price will decrease and quantity sold will increase. None of the above. Which of the following will initially result from an increase in the market demand for a good? * O Total producer surplus in the market will decrease. There will be a matching increase in supply. There will be a decrease in quantity supplied. The equilibrium price will decrease. There will be a temporary shortage at the original equilibrium price.Calculate the producer surplus when a price floor of $18 is imposed in the market. The graph is attached for your convenience. O $40 O $240 O $200 $60 Price (dollars per pound) $21 18 15 13 11 40 80 Supply Demand Quantity (pounds)
- Question 6 In the graph, consumer surplus is equal to 22 16 D 20 O $6 O $14 O $20 O $60 Question 7 MacBook Air On 2.Total surplus is defined as Select one: O A. consumer surplus - producer surplus. O B. another word for total revenue. O C. another word for profit. O D. consumer surplus + producer surplus.Price (dollars per plant) MC = S 16 Market 12 Price 8 4 60 90 120 150 Quantity (plants per week) Bill and Krista sell potted plants from a roadside stand. The figure above shows Bill and Krista's marginal cost curve and the market price. If Bill and Krista sell 60 plants per week at $8 per plant, their producer surplus from all their plants is O A) $8. B) $240. C) $480. O D) $0. 30 20
- At a used appliance store, Kathy purchases a used stove for $155 when she was willing to pay $185. If the stove costs $375 new, Kathy's consumer surplus is OA. $195 OB. $375 OC. $220 OD. $180, OE $307. Producer surplus for an individual and a market Suppose the market for gourmet cupcakes is perfectly competitive, so sellers take the market price as given. Dmitri manages a bakery that offers gourmet cupcakes for sale. The following graph plots Dmitri's weekly supply curve (orange line). Point A represents a point along his supply curve. The price of gourmet cupcakes is $2.25 per cupcake, which is given by the black horizontal line. PRICE (Delars per cupcake) ( 7:50 4.75 9.00 4.50 7.50 3.75 3.75 4.50 0.75 0 0 Price Supply 0.75 + 2 Using the previous graph, you can determine that Dmitri is willing to supply his 6th weekly cupcake for cupcake, the producer surplus earned from supplying the 6th cupcake is Suppose the price of gourmet cupcakes were to rise to $3.00 per cupcake. At this higher price, Dmitri would receive a producer surplus of from the 6th cupcake he sells. The following graph plots the weekly market supply curve (orange line) for gourmet cupcakes in a hypothetical small…Using Supply and Demand to Analyze Markets-End of Chapter Problem Increases in demand generally result in increases in consumer surplus. However, this is not always the case. Of the following scenarios, which one is most likely to result in a decrease in consumer surplus? Supply is relatively elastic, and demand becomes highly inelastic when it increases. Supply and demand are both unit elastic and demand increases. Supply is inelastic, and demand becomes highly elastic when it increases. O Supply is relatively elastic, and demand becomes highly elastic when it increases.
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