K- right represents the market for DVDs The value of consumer surplus is $40 million (Enter your response as an integer) The value of producer surplus is $20 million (Enter your response as an integer) Using the triangle drawing tool twice, draw consumer and producer surplus Properly label each triangle Carefully follow the instructions above and only draw the required objects If underproduction occurs in this market, and 10 million DVDs are produced, consumer surplus is $25 million and producer surplus is $5 million (Enter your responses as integers) (Hint When calculating consumer and producer surplus, assume that only the quantity being produced changes, market price remains the same) The deadweight loss with underproduction is smilion (Enter your response as an integer) Qualy of DVDs in d

K- right represents the market for DVDs The value of consumer surplus is $40 million (Enter your response as an integer) The value of producer surplus is $20 million (Enter your response as an integer) Using the triangle drawing tool twice, draw consumer and producer surplus Properly label each triangle Carefully follow the instructions above and only draw the required objects If underproduction occurs in this market, and 10 million DVDs are produced, consumer surplus is $25 million and producer surplus is $5 million (Enter your responses as integers) (Hint When calculating consumer and producer surplus, assume that only the quantity being produced changes, market price remains the same) The deadweight loss with underproduction is smilion (Enter your response as an integer) Qualy of DVDs in d

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The demand for tomatoes is Q = 40-4P and the supply of tomatoes is Q = P +10. Answer the following questions. (a) Suppose that $1 per unit tax is levied on the consumers. Who bears the economic incidence of this tax? (b) Calculate the deadweight loss (c) Suppose that stores will pay $1 per unit tax directly. What will happen to the "sticker price" on tomatoes? How will the size of the consumer tax burden change? (d) Suppose that tax is increased to $2 per unit on the consumers. Calculate the deadweight loss. Compare the size of the deadweight loss with (b).
please make sure the answer is correct 100%
Consumer surplus is a measure of the difference between: a) The price which a consumer has to pay and the cost of producing the good (in a diagram, the area between the market price, and the supply curve). b) The consumer’s willingness to pay, and the cost of production (the area between the demand curve and the supply curve). c) The value which a consumer places on a unit of the good, and the market price (the area between the demand curve and the market price line). d) The marginal revenue from sales and the marginal cost of sales (the area between the marginal revenue and the marginal cost curves).
Each rectangle on the graph corresponds to a particular seller in this market: blue (circe symbols) for Andrew, green (triangle symbols) for Beth, purple (diamond symbols) for Darnell, tan (dash symbols) for Eleanor, and orange (square symbols) for Jacques. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a motor scooter at a market price of $70. (Note: If a person will not sell a motor scooter at the market price, indicate this by leaving their rectangle in its original position on the palette.) ? PRICE (Dollars per motor scooter) 160 140 120 100 180 60 40 20 0 0 Andrew 2 K Bet Darnell Jacques Eleanor 5 3 QUANTITY (Motor scooters) Market Price 6 7 8 ITI Andrew Beth Damell Eleanor 8 8 Jacques
Small engines are the main components of office and house appliances like printers, hand dryers, microwave ovens, food processors, etc. The graph depicts the market for small engines in the United States. Suppose that the government imposes a $15 tariff on each imported engine in an effort to bring manufacturing jobs back to the United States. Place the Waste shape to describe the waste of resources that would result from the trade restriction. Price (3) Incorrect 50 45 40 35 30 25 20 15 10 5 0 0 total cost: What is the total cost of the tariff? 337.5 Domestic supply Domestic demand 15 30 45 60 75 90 105 120 135 150 Quantity (millions of engines) Incorrect World supply Waste millions of dollars
Think about all the goods and services that you consume. Which product gives you the highest consumer surplus? Discuss in detail using the equation of consumer surplus
After Hurricane Katrina damaged many U.S. gasoline refineries in 2005, the price of gasoline shot up around the country. The Federal Trade Commission announced that it would investigate price gouging-charging "too much"-and several members of Congress called for price controls on gasoline. What would have been the likely effect of such a law had it been passed? Price controls on gasoline would have OA. benefited all consumers because gas prices would have been lower. OB. benefited all producers because there would have been no shortages. OC. resulted in a shortage because demand would have exceeded supply. OD. resulted in a shortage because refiners would have shut down their plants in protest. OE. resulted in a market equilibrium because gas would have been affordable
In a market which demand and supply curves are shown below: Price ($/hour) 36- 32 28- 24 20- 16 12- 8- 4- 0 Demand Supply 1000 2000 3000 4000 5000 6000 7000 Quantity (units/day) a) Calculate the consumer surplus for the market. (If necessary round your answer to the nearest whole number.) Consumer Surplus = $0 b) Calculate the producer surplus for the market. (If necessary round your answer to the nearest whole number.) Producer Surplus = $0
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We have the following table for humidifiers: Price Quantity supplied Quantity demanded $200 3,500 1,500 $175 3,000 2,000 $150 2,500 2,500 $125 2,000 3,000 $100 1,500 3,500 $75 1,000 4,000 $50 500 4,500 $25 0 5,000 $0 0 5,500 What is the equilibrium price? $75 $100 $150 $175