Move the point, E, in the accompanying graph to reflectequilibrium in the competitive market for corn and answerthe following questions.Market for Corn10Calculate consumer surplus (CS).CS = s1250Calculate producer surplus (PS).PS = $4634510Quantity (thousands of bushels)Price (S/bushel)co

The consumer surplus is the difference between the maximum willing to pay price by the consumer and…

Answered: Move the point, E, in the accompanying…

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 following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. PRICE (Dollars per phone) 300 270 240 210 180 150 60 30 0 0 Demand Supply 20 80 100 120 140 160 180 200 40 60 QUANTITY (Millions of phones) Total surplus in this market is $ million. Equilibrium Consumer Surplus Producer Surplus ?
Question 29 Describe where producer surplus is on the graph (use words or you can also draw and attach a drawing or photo of a drawing).
In 2020 the UK government introduced a sales tax on all products bought online from overseas. Please note this is not a tariff – it is a tax. The tax will be 2% of the value of the products sold in the UK. This tax is collected from online sellers such as Amazon or ebay. Source: BBC (2019). See link: https://www.bbc.com/news/business-50656106 Consider the market for online products. The initial market equilibrium is at 10 million products sold per year at an average price of $500 each. Then, the UK government imposes a tax on the market, collected from sellers (for example Amazon and ebay). The tax is 2% per item (each item has an average price of $500). Show the effect of this on the market for online products. Show the effect on consumers of online products, on the online sellers and on the government. Does the UK economy gain or lose as a result of the tax? Explain why. Use a diagram to support your answer.
Instructions: Enter your answers as whole numbers. If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers. Thousands of Bushels Demanded Price per Bushel Thousands of Bushels Supplied Surplus (+) or Shortage (-) 88 $3.40 65 81 3.70 71 75 4.00 75 70 4.30 78 66 4.60 80 63 4.90 81 a. What is the equilibrium price in this market? At what price is there neither a shortage nor a surplus? b. Graph the demand for wheat and the supply of wheat. Be sure to locate the equilibrium price and quantity. Instructions: Enter all numeric values without a minus sign. c. How big is the surplus or shortage at $3.40? There is a of How big is the surplus or shortage at $4.90? There is a of d. How big a surplus or shortage results if the price is 60 cents higher than the equilibrium price? e. How big a surplus or shortage results if the price is 30 cents lower than the…
Question 21 The graph below represents the market for lightbulbs. Calculate the surplus caused by the price floor. Pr = $7 Price (5) PE=$4.50 Market for Lightbulbs QD=2080 QE=6700 as 9080 Price Floor D Quantity
Use the graph below to answer the following questions: a) what is the level of producer surplus if the market clearing price is $6? b) calculate the change in producer surplus if price increases from $6 to $8. c) what is the elasticity of supply in the $6-$8 price range?
Refer to the figure. Price (dollars) 10 9 8 7 5 a 3 2 1 0 Market for Artichokes 50 100 D 150 3 200 Quantity (pounds of artichokes) 250 Tools ES O The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph determine how much economic surplus is generated in the market each week. Economic surplus: $
Is The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. PRICE (Dollars per headset) 400 300 320 200 240 200 160 120 BO 40 0 0 Demand Supply 75 400 525 600 676 750 150 225 300 375 QUANTITY (Millions of headsets) Total surplus in this market is $ million, Equilibrium A Consumer Surplus ◊ Producer Surplus Bas & Pant course 0x
The graph below pertains to the supply of paper to colleges and universities. price quantity Refer to the graph shown here. All else equal, an increase in the price of the pulp used in the paper production process would cause a move from x to y. y to x. SA to SB. SB to SA.
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Discuss the market equilibrium price and quantity (give examples on surplus and shortage)

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