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- Blood oranges P. (euros/ton) 1,000 500 700 Q (metric tons) Blood oranges are a tasty fruit with a red-colored flesh. The Italian government subsidizes the production of blood oranges by supporting their price. If the market for blood oranges from Italy is as shown in the graph above, how much does the subsidy cost the government and, ultimately, Italian taxpayers? Select one: O a. 700,000 euros b. 500,000 euros Oc. 1 million euros O d. 200,000 euros Check Previous page Next page acBook ProAssume that the actual price of the tv is 2096 lower than what you are willing to pay. Consumer surplus is the difference between what you are willing to pay and the actual price of the product. What is the consumer surplus in this situation? Sceptre 65" Class 4K UHD LED TV HDR U650CV-U Average Rating (4.1)out of 5stars1529 ratings, based on1529reviews Please see the provided rubric. O Focus hp inbrt sc & 8 {The supply and demand curves of a product are shown in Figure 6.13. Approximate the difference in the total gains from trade if the price is artificially increased from the equilibrium price of p-95 to p - 110. punt 200 180 160 140 120 888888 100 80 60 40 20 50 (a) $137.50 (b) $3,250 (c) $4,675 (6) $4,750 100 150 Figure 6.13 (4) $7862.50 () $6000 200 Click if you would like to show Work for this question: Doen Show Work 9 th By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor 0 ViewSonic Question Attempts: 0 of 3 used Earn Maximum Points available answer this question correctly
- 4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000 gallons. The Price Elasticity of Demand is determined to be 0.80 while the Price Elasticity of Supply is determined to be 1.20. A price floor is set at 20% above the current equilibrium price. (a) Determine the dollar amount of the price floor. (b) Determine the Qs after the price is imposed. (c) Determine the Qd after the price is imposed.A D1 Quantity (per day) Suppose the demand curve shifts to the right and the supply curve shifts to the Right by more than the demand curve. The new demand curve will be upward sloping v and the new supply curve will be downward sloping vA business sells 30,000 units each month at a price of Tk.150 each. It is projected that monthly sales will increaseby 3000 units for each Tk.4.50 reduction in price.(i) Construct the demand equation(ii) What is the highest price to be paid for this product?(iii) What is the highest quantity demanded for this product?(iv) How many units will be bought if the price is Tk.100 per unit?(v) What is the price per unit if 40,000 units were demanded?(vi) Sketch the graph of the demand equation. You have to solve only iv,v and vi.
- A business sells 30,000 units each month at a price of Tk.150 each. It is projected that monthly sales will increaseby 3000 units for each Tk.4.50 reduction in price.(i) Construct the demand equation(ii) What is the highest price to be paid for this product?(iii) What is the highest quantity demanded for this product?(iv) How many units will be bought if the price is Tk.100 per unit?(v) What is the price per unit if 40,000 units were demanded?(vi) Sketch the graph of the demand equation.Which of the following is true when there is a tax imposed in a market with perfectlyinelastic supply? Assume that the amount of the tax is less than the price before the tax isimplemented.(a) Buyers pay all of the tax(b) Buyers pay some but not all of the tax(c) Price paid by consumers falls by the amount of the tax(d) Price paid by consumers does not change(e) None of the aboveThe price of crude oil increased to its highest level due to conditions which impactedsupply. Historically, crude oil has traded at between 70 and 150 USD per barrel. But theprice increased to over 200 USD in March 2022. Growing demand in Canada for crude tobe turned into refined petroleum, coupled with a sharp fall in production in Saudi Arabiahave both been factors in the price increase. Bauxite production in Saudi Arabia for 2017-18 fell 65% year-on-year due to an agreement with OPEC. The Energy InformationAdministration predicts that global consumption of crude oil is likely to be greater thanproduction by 20 million barrels this year.In the US, companies in the steel and alumina industry have put pressure on the USgovernment to relax import controls, warning that otherwise they might run out of petrol.Commentators predict that most steel and alumina producers will be unaffected becausecrude is such a small part of their spending.a. Explain, using supply and demand analysis, why…
- 33 1 36 39 Bushels Demanded per Month 45 50 56 61 67 B) 10. Price per Bushel $5 4 3 2 1 C) 67. OD) 61. Bushels Supplied per Month 77 73 68 If the price in this market was set at $1 by the government (price ceiling), then the number of bushels traded would be A) 57. 61 57Suppose that the supply and demand schedules for a local electric utility are as follows:Price 17 16 15 14 13 12 11Quantity supplied 9 7 5 3 1 - -Quantity demanded 3 4 5 6 7 8 9The price is in cents per kilowatt hour (kWh), and the quantity is millions of kilowatt hours. The utilitydoes not operate at prices less than 13 cents per kWh.(a) Using graph paper and a ruler, or a computer spreadsheet or presentation program, carefully graphand label the supply curve for electricity.(b) On the same graph, draw and label the demand curve for electricity.(c) What is the equilibrium price of electricity? The equilibrium quantity? Label this point on yourgraph.(d) At a price of 17 cents per kWh, what is the quantity supplied? What is the quantity demanded? Whatis the relationship between quantity supplied and quantity demanded? What term do economists useto describe this situation?(e) At a price of 14 cents per kWh, what is the relationship between quantity supplied and quantitydemanded? What…个 Ticket Price 30- 28- 26- 24- 22- 20 18- 16- 14- 12- 10- 8- 1400 2800 4200 Number of Tickets Sold 5600 With this price control in effect: What would be the market price?$ 7000 4