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Use your demand schedule for a public good, determined in question 1, and the following supply schedule to ascertain the optimal quantity of this public good. Why is this the optimal quantity?
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- Consider the market for mountain bikes. The following graph shows the demand and supply for mountain bikes before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of mountain bikes in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. (screen shot 1) Suppose the government imposes an excise tax on mountain bikes. The black line on the following graph shows the tax wedge created by a tax of $80 per bike. First, use the tan quadrilateral (dash symbols) to shade the area representing tax revenue. Next, use the green point (triangle symbol) to shade the area representing total consumer surplus after the tax. Then, use the purple point (diamond symbol) to shade the area…Suppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green point (triangle symbol) to fill the area representing consumers' surplus, and use the purple point (diamond symbol) to fill the area representing producers' surplus. MONTHLY RENT (Dollars per apartment) 2800 2600 2400 2200 2000 1800 0 Demand Supply 0.8 3.2 QUANTITY OF APARTMENTS (Millions per month) 1.6 2.4 4.0 Equilibrium A CS PS ?An externality arises when a firm or person engages in an activity that affects the wellbeing of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is beneficial, it is called a externality. The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantity for this good. Adjust one or both of the curves to reflect the presence of the externality. If the social cost of producing the good is not equal to the private cost, then you should drag the supply curve to reflect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should drag the demand curve to reflect the social value of consuming the good. (?) PRICE (Dollars per unit) QUANTITY (Units) Supply Demand ¦ þ Demand Supply
- Currently, 160 units of a pure public good have been provided. Alex’s demand curve for the public good is 40 −0.2q. If the price of the good is 8.5, what quantity of the public good, q, would Alex be willing to purchase?The graph below shows the market for a certain brand of cereal. Price (per box) $6 Supply $5 $4 $3 $2 $1 Demand 0 1 2 3 4 5 6 What is the efficient quantity of cereal boxes in this market? [Select] Quantity (thousands) What is the deadweight loss of producing 6,000 boxes instead of the efficient quantity? [Select]Consider that the retail market for sanitizing wipes in a small locale is described by the follow demand and supply equations respectively: P = 8.40 - 0.02Q and P = 6.60 + 0.01Q where P is the price in dollars and Q is the quantity measured in thousands per week. The market is currently in equilibrium. (Question 8 of 8) Now consider than an unexpected viral outbreak led to consumers ensuring that much more surfaces (counter tops, door handles, etc.) are clean and sanitized. At the same time, the government's demand for sanitizing wipes at various public institutions (hospitals, schools, etc.) has impacted the supply of sanitizing wipes in the retail market. Although the government is neither a buyer nor seller in the retail market, their requests for sanitizing wipes does affect how many sanitizing wipes firms are able to supply in the retail market. The market for sanitizing wipes adjusts afterwards and the market is in equilibrium. Suppose that after the market for sanitizing wipes…
- Suppose a local government votes to impose an excise tax of $0.90 per bottle on the sales of bottled water. (Assume that all bottles are identical and residents cannot shop elsewhere.) Before the tax the equilibrium price and quantity are $1.20 and 2100 bottles per day. After the tax is imposed, market equilibrium adjusts to a price of $2.00 and quantity of 1400 bottles per day. How much revenue from the tax does the local government collect each day?The members of a neighborhood community have been having a problem with mosquitoes. Although people have been complaining, only a few residents have had their lawns professionally sprayed for mosquitoes. The homeowner's association decides to use some of the association dues to provide vouchers to reduce the costs for residents who would like to have their properties sprayed. Match each statement about the effects of the voucher policy to the correct graph for the mosquito-spraying market. Click on the graphs to enlarge. Drag each item on the left to its matching item on the right. The Dinternal curve will shift toward the Dsocial curve. Chemicals from the mosquito spray may leach into the groundwater. The deadweight loss of mosquito spraying will be reduced or eliminated. Neighborhood visitors will receive fewer mosquito bites. + Price Price Esocial optimum Q -Ey-market equilibrium Da QuantityPlease refer to the background information below to answer the following three questions. Consider the following supply and demand schedule of chocolate. Price ($ per unit) Quantity Demanded (units) Quantity Supplied (units) 295 95 120 40 45 270 245 50 55 60 145 170 195 220 195 65 70 170 220 145 245 75 120 95 270 295 80 85 70 320 90 45 20 345 95 370 33. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a tax of $10 for cach unit of the chocolate sold, the new equilibrium price paid by the consumers will be $[ Answer33 ]. 34. Given the above information, the government's tax revenue will be $[ Answer34 ]. 35. Suppose initially the chocolate market is in an unregulated equilibrium. If the government imposes a subsidy of $10 for each unit of the chocolate sold, the new equilibrium quantity would be [ Answer35 ] units.
- Which of the following best describes the idea of market efficiency? Group of answer choices A market is efficient when government determines the price of the good. A market is efficient when there is only one seller of the good. A market is efficient when total net gains (consumer surplus + producer surplus) are maximized. A market is efficient when consumers pay low prices.The demand and supply of widgets is given below. Q is quantity, and P is price of widgets Q = 5000 – 6P Q = 1000 + 2P How much is equilibrium quantity and equilibrium price (show me your work) If there is a price control of $700 imposed by the government for widgets. What type of price control is this called? Does this type of price control cause a shortage or surplus, and how much is it. Draw the Demand and Supply, and show the point for part a and b.Marginal Social Cost: P = 1 + 2 Q Graph the market. Be sure to fully and clearly label the graph, including: the Demand (D), the Marginal Private Cost (MPC), the Marginal Social Cost (MSC), the Private Equilibrium Quantity (Qpe), Private Equilibrium Price as (Ppe), the Socially Optimal Price (Ps), the Socially Optimal Quantity (Qs), and the Deadweight Loss (DWL).
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