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Use the following graph to answer the question: how much is
What is the total value to consumers of consuming the first ten units of this good?
Use the following graph to answer the question: how much is producer surplus?
What is the total value to consumers of consuming the first ten units of this good?
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- The following graph shows the weekly market demand for cheesecake in a small economy. Use the purple point (diamond symbol) to shade the area representing consumer surplus when the price (P) of cheesecake is $3.00 per slice. Then, use the green point (triangle symbol) to shade the area representing additional consumer surplus when the price falls to $2.25 per slice.Below is the market for organic strawberries. Shade total consumer surplus (CS) on the graph by correctly placing the CS shaded area. Price Quantity D CSThe table shows the demand and supply schedules for hamburgers. If the quantity demanded of hamburgers decreases by 40 per hour at each price, the new price of a hamburger is $ Total surplus by $
- Supposed the law prescribed the renter to vacate an apartment within 30 days after being served with an eviction notice. To protect renters, the government passes a new law under which the renter must vacate the apartment in 90 days. The following graph shows the market for rental properties, where the demand curve represents demand for apartments under the old eviction law. Adjust the following graph to show the effect of the new eviction law on the market for rental properties. PRICE (Apartment Rent) 140 126 112 98 84 70 56 42 28 14 0 + Based on the graph, the rental price Supply 011 22 33 44 55 68 77 88 99 110 QUANTITY (Apartments) to $ Demand Demand Supply ? and the number of available apartments For the first drop down the choices are rises/falls and for the second drop down the choices are increases/decreases.Consider a market with the equilibrium quantity = 100 and the equilibrium price = 50. Without further information on the market, can we answer the quantity that maximizes the total surplus? If we can, answer the quantity. If we cannot, answer “Cannot”.Suppose that the price of materials used to produce computer hardware, such as graphics cards, is decreased. Show what occurs to price, quantity, consumer surplus, producer surplus, and total surplus in the market for computers graphic cards using a supply-and-demand diagram (draw a graph). Furthermore, provide five explanations for what occurred.
- 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 ?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).Suppose the Canadian government has decided to place an excise tax of $20 per tire on producers of automobile tires. Excise taxes are also called sales or commodity taxes. Previously, there was no excise tax on automobile tires. As a result of the excise tax, producers of tires, such as Bridgestone and Michelin, are going to alter their tire prices. The graph illustrates the demand and supply curves for automobile tires before the excise tax. Please shift the appropriate curve or curves on the graph to demonstrate the impact of the new tax. 150 140 130 120 Price 888 110 100 90 Supply 80 00 60 50 ° 1 2 3 4 5 Quantity What is the price consumers pay for a tire post tax? Round to the nearest 10. 70 288 price paid by consumers: $ 100 Demad 10 6 7 8 9 10
- 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 0xThe graph shows the demand curve and the supply curve in the market for newpapers. Draw a horizontal line at a price at which there is a surplus of newpapers. Label it Surplus.Suppose the Canadian government has decided to place an excise tax of $20 per tire on producers of automobile tires. Excise taxes are also called sales or commodity taxes. Previously, there was no excise tax on automobile tires. As a result of the excise tax, producers of tires, such as Bridgestone and Michelin, are going to alter their tire prices. The graph illustrates the demand and supply curves for automobile tires before the excise tax. Please shift the appropriate curve or curves on the graph to demonstrate the new equilibrium. What is the price consumers pay for a tire post tax? Round to the nearest 10. price paid by consumers: $ What is the price producers receive for a tire net of taxes? Round to the nearest 10. price received by producers: $ Price per tire 150 140 130 120 110 100 90 80 70 60 50 0 1 2 3 Supply Demand 4 5 Quantity of tires 6 7 8 9 10
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