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- In a market, the consumer surplus is $30 and the maximum willingness to pay is $66 Calculate Market priceThe graph shows the supply curve of smart watches and the market price of a smart watch. Draw the producer surplus from smart watches. Label it. What is producer surplus? Producer surplus is OA. equal to the value that the seller places on the good, summed over the quantity sold OB. received by a producer when price exceeds the marginal cost of production OC. the value of the good minus its marginal cost, summed over the quantity sold D. the marginal benefit received by a producer, summed over all the units sold 500+ 400- 300- 200- 100+ 0- Price (dollars per smart watch) S-MG 0 Market price 1 4 5 6 2 3 Quantity (millions of smart watches per year) >>> Draw only the objects specified in the question. Q 7Draw a supply curve for turkey. In your diagram, show a price of turkey and the producer surplus that results from that price. Explain in words what this producer surplus measures.
- Please helpThe figure below shows the situation of a market. What is the equailibrim price and answer the consumer surplus and producer surplus at the equilibrium price.Homework 4 - Compatibility Mode Saved to this PC O Search Joseph Mercado Layout References Mailings Review View Help m12 A A Aa A E-E AaBbCcI AaBbCcl AaBbC AaB Aabbccc OFind Repla A Select ab x, x A- D A- m。 ,田、 1 Normal 1 No Spac. Heading 1 Title Subtitle Font Paragraph Styles Editing 9. Toasters again! The demand and supply schedule for toasters, is given below. a. Graph the supply and demand curves to scale and identify the areas that represent the consumer surplus and producer surplus ($) (millions) (millions) 120 10 100 10 20 80 20 30 60 30 40 40 50 20 50 60 60 b. What are the equilibrium quantity and price? P. = c. Calculate consumer surplus, producer surplus and total surplus. Foan hp t3 fg fo 10 4+ #3 %24 & 立
- EconomicMacmillan M The Ministry of Misallocation has decreed that the production of widgets must be 7000 each month and that the production of gizmos must be 4000 each month. Calculate the deadweight loss in each market caused by these restrictions. Note that the scale of the quantity axis is in thousands. S Price of widgets $10 9 8 7 6 5 4 $ 3 2 1 0 Supply Demand What is the deadweight loss in the widgets market? X 1 2 3 4 5 6 7 8 9 10 Quantity of widgets (in thousands) What is the deadweight loss in the gizmos market? Price of gizmos $100 90 80 70 60 50 40 30 20 10 0 Supply Demand 33159e3-e40a-4... 2 4 6 8 10 12 14 16 18 20 Quantity of gizmos (in thousands) LEquilibrium price or market clearing price is theprice whereSelect one:a. Demand and supply curves interactO b. Price ceiling is imposed0 C. Government fixes the pricesO d. Buyer forced seller
- K The graph shows the market for college education. To encourage the efficient number of students to enroll colleges receive a subsidy Draw the new supply curve following introduction of the subsidy. Label it A subsidy is a payment that to cover part of the costs of education. OA. colleges make to students OB B. students make to the colleges OC. the government makes to colleges OD. students make to the teachers 60 50- 40- 30- 20 10- 0 of 0 Price and cost (thousands of dollars per student per ye Q SMC MSB D-MB 2 4 6 8 10 Quantity (thousands of students per year) >>> Draw only the objects specified in the question 12LISTE 70- 65- 50+ 40- 35- 30- 25- 20- 10- 5- 0+ 50 TMR 100 150 200 Quantity (millions of letters) MC 250 D 300 >>> Draw only the objects specified in the question. Draw a point to show the price and quantity produced Draw a shape to show the consumer surplus Label it. Draw a shape to show the producer surplus. Label it. Draw a shape to show the deadweight loss. Label it 5 o90 80 70 60 50 30 20 10 120 180 240 300 360 420 480 540- 600 660 720 780 840 If there is a price floor of $60 imposed in this market, what is the new Producer Surplus? a. 7500 Ob. 10000 Oc. 12000 Od. 9000