Price The graph depicts the market for a good that creates a negative externality. Move the triangle labeled "DWL" to illustrate the deadweight loss associated with the market equilibrium quantity. Quantity Supply (social) Supply (internal) DWL Demand
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- Explain it early I upvoteMr.A who is the business of selling furniture has provided his demand and supply for hisproductsDuring the year 2018Price $ Demand supply12 0 3610 3 308 6 246 9 184 12 122 15 60 18 01.Draw the demand and supply graph and plot the equilibrium price and quantity2.Find the consumer and producer surplus3.Comment on below prices on whether it will lead to excess demand or supply10,4,12,04.The Government introduced a tax of 6 $.Show the impact in the graph5.Calcualte the consumer burden, supplier burden and Government revenueThe table below shows the demand and supply schedules for bleach. PRICE (per litre) QUANTITY DEMANDED (litres per week) $ 24 5 21 10 18 20 15 30 12 40 9 50 6 60 A. Draw the demand and supply curves on the graph paper provided. B. Indicate the equilibrium price and quantity. C. Suppose the government decides that the price of bleach is too high and imposes a price ceiling of $12, what would be the impact of such a ceiling? D. Instead of a ceiling, suppose the government places a price floor of $18. Explain the effect of the price floor. E. Highlight the difference between a change in demand and a change in quantity demanded. F. Identify ONE (1) factor that could lead to a rightward shift in the supply curve. QUANTITY SUPPLIED (litres per week) 60 50 40 30 20 10 5 "1 11
- Macmillan 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) LQuantity Demande Price Quantit y Supplied 50 d $500 450 50 45 400 10 40 350 15 35 300 20 30 250 25 25 200 30 20 150 35 15 100 40 10 50 45 50 3. Using the same data from question one, suppose that the Australian government chooses to isue a $50 per TV subsidy to domestic producers. Show the impact of the subsidy using a supply and demand diagram. Identify the price domestic consumers pay after the subsidy, the quantity of TVs supplied by domestic producers, and the quantity of imports. b. Calculate consumer, producer surplus, the amount the government spends supporting the subsidy, and the dead weight loss.Connect Problem 06-21 The equilibrium price of a pair of earbuds is $30 per unit. Assume now that a tax of $20 is placed on each pair of earbuds. Given the graph below, answer the questions that follow. Price per pair 60 50 40 30 20 10 Market for Bluetooth Earbuds 0 1 2 B 3 4 Quantity E 5 6 D 7 8 a) Before the tax, what is the equilibrium price per pair of earbuds? $ b) According to the graph, after the tax, what is the price a buyer must pay for a pair of earbuds? $ c) According to the graph, after the tax, how much does the seller receive for a pair of earbuds? $ d) What happens to the quantity demanded after the tax? decrease 30
- In the discussion of Figure 3, there is a set of numbers indicating how much different buyers would be willing to pay for a book. Construct a table for these buyers, like the first three columns in Table 1 Indicating their consumer surpluses.close substitute for ocean-fished cod. The graph below shows the market for farm-raised halibut. Initially, the market is in equilibrium at a price of $8 and a quantity of 6 thousand pounds. a. Overfishing in the cod market will influence the market for farm-raised halibut by: decreasing supply to S2 and raising the market price. increasing demand to D2 and increasing the market price. O increasing supply to $3 and lowering the market price. O decreasing demand to D3 and decreasing the market price. b. A fast-food chain purchases cod for use in its Fish 'n' Chips meals. Already hurt by the reduced supply of cod, the fast-food chain has lobbied aggressively for price controls on farmed halibut. As a result, Congress has considered imposing a price ceiling on halibut at the former equilibrium price-the price that prevailed before overfishing reduced the supply of cod ($8 per pound). Suppose Congress adopts the price control policy, which sets the price at $8 per pound. On the graph…Need answe for Part D and E
- Refer to the following graph: Price of apples (per basket No Tax Consumers get this suppliers Consumer sepha Producers get this 700 Quantity of apples baskets) O consumers/buyers Price of apples (per basket) Supply Demand $2.65 145 Tax With $1 Tax Consumers get this Producers get this b d 500 The government gets this Tax No one gets this (deadweight losg) Supply Demand The graph on the left is the market outcome with no tax on apples. The graph on the right is the market outcome with a $1.00 per basked of apples tax imposed. Who i ends up bearing the greater burden of this tax once its imposed? 700 Quantity of apples (baskets)That’s the graph of the last problemThe following is a Table that contains the demand and supply schedules of chocolate ice-creams. Price (cents per ice-cream) $0.90 0.80 0.70 0.60 0.50 0.40 Quantity Demanded (millions per day) 1 asifWNH 2 3 4 5 6 Quantity Supplied (millions per day) 7 6 10 10 5 4 3 2 a) If there is no tax on ice-creams, what is their price and how many are produced and consumed? b) If a tax of $0.20 cents is imposed on every ice-cream consumed, what happens to the price of an ice-cream and the number produced and consumed? Illustrate the effects of this policy on the market for chocolate ice-creams. c) How much tax does the government collect and who pays it?
