Show work please thanks Question 2According to the following Figure, please answer a, b and c:PricedXebSQuantitya) In the graph, total consumer surplus is shown by area:1. acdf.2. bcde.3. bce.4. abe.2. ace.3. bce.Db) In the graph, total producer surplus is shown by area:1. acdf.4. abe.c)In the graph, total surplus is shown by area:1. acdf.2. ace.3. bce.4. abe.

In the graph of supply and demand, the consumer surplus at equilibrium is the area of the triangle…

Question 2 According to the following Figure, please answer a, b and c: Price d S * b a D Quantity a) In the graph, total consumer surplus is shown by area: 1. acdf. 2. bede. 3. bce. 4. abe. b) In the graph, total producer surplus is shown by area: 1. acdf. 2. ace. 3. bce. 4. abe. c)In the graph, total surplus is shown by area: 1. acdf. 2. ace. 3. bce. 4. abe.

Question 2 According to the following Figure, please answer a, b and c: Price d S * b a D Quantity a) In the graph, total consumer surplus is shown by area: 1. acdf. 2. bede. 3. bce. 4. abe. b) In the graph, total producer surplus is shown by area: 1. acdf. 2. ace. 3. bce. 4. abe. c)In the graph, total surplus is shown by area: 1. acdf. 2. ace. 3. bce. 4. abe.

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 5WNG

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This question tests your understanding of Application 1 in this chapter: New Zealand's tax on light spirits. How does a tax on one good affect the demand for substitute goods? The government imposed a special tax on light spirits (those with alcoholic content between 14 and 24%), nearly doubling the price of teens' favorite beverages, from $8 to $14. How did teenagers in New Zealand respond to the special tax on their favorite alcoholic beverage? O Teens significantly reduced drinking because of the tax. O The tax increased the bang per buck of light spirits. O Producers responded by increasing the alcohol content and offered more potent beverages below the prices of the original light beverages to avoid the tax. O As predicted by the equimarginal rule, the tax caused many teens to reduce their consumption of these beverages, often switching to other super light beverages or high alcohol content beverages.
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1. Supposed that UMA condominiums are an ordinary good and demand for condominiums is inelastic. What is the effect on Nagenyos consumer surplus if there is a decrease in price of condominiums? Explain. 2. Based from the answer in question number 1 pertaining to the supply of condominiums in response to the demand of Nagenyos, Enumerate atleast two(2)( possible effects of the determinants of demand (a)price, (b)income, (c)prices of related goods like apartments and residential houses, and (d)consumer taste and expectation) and determinants of supply (a) flexibility of inputs, (b) mobility of inputs, (c)ability to produce substitute and (d) time
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Can you explain this please
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