Questions 1-6: The diagram below depicts the supply and demand curves for bicycles. Use the diagram to answer the following questions 1 to 6. Price ($) 150 100 50 100 - O consumer surplus $3,600 2. In the absence of international trade, what is consumer surplus and producer surplus in the equilibrium? W 200 O consumer surplus $2,400 producer surplus - $3,600 O consumer surplus $3,600 consumer surplus $6,000 M Supply Demand * 300 Quantity 1 producer surplus $2,400 producer surplus - $8,400 producer surplus $8,400 in

Questions 1-6: The diagram below depicts the supply and demand curves for bicycles. Use the diagram to answer the following questions 1 to 6. Price ($) 150 100 50 100 - O consumer surplus $3,600 2. In the absence of international trade, what is consumer surplus and producer surplus in the equilibrium? W 200 O consumer surplus $2,400 producer surplus - $3,600 O consumer surplus $3,600 consumer surplus $6,000 M Supply Demand * 300 Quantity 1 producer surplus $2,400 producer surplus - $8,400 producer surplus $8,400 in

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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pe diagram below shows the market for some agricultural product, X. 6.00 5.00 4.00 3.00 2.00 1.00 300 600 900 1200 1500 1800 Quantity of X (units per week) IGURE 5-8 Refer to Figure 5-8. Assume the market for product X is at its free-market equilibrium. What is the weekly amount of producer surplus in this market? $1800 $2700 $1350 $900 $450
QUESTION 3 The U.S. Market for Computers sdamertie pply curre) Domestic price writh tanif Wadd price 2.000 D domestic de mandauve) 200 Quantity (thourande of unta) 100 120 I90 Referring to the above figure, how much revenue will the US government collect as a result of the tariff on computers? a. $168 millisn Ob. $76 million OC $28 million d. $280,000
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Price $0 $5 $10 $15 $20 A 9:28 AM C E Supply of Grapefruits 0 5 10 15 20 Both $10 Both $50 Both $200 This table shows the supply and demand schedule for the grapefruit market. Assume that the supply and demand curves are linear. At the market equilibrium price, what are the consumer surplus and the producer surplus? B Print Assessment D Demand for Grapefruits 20 15 10 5 0 CS $45; PS $15 Both $100
1. Here is the demand for coconuts: P 3 4 5 6 7 8 9 11 13 16 20 QD 1100 1000 900 800 700 600 500 400 300 200 100 And here is supply P 3 4 5 6 7 8 9 10 11 12 13 QS 100 200 300 400 500 600 700 800 900 1000 1100 Identify the equilibrium price, quantity, consumer and producer surplus and show them on a graph. The graph should be pretty simple here, the main issue is finding the numbers for consumer and producer surplus.
7. What would happen to world welfare if the United States paid exporters a subsidy of $5 for every pair of blue jeans they sold to Canada, but Canada charged a $5 countervailing duty on every pair imported into Canada? Would the United States gain from the combi- nation of the export subsidy and import tariff? Would Canada? Explain. (In your answer, assume that the blue jeans market is perfectly competitive.) 8. Consider the case
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Pls answr the highlighted blank. And the choices for numbered blanks are Choices: 1. The change in total producer surplus, the total producer surplus 2. Is $140, is $100, changes from $160 to $140, changes from $100 to $140
The figure provided shows the market for calculators. Price of calculators $45 40- 30- 20 20 10 10 5 S world price with tariff world price D 50 100 200 300 400 500 600 700 800 900 Quantity of calculators After the $15 tariff is imposed, producer surplus is: $10,000. $3,000. $6,250. $2,000.
Question 2 A recent hot issue in Ghana is energy. Suppose the demand for energy is described by Q-50-0.5P and the supply of energy by Q-P-10. a. Graph the supply and demand curves carefully. Determine the equilibrium price and quantity of energy. b. Some lawmakers decide that the problem with Ghana is that the price of energy is too high. They propose a bill that would set a price limit of GHC30 per unit of energy. If enacted, what will be the effect of this law on the quantity of energy supplied and demanded? Is the market on equilibrium? Explain. If not, calculate the shortage/surplus that results. C. other lawmakers decide that energy prices are too low and are considering a tax on energy to encourage conservation. What will be the effect on equilibrium price and quantity of a GHC20 per unit tax on energy, if the tax is collected from suppliers? Show this on the original supply and demand diagram as well. d. Using the results from part (c) calculate the economic price incidence for…
© Macmillan Learning b. How much does this new technology increase consumer surplus? Increase in consumer surplus: $ 1050 Increase in producer surplus: $ Incorrect c. How much does this new technology increase producer surplus? 1050 Incorrect d. How much does this new technology increase total (or social) surplus?
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