Refer to Question 2b. If the price of $75 on the image above is a price _____, then it would be binding within the market. Group of answer choices surplusshortagefloorceiling Use this image to answer the following (independent) questions:9075502510D2005008001.In the space below, calculate CS, PS, and TS, assuming this market is efficient. (Use your Economics Rubric)Using the above image, assume the price of the product climbs to $75.If the price of $75 on the image above is, instead, a priceIf the price of $75 on the image above is a priceUsing the above image, assume the price of the product drops to $25.If the price of $25 on the image above is a price floor, then it would be2.2a.then it would be nonbinding within the market.2b., then it would be binding within the market.3.За.within the market.Consider the market for theater movies. The price-intercept for the supply curve is $5. The price-intercept for the demandcurve is $30. At equilibrium, this market sells 6,000 tickets at $15 per prune. My suggestion is to draw this on your ownpaper, so you can see the illustration of the market dynamics and use it to answer these questions:4.4a.Calculate the consumer surplus for theater movies.onsum4b.Calculate the producer surplus for theater movies.4c.Calculate the total surplus for theater movies.

Answer for Q #2b A binding price occurs in the market when the government sets a required price…

Answered: Refer to Question 2b. If the price of…

Refer to Question 2b. If the price of $75 on the image above is a price _____, then it would be binding within the market. Group of answer choices surplus shortage floor ceiling

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Refer to Question 2b. If the price of $75 on the image above is a price _____, then it would be binding within the market.

Group of answer choices

surplus

shortage

floor

ceiling

Use this image to answer the following (independent) questions:
90
75
50
25
10
D
200
500
800
1.
In the space below, calculate CS, PS, and TS, assuming this market is efficient. (Use your Economics Rubric)
Using the above image, assume the price of the product climbs to $75.
If the price of $75 on the image above is, instead, a price
If the price of $75 on the image above is a price
Using the above image, assume the price of the product drops to $25.
If the price of $25 on the image above is a price floor, then it would be
2.
2a.
then it would be nonbinding within the market.
2b.
, then it would be binding within the market.
3.
За.
within the market.
Consider the market for theater movies. The price-intercept for the supply curve is $5. The price-intercept for the demand
curve is $30. At equilibrium, this market sells 6,000 tickets at $15 per prune. My suggestion is to draw this on your own
paper, so you can see the illustration of the market dynamics and use it to answer these questions:
4.
4a.
Calculate the consumer surplus for theater movies.
onsum
4b.
Calculate the producer surplus for theater movies.
4c.
Calculate the total surplus for theater movies.

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