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- It is still showing up as incorrect :/help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all workingPrice ($) 15 14 13 12 11 10 9 8 7 654321 0 S₁ S₂ D 10 20 30 40 50 60 70 80 90 Quantity Suppose that the supply curve is at S1. At the market equilibrium price $8, the consumer surplus is Blank 1 dollars.
- Solve this question correctly now. Not copy paste Anything from anywherePrice per mile B C D---- E F H a Supply Demand Miles of taxi service per day Figure 6.6 Refer to Figure 6.6, which shows a market for taxi medallions. If the number of taxi licenses is reduced from Q₂ to Q₁ OA. the gain in consumer surplus equals the loss in producer surplus. B. the gain in producer surplus equals the loss in consumer surplus. OC. the gain in consumer surplus is greater than the loss in producer surplus. OD. the gain in producer surplus is smaller than the loss in consumer surplus.Refer to the accompanying figure. Price ($) 10 00 8 2 Show Transcribed Text Multiple Choice If this market is unregulated, total economic surplus is $48. $20. $84. $32. S D 12 16 20 8 Quantity
- QUESTION 8 In the above figure, the competitive (i.e. unregulated) market equilibrium quantity is? (Note #1: the x- axis is in thousands, so make sure to write out the entire number, i. e. 10 thousand as "10000") (Note #2: marginal benefit curve (MB) also represents demand)uppose the market demand for a good takes the form: Q subscript D equals 120 minus 1 fourth P and market supply takes the form: Q subscript S equals negative 30 plus 1 half P and production of each unit causes $30 in (external) damage. What is total surplus in this market? (Note: with external damages the overall benefit from a market is often referred to as "social welfare" instead of total surplus. Regardless, to answer this question subtract total external damages from consumer and producer surplus) QUESTION 8 40 40 S-MSC Price (dollars per vaccination) 20 20 30 30 50 60 10 10 MSB MB 0 10 20 30 40 50 60 Quantity (thousands of vaccinations per year) In the above figure, the competitive (i.e. unregulated) market…The market price for chair is $750 and the maximum willingness of the buyer to pay is $810 Calculate consumer surplusProblem 1. a) Identify the additional area of producer surplus as a result of increase in price. b) Estimate the corresponding values. c) Explain how these changes came to be. Price PhP120.00 - P. PhP100.00 P₁ D B A E C F LL Q₂ 50,000 70,000 Supply Quantity
- Review the graph at right for a competitive market How much is the consumer surplus? Consumer surplus is $x (round your answer to two decimal places). How much is the producer surplus? Producer surplus is $x (round your answer to two decimal places) How much is the total surplus in this market? Total surplus is $x (round your answer to two decimal places). 100- 90- 80- 70-4 60- 50-145 40- 30- 20- 10- Price 0 45 50 60 70 80 Quantity 10 20 30 40 D MC 90 100S= 11c- O D+G OA+B p. c per stem Which area corresbonds to producer surplus at a price of $0.30? What is the area of total social welfare? A+B+D+G B+_D+G 30c 28c OA+B C+D D+G E B n F S Demand 1.25 1.34 Q, Billions of rose stems per yearIf the actual economic surplus in the market represented by the graph is $1,575, what is the deadweight loss? Price $80 $5 $3,825 $2,925 $60 Actual quantity Marginal cost Marginal benefit $90 Quantity