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- 50-45 40 30- 20- 10- Price 0 45 50 60 70 80 Quantity 10 20 30 40 MC D 90 100

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- 50-45 40 30- 20- 10- Price 0 45 50 60 70 80 Quantity 10 20 30 40 MC D 90 100

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3. Recently, the Obama administration proposed a $1.00 per unit (pack) excise tax on cigarettes (which would be imposed legally or statutorily on cigarettes sellers). Some news reports have suggested that the proposed tax would increase cigarettes prices by $1.00 per pack and be paid by smokers (cigarette buyers). Using (separate) competitive supply and demand diagrams of the cigarettes market carefully show and explain TWO extreme demand and supply conditions under which these news reports would be true?
© Macmillan Learning The table contains the maximum willingness to pay of five college students wanting to buy a tablet on Amazon. Student Willingness to pay Anthony $500 Amanda $400 Lily $300 Francisco $200 Max $100 What is total consumer surplus for the five students? If the price increases from $300 to $500, what is the change in total consumer surplus? SA SA
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The graph shows the market for game consoles. Suppose 1 million game consoles a year are being produced Draw the deadweight loss on game consoles. Suppose the quantity of game consoles produced is 1 million and the price is the equilibrium price Price (dollars per game console) 600- 500- 400- 300 300- Calculate the consumer surplus, producer surplus, and deadweight loss 200- The consumer surplus is $million 100- The producer surplus is $ million The deadweight loss is $million 3 Quantity (millions of game consoles per year) >>> Draw only the objects specified in the question
Use the following graph to answer the question: how much is producer surplus? What is the total value to consumers of consuming the first ten units of this good? Use the following graph to answer the question: how much is producer surplus? What is the total value to consumers of consuming the first ten units of this good?
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.
Question 29 Describe where producer surplus is on the graph (use words or you can also draw and attach a drawing or photo of a drawing).
Graph the supply curve and if the price is 3 and supply is 9 units please shade the consumer surplus and explain. Price 0 1 2 3 4 5 Supply (A) 0 3 6 9 12 15
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© 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?