QUESTION 8S1, S2, S3 and S4 are UIUC students who just graduated. They each have a poster of Dolly Parton that they are willing to sell. B1, 82, B3 and B4are new students at UIUC and want to buy Dolly Parton postern for their rooms. The tables below give the minimum selling prices and maximumbuying prices for each student.Minimum Selling PricesMaximum Buying PricenX+$9S1$10B1S2$11B2X+$14S3$20B3X+$16S4$25B4X+$26If X is negative $5 (.e., Xu-$5), what is the market-clearing price? Note: Do not include the dollar sign,

Here, minimum willingness to sell of the just graduated student and maximum willingness to buy of…

Answered: S1, 52, S3 and S4 are UIUC students who…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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11. Suppose Jacob and Julius are the only 2 consumers in a market. Jacob's demand curve for TVs is given by Q 1348 - 4P, while Julius's demand curve is given by P + 2Q 206 as shown in the diagram below. When the market quantity demanded is 600, what is the market price? 337 206 Jacob Julius 103 1348 A. R312.34 B. R189.11 C. R56.00 D. R206.22 E. R807.00
The local government has decided that because children's health has large external benefits, it will offer a subsidy to help familles pay for visits to the pediatrician. However, the government Isn't sure at what level to set the subsidy. The figure below shows the current demand curve for pediatricians' visits (D), and three alternative subsidies, represented by curves D2, D3, and D4. 0 Price (5) 240 220 200 180 160 140 120 100 80 60 40 20 D 50 100 150 200 250 300 350 400 450 500 Quantity of pediatrician visits Tools A Da O (A) D₂ a. Assume that the correct level of subsidy is D3. Compared to the efficient outcome, graph the loss in total surplus that would result from subsidies D₂ and D4- Instructions: Use the tools provided (D₂ and Da) to draw the loss in total surplus for each subsidy b. The socially optimal level of pediatrician visits is visits,
After a destructive hurricane in Southeast Texas, gasoline prices around the country increased dramatically. Demand did not decrease much primarily because O there is a long time period under consideration. O the cost of the product is a relatively small percentage of oncs income. O there are very few substitutes for the product. O there is a small amount of this product.
Buyer Carlos Quilana Wilbur Ming-la Willingness to Pay (Dollars) 15 25 35 45 Refer to Table 7-2. If there is only one unit of the good and if the buyers bid against each other for the right to purchase it, then the good will sell for $15 or slightly less. $25 or slightly more. $35 or slightly more. $45 or slightly less.
Price (dollars per bucket) 16 15 14 So 13 12 10 200 300 400 500 600 700 800 Quantity (buckets) The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from So to S1. The amount of this tax is per bucket of golf balls. O A) $3 B) $1 C) $2 O D) $4 %3D
Suppose a retail seller of jeans currently has 40 customers. The retailer offers the following quantity discount to these 40 customers. Buy the 1* pair of jeans at a price of $100, buy a 2d pair of jeans at a price of $80, buy a 3d pair of jeans at a price of $60, and buy a 4th pair of jeans at a price of $40. Suppose the cost to the retailer for each pair of jeans is $40. Suppose of these 40 customers, all buy the 1ª pair of jeans, 30 of these 40 buy a 2nd pair of jeans, 20 of these 30 (i.e., those who bought a 2nd pair) buy a 3d pair, and 10 of the 20 (i.e., those who bought a 3rd pair) buy a 4t pair. The profit to the retailer from selling jeans to these 40 customers in this way equals: [10] A. $4000 В. С. $4600 $6200 D. None of the above [11] In the case of first degree price discrimination, each consumer is charged his/her reservation price. А. True В. False
In response to lobbying by the skate board association, the government places a priceceiling at the price of $700 on skate boards. What effect will this have on the market forskate boards? Explain your answer. . In response, to lobbying by the skate board association, the government places a priceceiling of $400 on skate boards. Use the information provided in Table 18.1, to plot thesupply and demand curve for skate boards. use the image to answer the question
Many governments subsidise electric vehicles. Draw two sup- ply and demand diagrams (one for electric vehicles and one for petrol- powered vehicles) to show the impact of an electric vehicle subsidy. As- sume that an increase in electric vehicles sales reduces petrol powered vehicles by the same amount. On these diagrams show: (a) The quantity of both types of vehicles before the subsidy. (b) The quantity of both types of vehicles after the subsidy. (c) The deadweight losses in both markets before and after the subsidy. 4. is a fuel excise or an electric vehicle subsidy a better policy response to address externalities associated with driving? Your answer should draw on the answers above and could also include: Which policy is simpler to administer. How the two policies impact use of other forms of transport (like public transport or riding a bike). Which policy is fairer. Any additional information that you would like to know to inform your decision Note:- Do not provide…
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
25. Which of the following is NOT a hon-price method that a supplier could use to allocate a good where there is a shortage? a) Waiting in line b) close friends with the owner c) racial bias d) auction e) lottery

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