Social efficiency consists of which of the following: the sum of consumer and producer surplus the sum of private marginal cost and marginal damage
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- Graph the following data on social and market demand: Im pretty sure I have the graph correct but I am unsure how to find the anwsers to the questions. Price ($) 20 18 16 14 12 10 Market quantity demanded (units per month) 10 20 30 40 50 60 Social quantity demanded (units per month) 20 30 40 50 60 70 Does this product have external benefits or external costs? How large ($) is that externality5) The following graph shows the effect of a per-ticket tax on plane tickets from Boston to Tampa. Use the graph to answer questions 5 to 10. Price (P) of airline tickets (in dollars per ticket) OO 230 200 190 2850 3000 Based on the graph, which of the following statements is true? Swith tax D Sno no tax Figure 14 Image author created Quantity (Q) of airline tickets (thousands per day) The tax is imposed on passengers (i.e., the demand side of the market for plane tickets). Based on the graph, we cannot determine whether the tax is imposed on the airlines or on passengers. The tax is imposed on airlines (i.e., the supply side of the market for plane tickets). The tax is imposed on both sides of the market for plane tickets.10) The following graph shows the effect of a per-ticket tax on plane tickets from Boston to Tampa. Use the graph to answer questions 5 to 10. oo Price (P) of airline tickets (in dollars per ticket) $150 thousand $3,000 thousand $6,000 thousand $1,114 thousand 230 What is the deadweight loss due to the tax? 200 190 2850 3000 Swith tax Sno tax D Figure 14 Image author created Quantity (Q) of airline tickets (thousands per day)
- A market is described by the following supply and demand curves:Supply: P=0.25QDemand: P=300-0.75Q(a) Solve for the equilibrium price and quantity and calculate the total economic surpluswith a diagram.(b) Suppose government sets a price floor of $90. With the price regulation, calculatewith a diagram the sizes of shortage (or surplus), consumer surplus, produce surplusand deadweight loss.(c) Instead of a price floor, government regulates the price by a price ceiling of $90.Predict the change of market efficiency if the government imposes a price ceiling of$90.(d) Instead of a price control, government levies a $20 excite tax on producers. Formulatethe new supply curve and solve for the new equilibrium price and quantity. Calculatewith a diagram the tax revenue and the tax incidences for both producers andconsumers. Discuss how buyers and sellers share the tax burden by applying relevanttheories and an appropriate diagram.In a market which demand and supply curves are shown below: Price ($/hour) 36- 32 28- 24 20- 16 12- 8- 4- 0 Demand Supply 1000 2000 3000 4000 5000 6000 7000 Quantity (units/day) a) Calculate the consumer surplus for the market. (If necessary round your answer to the nearest whole number.) Consumer Surplus = $0 b) Calculate the producer surplus for the market. (If necessary round your answer to the nearest whole number.) Producer Surplus = $0Question 26 Figure #2 Iprice 10 Dafer 1OR 10 20 30 40 50 70 Refer to Figure #2. After the tax is imposed, what is the effective price that producers receive?
- Marginal cost and marginal benefit (dollars per pound) 5 3 2 - MC M8 100 200 300 400 500 600 Quantity (pounds of coffee perday) The above figure shows the marginal benefit and marginal cost curves of coffee in the nation of Kaffenia. Which of the following would result in the quantity of coffee in Kaffenia differing from the efficient quantity? O The existence of price control in the market. The existence of many producers and sellers of coffee. The existence of a single producer and seller of coffee. Both "The existence of a single producer and seller of coffee." and "The existence of price control in the market." are correct.E-learning System (Academic) Ouestion 16 Not yet answered S-MSC 50 Marked out of 1.00 Flag question 20 10 D=MSB 100 200 300 400 500 600 Quantity (snowboards per day) In the above figure what is the amount of consumer surplus at the efficient quantity? Select one: O a. $1,000 O b. $4,000 Oc. $0 00 od. $2,000 HUAWEI Nova 3 AI CAMERAn e to search Price (dollars per snowboard)ut Figure 6-13 Price F1 Price 191-4 on this page 2 W F2 # (a) 3 (c) E 80 fer to Figure 6-13. In which market will the maiority of a tax be paid by the buyer? F3 Quantity $ 4 Quantity R Price F4 Price 5 0 F5 (b) (d) 6 D F6 Quantity D Quantity & 7 F7 8 DII F8
- Saved Help Save&Exit Submit Quantity Supplied Quantity Price Demanded $6 300 $1 10 250 $2 50 180 $3 90 150 $4 120 120 $5 150 90 $6 180 50 Refer to Table 6.1, which gives the daily supply and demand schedules for cups of coffee at a kiosk in a shopping mall. If there is no tax placed on coffee, how many cups of coffee will be bought and sold? Multiple Choice 50 90 Next T47 F 24 of 67 < Prev T0/20/20 o search lp qim1. Price $152 $144 $136 $128 $120 $112 $104 $96 $88 $80 572 S64 $56 $48 $40 $32 CORNW 524 $16 $8 SO 0 25 50 75 100 1₁ 125 150 - - Supply 175 200 Quantity 225 Demand A. Calculate consumer surplus at the equilibrium price and quantity B. Calculate producer surplus at the equilibrium price and quantity D. Calculate total surplus at the equilibrium price and quantity D. Shade the area of the graph that corresponds to total surplus 250 275 300 325 350 375Suppose the the demand for a product is given by Qd = 40 − 3P , andsupply by Qs = 5 + 2P Suppose that government places a tax on consumers of 10 per unit onproducers.(a) What will be the price and quantity with the tax?(b) How much will be the consumer be paying, including the tax, for each unit that the consumer purchases?(c) How much will the government be collecting in tax revenues?(d) What is the consumer surplus now that a tax has been placed on theproduct?(e) What is the producer surplus?(f) What is the deadweight loss?