Suppose that the price in this market is the market price, P2. Which rectangles or triangles represent Deadweight Loss? Supply P1 D P2 P3 Ретand Q1 Q2 Q3
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![Suppose that the price in this market is the market price, P2. Which rectangles or
triangles represent Deadweight Loss?
Supply
P1
D
P2
GIC
P3
K
Demand
Q1
Q2
Q3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd920f800-7cb4-4708-a86f-fdc64006663e%2F6d0d42e1-3038-4409-8f7f-627f4bf47de6%2Fmu92o0k_processed.png&w=3840&q=75)
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- The market demand and supply for soybeans can be represented by QdS= 21 – PS and QsS= 2PS – PC, where QS is the quantity of soybean bushels (millions), PS is the price per soybean bushel, and PC is the price per corn bushel. The market demand and supply for corn can be represented by QdC = 21 – PC and QsC = 2PC – PS, where QC is the quantity of corn bushels (millions). In general equilibrium, the equilibrium price of corn is ____ and the equilibrium quantity of corn is ____million bushels. a. $10.00; 10 b. $10.75; 10.25 c. $11.00; 10 d. $10.50; 10.5Suppose that the demand and supply curves for green peas are given by QD = 10 – 8P and QS = 2P, where P is the price per pound and Q is measured in thousands of pounds. If the price per pound of peas is $0.50, the market _____, so the price will _____. has excess demand of 3,000 pounds; rise has excess supply of 1,000 pounds; fall is in equilibrium; remain unchanged has excess demand of 5,000 pounds; riseAt a price of $100 per office chair, 120 office chairs are demanded by consumers, but at a price of $110 per office chair, only 90 office chairs are demanded. The supplier is willing to supply x office chairs for a price, in dollars, of p(x) = 0.175x + 63.75. (a) What is the market equilibrium quantity of office chairs? office chairs (b) What is the market equilibrium price in dollars? $
- Each rectangle on the graph corresponds to a particular seller in this market: blue (circe symbols) for Andrew, green (triangle symbols) for Beth, purple (diamond symbols) for Darnell, tan (dash symbols) for Eleanor, and orange (square symbols) for Jacques. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a motor scooter at a market price of $70. (Note: If a person will not sell a motor scooter at the market price, indicate this by leaving their rectangle in its original position on the palette.) ? PRICE (Dollars per motor scooter) 160 140 120 100 180 60 40 20 0 0 Andrew 2 K Bet Darnell Jacques Eleanor 5 3 QUANTITY (Motor scooters) Market Price 6 7 8 ITI Andrew Beth Damell Eleanor 8 8 JacquesSmall engines are the main components of office and house appliances like printers, hand dryers, microwave ovens, food processors, etc. The graph depicts the market for small engines in the United States. Suppose that the government imposes a $15 tariff on each imported engine in an effort to bring manufacturing jobs back to the United States. Place the Waste shape to describe the waste of resources that would result from the trade restriction. Price (3) Incorrect 50 45 40 35 30 25 20 15 10 5 0 0 total cost: What is the total cost of the tariff? 337.5 Domestic supply Domestic demand 15 30 45 60 75 90 105 120 135 150 Quantity (millions of engines) Incorrect World supply Waste millions of dollarsDROP OFF BU rEDAY @UPM 27 9. DEADWEIGHT LOSS WITH PRICE CONTROLS If an equilibrium position is less than perfectly efficient, the loss in total surplus (CS + PS) is termed "deadweight loss." If D and S are linear, then DWL is measured as the area a triangle, the "loss triangle." The area of a triangle is half of (base X height). > Suppose that demand and supply equations in a competitive market are: Demand: P = 30 – 0.6Q Supply: P = 6 + 0.4Q a. Compute the market equilibrium. (Q*, P*) = ( b. Calculate consumer surplus and producer surplus at the market equilibrium. Producer surplus (PS) is the area above the supply curve and below the price. CS* = PS* = C. Suppose that a price floor of Pr = 24 is imposed by the government. Find the equilibrium quantity with the price floor. Then calculate consumer surplus, producer surplus, and deadweight loss at the regulated equilibrium. CSt = PS = DWL =
- At Price of $425 per XBOX unit, we would see: Question 8 options: a excess supply b excess demand c consumer surplus d neither excess demand and excess supply.1. Consider the market for cell phones in Celltown. Suppose that the inverse demand curve is P = -2Qd + 300 and that the inverse supply curve is P = 3Qs + 50. a. Sketch the inverse supply and inverse demand curves. b. Calculate the equilibrium price and quantity. c. Compute consumer surplus (CS), producer surplus (PS), and total surplus. d. Suppose the Mayor of Celltown institutes a price floor of P = $250 in order to promote the new technology. It is illegal to sell cell phones at a price below P. What is the quantity transacted in the market with the price floor? e. Compute the change in CS and the change in PS. f. Compute the change in total surplus. If you were an economic advisor to the Mayor whose goal is to maximize the total surplus of the city, would you advise continuing the policy or not? Explain. g. A representative of the Association of Cell Phone Manufacturers arrives at the Mayor's office to lobby against eliminating the price floor. i. Explain why economic theory…1. Gathering supplies for a New Year's celebration, Harpua has demand for balloons given by p = 8 − q, while Tela's demand is p = 2 − q. To determine market demand, assume that Harpua and Tela are the only customers in this market. If market supply is given by p = q/8 , what is consumer surplus at the competitive equilibrium?
- Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. PRICE (Dollars per headset) 400 360 320 280 240 200 160 120 80 40 0 0 Demand Supply 100 200 300 400 500 600 700 800 900 QUANTITY (Millions of headsets) Total surplus in this market is $ 1000 million. Equilibrium Δ Consumer Surplus Producer SurplusThe market for rice in an East Asian country has demand and supply given by QD = 28 – 4P and QS = -12 + 6P, where quantities denote millions of bushels per day. a. If the domestic market is perfectly competitive, find the equilibrium price and quantity of rice. Compute the triangular areas of consumer surplus and producer surplus. b. Now suppose that there are no trade barriers and the world price of rice is $3. Confirm that the country will import rice. Find QD, QS, and the level of imports, QD – QS. Show that the country is better off than in part (a), by again computing consumer surplus and producer surplus. c. The government authority believes strongly in
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