The diagram to the right illustrates the supply curve forhot dogs by Frank's Frankfurters, a local hot dogproducer. Calculate the dollar value of producer surplus ifequilibrium price is $0.40 per dozen.Supply of Hot Dogs2.00-1.80-1.) Using the point drawing tool, find the quantity1.60-Sthat Frank's Frankfurters is willing to supply if equilibriumprice is $0.40 per dozen.2.) Using the triangle drawing tool, illustrate the amount ofproducer surplus that Frank receives if equilibrium price is$0.40 per dozen.Carefully follow the instructions above and only draw therequired objects.Price per dozen ($)1.40-1.20-1.00-0.80-0.60-70.40-0.200.00020 30 40 50 60 70 80 90Quantity of hot dogs per month (millions)C

In microeconomics, the supply curve represents the relationship between the quantity of a good or…

The diagram to the right illustrates the supply curve for hot dogs by Frank's Frankfurters, a local hot dog producer. Calculate the dollar value of producer surplus if equilibrium price is $0.40 per dozen. Supply of Hot Dogs 2.00- 1.80- 1.) Using the point drawing tool, find the quantity that Frank's Frankfurters is willing to supply if equilibrium price is $0.40 per dozen. 1.60- S 2.) Using the triangle drawing tool, illustrate the amount of producer surplus that Frank receives if equilibrium price is $0.40 per dozen. Carefully follow the instructions above and only draw the required objects. Price per dozen ($) 1.40- 1.20- 1.00- 0.80- 0.60- 7 0.40 0.20- 0.00+ 0 10 20 30 40 50 60 70 80 9 Quantity of hot dogs per month (millions

The diagram to the right illustrates the supply curve for hot dogs by Frank's Frankfurters, a local hot dog producer. Calculate the dollar value of producer surplus if equilibrium price is $0.40 per dozen. Supply of Hot Dogs 2.00- 1.80- 1.) Using the point drawing tool, find the quantity that Frank's Frankfurters is willing to supply if equilibrium price is $0.40 per dozen. 1.60- S 2.) Using the triangle drawing tool, illustrate the amount of producer surplus that Frank receives if equilibrium price is $0.40 per dozen. Carefully follow the instructions above and only draw the required objects. Price per dozen ($) 1.40- 1.20- 1.00- 0.80- 0.60- 7 0.40 0.20- 0.00+ 0 10 20 30 40 50 60 70 80 9 Quantity of hot dogs per month (millions

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Suppose the total demand for wheat and the total supply of wheat per month in the Kansas City grain market are as shown below: Graph the demand for wheat and the supply of wheat. Be sure to label the axes of your graph correctly. Label equilibrium price P and equilibrium quantity Q.
Use the figure below to answer the following questions. Price (dollars per DVD rental) 7.00 6.00 5.00 4.00 3.50 3 5 S = MC 7 9 Rentals (per hour) Figure 5.2.6 Your grandparents, who prefer to watch movies on DVD rather than stream them, rent DVDs from Old-Fashioned Movie Rental. Figure 5.2.6 shows Old-Fashioned Movie Rental's supply curve of DVD rentals. If the firm rents the fifth DVD at a price of $7, what is the producer surplus on that rental? OA. $28 OB. $1 O C. $7 O D. $3 OE. $6
The following diagram shows supply and demand in the market for tablets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. 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 tablet) 150 135 120 105 90 45 30 15 0 0 Demand Supply + 35 70 105 140 175 210 245 280 QUANTITY (Millions of tablets) Total surplus in this market is $ 315 350 million. Equilibrium Consumer Surplus Producer Surplus
7. Producer surplus for an individual and a market Suppose the market for cheesecake is a perfectly competitive market-that is, sellers take the market price as given. Sean owns a restaurant where he sells cheesecake. The following graph shows Sean's weekly supply curve, represented by the orange line. Point A represents a point along his supply curve. The price of cheesecake is $3.00 per slice, as shown by the horizontal black line. Sean's Weekly Supply 7.50 6.75 6.00 5.25 4.50 3.75 3.00 Price 225 1.50 0.75 Supply 4. 10 12 14 16 18 20 QUANTITY (Slices of cheesecake) PRICE (Dollars per slice)
In a sunflower market, consumers have demand function for a sunflower given by P = -4Q+ 21 where P is the market price of sunflower and Qa is quantity of sunflower demanded. On the other hand, suppliers of sunflower have supply function given by P = 2Q, +3 where P is the market price of sunflower and Q is quantity of sunflower supplied. 10. Using demand and supply functions, calculate the market equilibrium price and quantity of sunflower. 11. Calculate for the consumer surplus, producer surplus, and total surplus at the market equilibrium (in values).
QUESTION 4 Suppose the demand curve is given by P = 216 - 2Q and the supply curve is given by P = 5Q. Suppose the supply curve shifts left by 20. How much lower is total surplus in the new equilibrium than in the old equilibrium? Give your answer to 2 decimal places.
Consider a market that can be represented by a linear demand curve, QD = 200 – 2PD, (where QD is the quantity demanded and PD is the price that demanders pay) and a linear supply curve that QS = ½ PS (where QS is the quantity supplied and PS is the price that suppliers get). a. What is the equilibrium price? b. What is the equilibrium quantity? c. What is demand elasticity at the equilibrium point?
The restaurant industry is highly competitive. The pandemic has likely reduced the demand for restaurant meals. It has also likely raised the fixed costs of a typical restaurant (because owners have needed to reconfigure seating and install new ventilation systems). a)What will these two developments do to the equilibrium price and quantity in the market for restaurant meals? b)What will these two developments do to the number of meals produced and the profits of a typical restaurant in the short run?
Assume the market for peanut butter is competitive with normally sloped supply and demand curves and the market is currently in equilibrium. If there is a decrease in supply resulting in a new market equilibrium, will the amount of consumer surplus increase, decrease, or remain unchanged relative to the amount of consumer surplus found at the initial market equilibrium?
Over the past few year's consumer tastes and the number of buyers in the market for a game called 'pickle ball' have increased dramatically. Thus, the demand for tickets to pickle ball events has increased. Before this all started the equilibrium price of a ticket to a pickle ball event was negative. This means that: A few years ago, there would have been a surplus of tickets even at a price of zero, now the invisible hand has pushed prices to greater than zero. A) A few years ago, the quantity of tickets demanded was less than quantity supplied. B) Pickle ball event tickets resembled the market for recyclable cardboard a few years ago C) Greater demand for pickle ball tournament tickets will lead to a greater demand - and higher pay - for professional pickle ball players. D) All of the above. E) B and D only
Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Quantity Supplied (before tariff) Quantity supplied (after tariff) Price ($) 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 Quantity Demanded 170 150 130 110 90 70 50 30 50 70 90 110 130 150 170 190 a) The present equilibrium price is $ and quantity is b) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. thousand. thousand. c) The new equilibrium price is $ and quantity is d) The total revenue received by the government will be $ e) Assume, instead, that the government imposes an import quota of 90,000 cars. The new equilibrium price is $ quantity is thousand. f) Does the government now receive any revenue? No million. and
Please answer correct the answer explain calculation Don't answer by Pen paper please