The figure below depicts a typical JMU student's demand for women's basketball games. $60 $55 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 8 0 2 3 5 6 7 How much consumer surplus would the student receive if they had to pay $25 for a ticket?
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- Use the table to answer the question. The table shows the demand schedule for tickets to watch amateur soccer games in a medium-sized town. The city provides the soccer fields, and the players play for free, so the marginal cost of providing the games is zero. The city has authorized two companies to provide soccer games in two stadiums, and the public considers the games in each stadium to be equivalent. Price $12 Quantity 0 11 200 о 10 400 9 600 8 800 7 1,000 $6 1,200 5 1,400 4 1,600 3 1,800 2 2,000 1 2,200 2,400 0 Suppose that the two firms are unable to collude. How much profit will each earn when the market reaches a Nash equilibrium? O о 0 0000 0 a. $2,700 b. $3,200 c. $3,500 d. $3,600 e. $7,200 Check My WorkThe table Consumer Surplus and Phantom Tickets shows each student's willingness to pay for a Phantom of the Opera ticket. Assume that each student wants to buy one ticket. If the price of a ticket to see Phantom of the Opera is $50, then the total consumer surplus for the five students is: Willingness Student to pay Jessicat 150 Jackeling 125 Bradx 105 Roberta 60 Gweng 25% tudent Willingness to pay Jessica 150 Jackelin 125 Brad 105 Robert 60 Gwen 25 A 175 В 240 Cc) 230 100Lewis University + F3 X Problem 2 Student X -us-east-1-prod-fleet02-xythos.content.blackboardcdn.com/5dfaf8e708673/1358081?X-Blackboard-Expiration= + //c a C. If the price of donuts rose to $0.40, how many donuts would she purchase now? What would happen to Tammy's consumer surplus? Content You are an advisor to the Indian government. Until now, government policy in India has been to severely limit imports into India, resulting also in a low level of hidian exports. The government is considering a policy shift to much freer trade. 1/1 CD A [T Based on what you have learned so far about the benefits of international trade, give at least three arguments to support free trade. C ra X LP A Bb 1358081 FO P F10 0:- F11
- A recent study found that the demand and supply schedules for financial calculators are as follows: Price/calculators Quantity Demanded Quantity Supplied 20 160 40 40 140 60 60 120 80 80 100 100 100 80 120 120 100 Co an Coll 80 60 40 D. 20 40 60 80 100 120 140 160 a) Determine: Price of Equilibrium_ and Quantity of Equilibrium b) Determine the effect of $60 Price Ceiling. Is it binding? Why? Will it cause Shortage or Surplus? And by how much? c) Determine the effect of $120 Price Floor. Is it binding? Why? Will it cause Shortage or Surplus? And by how much?Price Price/costs 5 아이 00 g 우승 슭 엉 엉 엉 60 55 50 45 40 35 30 25 20 15 10 0 SE54AF1 60 55 50 40 35 30 25 20 10 5 0 1002003004005006007008009001000100200 Quantity per period B 1 2 3 4 5 6 7 8 9 10 11 12 13 Quantity per period a. What are the market equilibrium price and quantity? Equilibrium price: $ Quantity traded: MC AC b. At equilibrium, what quantity is the firm producing? What is its total profit or loss? Leave no cells blank - be certain to enter "0" wherever required. Quantity: Total profit or loss $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…
- Fiona has a monopoly on motorboat rentals on Nantucket Island during the summer. She can rent five boats per week at $21,000 each. If she wants to rent six, she can only charge $20,000 each. The price effect of renting the sixth motorboat is: $20,000. -$15,000. -$5,000. $25,000.Price/Quart $1.75 $1.65 $1.60 A Quarts/Week 2 4 Customers B Quarts/Week 9 11 12 Can't tell; insufficient information 16 25 22 с Quarts/Week 5 7 8 Individual demand schedules for three customers from the local H-E-B store in the purchase of ice cream are given above. What is the quantity demanded of ice cream at a price of $1.60 assuming that the only consumers in this market are customers A, B, and C?Pricing with Market Power and Consumer SurplusPat’s Patriotic Tattoosis the only tattoo parlor in town.Pat tattoos only images of the American flag. Thereare 20 consumers whoare willing to buy a tattoo. Each consumeris interested in buying only onetattoo,butthey vary in their willingness to pay. One consumeris willing to pay $20for a tattoo; anotheris willingto pay $19; a third, $18, down to the consumerleast willing to pay whohasareservationprice of $1. The Effects of Price DiscriminationUse the exampleofPat’s Patriotic Tattoos to make some conclusions abouttheeffects of pricediscrimination.8. What happensto consumersurplusif a firm successfully price discriminates?9. What happenstothefirm’s profits if it successfully price discriminates?10. What happensto the quantity supplied by a successful price-discriminating monopoly firm compared with a nonprice-discriminating monopoly firm?11. How doesthe quantity supplied by a successful price-discriminating monopoly firm compare.with the…
- PDemand QDemand PSupply QSupply $10 0 $1 2 $9 3 $2 4 $8 6 $3 6 $7 9 $4 8 $6 12 $5 10 $5 15 $6 12 $4 18 $7 14 If the Government creates a quota of 6 units to reduce the consumption of the dangerous product, what will the price of the good be in the marketplace? How much deadweight loss is there? How much of the deadweight loss came from the consumers?Referring to the following graph, calculate the consumer surplus, if there is a price control at $3: PG ($/mcf) 20 18- 16- 14 12 10 00 6 2 0 P-$19.20 $7.73 Demand Po-$6.40 $50.7 $160.5 $64.9 $40.1 $118.1 Pmax - $3.00 10 Q₂-20.6 20 Quantity (Tcf) Q-23 30 Supply Q₂-29.1 40The following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used calculator. 300 250 Rosa 200 Area: 200 Nick 150 Latasha A O 100 Jake Frances 50 Dmitri 2 3 6 QUANTITY (Used calculators) PRICE (Dollars per used calculator) B.
