The graph shows the supply curve of candles and the market price of a candle. What is the quantity of candles sold? Calculate the producer surplus, the total revenue from the candles, and the cost of producing them. *** Draw a point to show the quantity of candles sold and the price. Draw a shape that represents the producer surplus. The producer surplus is $ The total revenue is $ The total cost of producing 20 candles is $ 50.00 40.00 30.00- 20.00- 10.00 0.00+ 0 Price (dollars per candle) S Market price 40 20 60 Quantity (candles per day) >>> Draw only the objects specified in the question. 80 Q Q G

The graph shows the supply curve of candles and the market price of a candle. What is the quantity of candles sold? Calculate the producer surplus, the total revenue from the candles, and the cost of producing them. *** Draw a point to show the quantity of candles sold and the price. Draw a shape that represents the producer surplus. The producer surplus is $ The total revenue is $ The total cost of producing 20 candles is $ 50.00 40.00 30.00- 20.00- 10.00 0.00+ 0 Price (dollars per candle) S Market price 40 20 60 Quantity (candles per day) >>> Draw only the objects specified in the question. 80 Q Q G

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Click on the icon to read the news clip, then complete the following steps. The graph shows the market for grain. Draw a point to show the quantity produced when the price is $4 a bushel. Label it 1. e Suppose the price falls to $2 a bushel. Draw the new marginal revenue curve. Label it MR₁. Draw a point to show the quantity produced when the price is $2 a bushel. Label it 2. Draw a shape that represents either the economic profit or economic loss when the price is $2 a bushel. Label it. Get more help. F5 *** * A 6 F6 ** & 7 F7 PrtScn F8 O O Home F9 8- 7- 6- 5- 4. 3 2 0 1- 0 Price and cost (dollars per bushel) End 10 20 30 40 50 60 70 80 Quantity of grain (thousands of bushels per year) >>> Draw only the objects specified in the question. F10 Clear all PgUp F11 MC PgDn ATC F12 MR Check answer G +
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In 2020 the UK government introduced a sales tax on all products bought online from overseas. Please note this is not a tariff – it is a tax. The tax will be 2% of the value of the products sold in the UK. This tax is collected from online sellers such as Amazon or ebay. Source: BBC (2019). See link: https://www.bbc.com/news/business-50656106 Consider the market for online products. The initial market equilibrium is at 10 million products sold per year at an average price of $500 each. Then, the UK government imposes a tax on the market, collected from sellers (for example Amazon and ebay). The tax is 2% per item (each item has an average price of $500). Show the effect of this on the market for online products. Show the effect on consumers of online products, on the online sellers and on the government. Does the UK economy gain or lose as a result of the tax? Explain why. Use a diagram to support your answer.
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