The table below gives the demand schedule for running shoes for two consumers, Ashtete and Brigid. That is, while Ashtete demands 3 pairs of shoes when the price is €116, Brigid demands 3 pairs when the price is €112. What is the change in consumer surplus if a per-unit tax increases market price from €102 to €125? Ashtete Brigid 1 €159 €137 2 €140 €120 3 €116 €112 €94 €108 €74 €94 €66 €86 Assume quantities must be integers, round to two decimal places and do not enter the currency symbol. If your answer is -€1.275, enter -1.28. 4.

The table below gives the demand schedule for running shoes for two consumers, Ashtete and Brigid. That is, while Ashtete demands 3 pairs of shoes when the price is €116, Brigid demands 3 pairs when the price is €112. What is the change in consumer surplus if a per-unit tax increases market price from €102 to €125? Ashtete Brigid 1 €159 €137 2 €140 €120 3 €116 €112 €94 €108 €74 €94 €66 €86 Assume quantities must be integers, round to two decimal places and do not enter the currency symbol. If your answer is -€1.275, enter -1.28. 4.

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

Refer to the graph shown. With an effective price ceiling at $3, total surplus is reduced by: Please see attached image.
Consider a town in which only two residents, Hubert and Kate, own wells that produce water safe for drinking. Hubert and Kate can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water. Price Quantity Demanded Total Revenue (Dollars per gallon) (Gallons of water) (Dollars) 6.00 0 0 5.50 45 $247.50 5.00 90 $450.00 4.50 135 $607.50 4.00 180 $720.00 3.50 225 $787.50 3.00 270 $810.00 2.50 315 $787.50 2.00 360 $720.00 1.50 405 $607.50 1.00 450 $450.00 0.50 495 $247.50 0 540 0 Suppose Hubert and Kate form a cartel and behave as a monopolist. The profit-maximizing price is____per gallon, and the total output is_____gallons. As part of their cartel agreement, Hubert and Kate agree to split production equally. Therefore, Hubert's profit is _____, and Kate's profit is______. Suppose that Hubert and Kate have been successfully…
Part 1 = Justin's inverse demand for a good is given by p is his gross consumer surplus if the per-unit price is p = 2.00? Part 2 What is Justin's consumer's surplus? 47.00-2.00q. Assuming that there are enough suppliers to meet his demand, what (Round to the nearest two decimals if necessary.) (Round to the nearest two decimals if necessary.)
Consumer surplus is equal to the difference between
Suppose Rajiv is the only seller in the market for bottled water and Kevin is the only buyer. The following lists show the value Kevin places on a bottle of water and the cost Rajiv incurs to produce each bottle of water: Kevin's Value Value of first bottle: $10 Value of second bottle: $7 Value of third bottle: $3 Value of fourth bottle: $1 The following table shows their respective supply and demand schedules: Price $1 or less $1 to $3 $3 to $7 $7 to $10 More than $10 Quantity Demanded Quantity Supplied 4 3 2 1 0 0 1 2 3 Cost of first bottle: $1 Cost of second bottle: $3 Cost of third bottle: $7 Cost of fourth bottle: $10 4 Rajiv's Costs Use Rajiv's supply schedule and Kevin's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $6, and $9. Enter these values in the following table.
Rhea's inverse demand for a good is given by p = 15.00 - (1.00 × q). Assuming that there are enough suppliers to meet her demand, if the per-unit price increases from p = 3.50 to p = 7.50, what is the absolute value of her change in consumer's surplus? (Round to the nearest two decimals.)
Comsumer Surplus Study The goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity is based off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 of Chapter 3 in the Business Calculus book. The table below shows how supply and demand of gasoliine vary depending on the price: Price ($/gal) Demand (million of gal.) Supply (million of gal.) 753 513 550 1.2 700 1.4 640 600 1.6 580 639 1.8 543 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 3. 367 763 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places %3D • Assume that the Demand has a quadratic relationship with the…
Consider the market for computers. The current price of dell computer is $1200.00. Two consumers, Jeff and Peter, are willing to 1,250 and 1,350, for a new computer. Two electronic stores are willing to sell the dell computers for as little as 1,150 and 1,000 each. What's the total surplus in this market?
PQ 8.05 Your local music venue has a capacity of 70 people. Suppose the venue decreases the price of a ticket from $20, at which 50 tickets are sold, to $15, and it sells 70 tickets. The price decrease caused an increase in total consumer surplus of $ this scenario out before trying to calculate). -- (Hint: draw Type your numeric answer and submit
You are considering buying a monthly metro pass for the subway at $150 or paying $4 per ride. Your monthly demand curve is P = 60 - 2Q where Q is the number of rides per month. Given this information, your consumer surplus will be $750 buying each ride and $900 with the monthly pass. $600 buying each ride and $700 with the monthly pass. $784 buying each ride and $900 with the monthly pass. $784 buying each ride and $750 with the monthly pass.