Use the graph below the answer questions 38 - 43: PRICE (Dollars per ton) 460 Domestic Demand Domestic Supply 430 400 370- 340 310 280 250 220 190 Pw 160 0 5 10 15 20 25 30 35 40 45 50 QUANTITY (Thousands of tons of wheat) 38. Calculate consumer surplus under free trade. Answer:
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- The demand and supply for houses (in millions of houses per year) is shown below. If the worldwide price of houses is $350,000, the international housing market would: Quantity Demanded Quantity Supplied Price per Home 350,000 340,000 330,000 320,000 U.S. Residents 10 20 40 60 Rest of World 15 25 45 65 Experience a shortage Experience a surplus Be at equilibrium Worldwide Market Price per Home 350,000 340,000 330.000 320,000 U.S. Residents 30 25 20 15 Rest of Worldwide World Market 40 35 30 25France Germany Total Market PriceQuantity Quantity Quantity Quantity Quantity Quantity (per litre) Demanded Supplied DemandedSupplied Demanded Supplied 12 11 10 19 8 17 $424 519 615 712 810 99 13 12 14 15 4 16 17 15 6 18 17 Refer to the information above to answer this question. Assume that France and Germany enter into a free trade agreement (and there are no extra transportation costs, etc.) what are the equilibrium price and quantity of wine?Use the table below to answer the following questions: Quantity Supplied Price Quantity Demanded 5000 $2 12,000 6000 $4 9500 7000 $6 7000 8000 $8 4500 9000 $10 2000
- Give typing answer with explanation and conclusionUsing the table below answer the following question Price Quantity demanded Quantity supplied $300 60 30 $400 55 40 $500 50 50 $600 45 60 $700 40 70 $800 35 80 In response, to lobbying by the skate board association, the government places aprice ceiling at the price of $700 on skate boards. What will this have on the marketfor skate boards? Explain your answerPRICE [Dolars per laptop) The following diagram shows supply and demand in the market for laptops. 150 Demand 135 120 105 90 75 60 45 30 15 Supply ° 1 0 35 70 105 140 175 210 245 280 QUANTITY (Millions of laptops) 315 350 Fill in the following blanks with integer values: The market price is The market quantity is The consumer surplus is 4200 The producer surplus is 4200 The total surplus is 8400 A price ceiling is imposed at $60. The market price is now There is now a (surplus/shortage/none) Is there deadweight loss (yes/no)? of what amount? How much if any? If a price floor is implemented at $65, would it be binding? (yes/no)
- What Type of attraction are in Uk? and which are the main Characteristcs of supply? (what make different from the rest of the world)The following table shows the monthly demand and supply in the market for ice cream in New York City. Price (Dollars per gallon of ice cream) 8 12 16 20 Quantity Demanded (Gallons of ice cream) 2,000 1,600 1,200 800 400 Quantity Supplied (Gallons of ice cream) 200 600 800 1,200 1,800 On the following graph, plot the demand for ice cream using the blue point (circle symbol). Next, plot the supply of ice cream using the orange point (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.p ($/unit) 200k 160 120 80 40 5000 Equilibrium price =$ Equilibrium quantity a) What are the equilibrium price and quantity for the supply and demand curves in the figure above? = S (quantity) Consumer surplus =$ i 10000 b) Estimate the consumer and producer surplus. Producer surplus =$ i Round your answers to the nearest thousand. SUPPORT
- Refer to the figure. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles D 10 20 30 40 50 60 70 80 90 100110 S Quantity Quantity, Tools ps The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Price: $ game consoles b. Show the area of producer surplus on the graph, and then determine how much producer surplus is generated in the market each Instructions: Use the tool provided "PS to illustrate this area on the graph Producer Gurplus. $Refer to the figure. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles 10 20 30 40 50 60 70 80 90 100110 Quantity S a. What is the equilibrium price and quantity? Price: $ Quantity: Tools The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. CS game consoles b. Show the area of consumer surplus on the graph, and then determine how much consumer surplus is generated in the market each week. Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $Market for Game Consoles 600 Tools 550 500 CS PS 450 400 350 ESeq 300 250 200 150 100 50 D 10 20 30 40 50 60 70 80 90 100110 Quantity a. What is the quantity demanded at $150 per game console? Quantity demanded: 20 game consoles b. What is the quantity supplied at $150 per game console? Quantity supplied:| 80 game consoles c. What is the consumer surplus generated at a price of $150 per game console? Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $ 30000 d. What is the producer surplus generated at a price of $150 per game console? Instructions: Use the tool provided “PS" to illustrate this area on the graph. Producer surplus: $ 3750 e. What is total economic surplus at a price of $150 per game console? Economic surplus: $ 33750 f. What is the economic surplus generated if the market were in equilibrium? Instructions: Use the tool provided “ESeg" to illustrate this area on the graph. Economic surplus in equilibrium: $ 56250 Price…
