Use the graph below to answer questions 6 through 10. Price ($) Supply 15 10 7.5 5 Demand 0 10 20 30 40 50 60 70 Quantity When this market is in equilibrium, consumer surplus is equal to 6. and producer surplus is equal to $200; $100 $100; $200 $400; $200 $200; $400 а) с. b. d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: a b. 7. 20. 60. с. 40. d. 80. If there is a price floor set at $15, consumer surplus will be equal to 8. and producer surplus will be equal to $50; $100 $50; $175 $100; $100 $100; $175 а. с. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. 20. 60. а. с. b. 40. d. 80. If there is a price ceiling set at $7.50, consumer surplus will be equal to 10. and producer surplus will be equal to $175; $25 $175; $50 $200; $25 $200; $50 a. с. b. d. Chapter 7 Assignments 142 l 20

Use the graph below to answer questions 6 through 10. Price ($) Supply 15 10 7.5 5 Demand 0 10 20 30 40 50 60 70 Quantity When this market is in equilibrium, consumer surplus is equal to 6. and producer surplus is equal to $200; $100 $100; $200 $400; $200 $200; $400 а) с. b. d. If there is a price floor set at $15, the quantity bought and sold (exchanged) in this market will be equal to: a b. 7. 20. 60. с. 40. d. 80. If there is a price floor set at $15, consumer surplus will be equal to 8. and producer surplus will be equal to $50; $100 $50; $175 $100; $100 $100; $175 а. с. d. If there is a price ceiling set at $7.50, the quantity bought and sold (exchanged) in this market will be equal to: 9. 20. 60. а. с. b. 40. d. 80. If there is a price ceiling set at $7.50, consumer surplus will be equal to 10. and producer surplus will be equal to $175; $25 $175; $50 $200; $25 $200; $50 a. с. b. d. Chapter 7 Assignments 142 l 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Imagine you are the mayor of a town and you are trying to decide if you should pay for a fireworks show. Your staff survey your 400 citizens who say that they each value a fireworks show at $10. The fireworks show only costs $3,000 so you put on the show but when you ask for donations to pay for the fireworks you only receive $25 total. What does this result show? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. You staff's survey must have overestimated the value of a fireworks show. b The fireworks cost must have been greater than their economic benefit. The firework show suffered from the Tragedy of the Commons problems d The town's citizens were free-riders.
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