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- What is
deadweight loss ? How is it illustrated on a demand and supply diagram? GIve an example of deadweight loss.
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- Suppose the demand and the supply for lumber (harvested wood processed in a sawmill) used for construction in Australia are given byQD =100 – 2PQS = 1/2PAssume also that the market is perfectly competitive. the government introduces a subsidy of s=5 per unit of lumber transacted in the market. Calculate the deadweight loss caused by the subsidy and illustrate it in a graph. Who benefits more from the subsidy, consumers or producers? Why?The Ministry of Misallocation has decreed that the production of widgets must be 7000 each month and the production of gizmos must be 4000 each month. Calculate the deadweight loss in each market caused by these restrictions. Please note the scale of the quantity axis is in thousands. Price of widgets $10 9 8 7 6 5 4 3 2 1 Price of gizmos $100 90 Supply Supply 80 70 60 50 40 30 Demand Demand 20 10 0 012345678910 Quantity of widgets (in thousands) What is the deadweight loss in the widgets market? What is the deadweight loss in the gizmos market? 2 4 6 8 10 12 14 16 18 20 Quantity of gizmos (in thousands)What is producer surplus? How is it illustrated on a demand and supply diagram? Give an example of producer surplus.
- The graph depicts the market for digital copies of a popular song. The digital music file is an artificially scarce good. Suppose the producer charges $2.50 per download. What is the resulting deadweight loss? Price per download $5 4.5 4 3.5 3- 2.5 2 1.5 I 0.5 0 10 20 30 Demand 40 50 60 70 80 90 100 Downloads per hourThe demand and supply of widgets is given below. Q is quantity, and P is price of widgets Q = 5000 – 6P Q = 1000 + 2P How much is equilibrium quantity and equilibrium price (show me your work) If there is a price control of $700 imposed by the government for widgets. What type of price control is this called? Does this type of price control cause a shortage or surplus, and how much is it. Draw the Demand and Supply, and show the point for part a and b.Macmillan M The Ministry of Misallocation has decreed that the production of widgets must be 7000 each month and that the production of gizmos must be 4000 each month. Calculate the deadweight loss in each market caused by these restrictions. Note that the scale of the quantity axis is in thousands. S Price of widgets $10 9 8 7 6 5 4 $ 3 2 1 0 Supply Demand What is the deadweight loss in the widgets market? X 1 2 3 4 5 6 7 8 9 10 Quantity of widgets (in thousands) What is the deadweight loss in the gizmos market? Price of gizmos $100 90 80 70 60 50 40 30 20 10 0 Supply Demand 33159e3-e40a-4... 2 4 6 8 10 12 14 16 18 20 Quantity of gizmos (in thousands) L
- In order to keep restaurant costs down, the franchise places a price ceiling on employee pay at $35/hr. The equilibrium price for employee pay before this price change was $50/hr. Graph the market with the price ceiling. Be sure to show the new equilibrium price, the deadweight loss, and any surplus or shortage if it exists.Consider the supply and demand model for romaine lettuce depicted in the accompanying graph. Suppose the government decides to impose a binding price floor on the market to aid farmers. a. Please place the end points of the price floor line segment to illustrate a binding price floor in the market. Price Market for Romaine Lettuce Price Floor Quantity b. After the price floor is implemented, what exists? both neither a shortage a surplus Supply Demand c. Shade in the deadweight loss (DWL) that arises due to the price floor. DWLDoes a subsidy lead to a deadweight loss? Explain in detail.
- The graph below represents the market for flank steak in a specific town. Calculate the value of consumer surplus: When the market price is allowed to prevail, and When the town passes a law setting a price ceiling for flank steak of $13 per pound, what is the value of the deadweight loss after the town passes that law?Suppose government imposes a tax on buyers of $30 per hotel room. After the tax is in effect: What is the Quantity exchanged in the market after tax? What is the buyers & sellers' price? Also, what is the incidence of tax? Show the deadweight loss on your graph.Is there a better alternative to imposing a price ceiling?