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- ng.cengage.com CENGAGE MINDTAP Chapter 08 Homework First, use the black point (plus symbol) to indicate the equilibrium price and quantity of electric scooters in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per scooter) 300 270 Demand 240 210 180 150 120 90 Supply 60 30 Before Tax 0 0 140 280 420 560 700 840 980 QUANTITY (Scooters) 1120 1260 1400 Equilibrium A Consumer Surplus Producer Surplus Suppose the government imposes an excise tax on electric scooters. The black line on the following graph shows the tax wedge created by a tax of $120 per scooter. First, use the tan quadrilateral (dash symbols) to shade the area representing tax revenue. Next, use the green point (triangle symbol) to shade the area representing total consumer surplus…1. The government wishes to encourage students to become more literate in economics and is therefore giving a S10 per unit subsidy to the purchasers of microeconomics textbooks. Given the following demand and supply, what are the economic effects of this subsidy? Illustrate with a diagram. Show work. P= 100 - Qa P= 20 + 3Q. (1) (2) Original Price Original Output New Price Consumer Pays New Output New Price Producer Receives Benefit to consumer Benefit to producer Cost to governmentConsider the market for some product X that is represented in the accompanying demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity, The total economic surplus is $ per day. (Round your response to the nearest cent as needed.) Price ($) 38.00- 34.00 30.00 26.00+ 22.00 18.00- 14.00- 10.00- 6.00- 2:00- 0 8 16 24 32 40 Quantity (units per day) 48 S D SOU
- What areas of the diagram above represent the surplus transferred from consumers to producers with a price floor of P1? Select all that apply A B C F G TQuestion The demand curve for a product is given by QD = 475 - 25P and the supply curve for a product is given by QS = 15P - 45 %3D a) Illustrate the demand curve and the supply curve on the same graph. Label both axes. b) Calculate both the equilibrium price and quantity. c) Calculate the consumer surplus and the producer surplus. d) Identify consumer surplus and producer surplus on your graph. Label as CS and PS. e) Find the total willingness to pay for the equilibrium quantity and the total variable cost of supplying the equilibrium quantity. Identify these areas on your graph. please show workIn a market which demand and supply curves are shown below: Price ($/hour) 36- 32 28- 24 20- 16 12- 8- 4- 0 Demand Supply 1000 2000 3000 4000 5000 6000 7000 Quantity (units/day) a) Calculate the consumer surplus for the market. (If necessary round your answer to the nearest whole number.) Consumer Surplus = $0 b) Calculate the producer surplus for the market. (If necessary round your answer to the nearest whole number.) Producer Surplus = $0
- Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. (?) PRICE (Dollars per headset) 350 315 280 245 210 175 140 105 70 35 0 0 Demand Supply 85 170 255 340 425 510 595 680 765 850 QUANTITY (Millions of headsets) Total surplus in this market is $ million. + Equilibrium Δ Consumer Surplus Producer SurplusSelect the area(s) that represent CONSUMER SURPLUS before the price floor is imposed? (select all that apply)With an inverse demand equation of P = 10 – 0.05Q and an inverse supply equation of P = 1 + 0.10Q: a. Derive and plot the demand and supply curves b. Calculate for Consumer Surplus, Producer Surplus and Total Surplus at the equilibrium quantity
