You and your best friend want to hire a professional photographer to take pictures of your two families. The costs of th four potential sellers in the local photography market are: Lebron $700; Kobe $600; Kevin $450 and Steve $400. You and your friend agree to offer $500 for each session. Who accepts the offer, and what is the total producer surplus in the market? Select one: O a. LeBron and Kobe; $300 O b. Kevin and Steve; $500 O c. LeBron and Kobe; $500 O d. Kevin and Steve; $150

You and your best friend want to hire a professional photographer to take pictures of your two families. The costs of th four potential sellers in the local photography market are: Lebron $700; Kobe $600; Kevin $450 and Steve $400. You and your friend agree to offer $500 for each session. Who accepts the offer, and what is the total producer surplus in the market? Select one: O a. LeBron and Kobe; $300 O b. Kevin and Steve; $500 O c. LeBron and Kobe; $500 O d. Kevin and Steve; $150

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The Covid-19 is a highly contagious disease. Although there are vaccines for Covid-19, the vaccination is not free and there are side effects of the vaccine, making it less suitable especially for senior citizens. The government encourages people to go for vaccination against Covid-19 but make it optional. Discusswith a suitable market diagram whether the vaccination market is efficient. Will the vaccination market be efficient if the government makes it compulsory for all people to take the vaccine? Explain with a suitable diagram.
O The accompanying diagram represents the market for violins. Suppose that a new technology allows beginner-level violin producers to make violins at a substantially lower marginal cost while retaining the same quality. This causes the market supply curve to increase from $1 to $2. a. Place the area labeled CS to represent the new consumer surplus in the market and the area labeld PS to represent the new producer surplus in the market. 300 270 2404 210 180 150 120 90 Incorrect. 60 30 0 0 10 Market for violins 20 30 40 50 60 70 Quantity of violins (in thousands) Increase in consumer surplus: S Increase in producer surplus: $ Incorrect SI b. How much does this new technology increase consumer surplus? Increase in total surplus: $ c. How much does this new technology increase producer surplus? Incorrect S2 D 80 90 100 Incorrect CS PS d. How much does this new technology increase total (or social) surplus? /items/c33159e3-e40a-4... Q
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The figure on the right shows that for the 8,000th ticket, the marginal benefit is and the consumer surplus is Price (dollars per ticket) 140 O A. $70; $40 120 O B. $150,000; $40 C. $60; $20 O D. $60; $150,000 O E. $40; $60 100 Market price 80 60 40 20 :D 0 2 4 6 8 10 12 14 16
Currently the price for wheat is $5 per bushel. To help the farmers, the government promises that it will buy any wheat that farmers can't sell at a price of $6 per bushel. Select one. O a This will decrease producer surplus. O b This is an example of quota. O c This will decrease consumer surplus. O d This is an example of price ceiling
O The demand curve for a product is given by Qp = 400-20P and the supply curve for a product is given by Qs = 16P-32. O a. Illustrate the demand curve and the supply curve on the same graph. O b. Find the equilibrium price and quantity. O c. Find numerical values for the consumer surplus and the producer surplus. O d. Identify consumer surplus and producer surplus on your graph.
8. Consumer and Producer Surplus Suppose Charles is the only seller in the market for bottled water and Yakov is the only buyer. The following lists show the value Yakov places on a bottle of water and the cost Charles incurs to produce each bottle of water: Yakov's Value Value of first bottle: $7 Value of second bottle: $5 Value of third bottle: $3 Value of fourth bottle: $1 Charles's Costs Cost of first bottle: $1 Cost of second bottle: $3 Cost of third bottle: $5 Cost of fourth bottle: $7 The following table shows their respective supply and demand schedules: Price Quantity Demanded Quantity Supplied $1 or less 4 о $1 to $3 3 1 $3 to $5 2 2 $5 to $7 1 3 More than $7 0 4 Use Charles's supply schedule and Yakov's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $4, and $6. Enter these values in the following table. Price Quantity Demanded Quantity Supplied 2 4 A price of brings supply and demand into equilibrium. At the equilibrium price, consumer…
Dollars per unit $20- S $15 e $10 $6 $2 2,000 1,000 1,200 Quantity per period Use the graph above. If the price in the market is $10, what is the consumer surplus in the market? O None of the answers is correct O $40,000 O2,000 units O $10,000 Consumer surplus Producer surplus
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Gas-powered hedge trimmers Price (P) S D Quantity (Q) The cost of labor rises in this industry. At the same time consumer tastes shift away from this product in favor of quieter or less-polluting alternatives. What is likely to happen in this market? Select one: O a. Price may rise or fall; Quantity will fall. O b. Price may rise or fall; Quantity will rise. O c. Price will rise; Quantity may rise or fall. O d. Price will fall; Quantity may rise or fall. Clear my choice Check