Microeconomics (6th Edition)
6th Edition
ISBN: 9780134106243
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 4, Problem 4.3.6PA
Sub part (a):
To determine
The
Sub part (b):
To determine
The total revenue received by the producers.
Sub part (c):
To determine
Total revenue received by producers after imposing $30 price floor.
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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
a) If the price in this market is $8, find quantity demanded.
b) If the price in this market is $8, find quantity supplied.
c) If the price in this market is $8, will there be a surplus (excess supply) or a shortage (excess demand)?
d)If the price in this market is $8, how big is the imbalance in the market?
e) Find the equilibrium price and quantity.
Question 3 options:
Herriott's is the only veterinary clinic in a remote village. The graph shows the demand curve for the firm's vet visits.
Now suppose that there are 30 veterinary clinics, all able to produce these vet visits at zero marginal cost and with zero
fixed costs.
How does the equilibrium price and quantity produced with 30 veterinary clinics compare to Herriot's price and
quantity produced?
Draw the supply curve when there are 30 veterinary clinics. Label it.
Draw a point at the equilibrium price and quantity.
The monopoly price is
The monopoly output is
A. higher; less
B. higher; greater
OC. lower; less
D. lower; greater
than the perfectly competitive price.
than the perfectly competitive output.
C
120
100-
80-
60-
40-
20-
0-
0
Price and cost (dollars per visit)
D
8
24
16
32
Quantity (visits per day)
>>> Draw only the objects specified in the question.
40
ON
48
Check My Work (1 remaining)
Use the table below to answer question. The table shows the demand schedule for tickets to watch amateur baseball games in a medium-sized town. The city provides the ballparks, and the players play for free, so the marginal cost of providing the games is zero. The city has authorized two companies to provide baseball games in two stadiums, and the public considers the games in each stadium to be equivalent.
Under competition, the price and quantity in this market would be
a. $0; 2,400.
b. $2; 2,000.
c. $4; 1,600.
d. $6; 1,200.
e. $8; 800
Chapter 4 Solutions
Microeconomics (6th Edition)
Ch. 4.A - Prob. 1RQCh. 4.A - Prob. 2RQCh. 4.A - Prob. 3RQCh. 4.A - Why would economists use the term deadweight loss...Ch. 4.A - Prob. 5PACh. 4.A - Prob. 6PACh. 4.A - Prob. 7PACh. 4.A - Prob. 8PACh. 4.A - Prob. 9PACh. 4 - Prob. 1TC
Ch. 4 - Prob. 2TCCh. 4 - Prob. 4.1.1RQCh. 4 - Prob. 4.1.2RQCh. 4 - Prob. 4.1.3RQCh. 4 - Prob. 4.1.4RQCh. 4 - Prob. 4.1.5PACh. 4 - Prob. 4.1.6PACh. 4 - Prob. 4.1.7PACh. 4 - Prob. 4.1.8PACh. 4 - Prob. 4.1.9PACh. 4 - Prob. 4.1.10PACh. 4 - Prob. 4.1.11PACh. 4 - Prob. 4.1.12PACh. 4 - Prob. 4.1.13PACh. 4 - Prob. 4.1.14PACh. 4 - Prob. 4.2.1RQCh. 4 - Prob. 4.2.2RQCh. 4 - Prob. 4.2.3PACh. 4 - Prob. 4.2.4PACh. 4 - Prob. 4.2.5PACh. 4 - Prob. 4.2.6PACh. 4 - Prob. 4.2.7PACh. 4 - Prob. 4.2.8PACh. 4 - Prob. 4.2.9PACh. 4 - Prob. 4.2.10PACh. 4 - Prob. 4.3.1RQCh. 4 - Prob. 4.3.2RQCh. 4 - Prob. 4.3.3RQCh. 4 - Prob. 4.3.4RQCh. 4 - Prob. 4.3.5PACh. 4 - Prob. 4.3.6PACh. 4 - Prob. 4.3.7PACh. 4 - Prob. 4.3.8PACh. 4 - Prob. 4.3.9PACh. 4 - Prob. 4.3.10PACh. 4 - Prob. 4.3.11PACh. 4 - Prob. 4.3.12PACh. 4 - Prob. 4.3.13PACh. 4 - Prob. 4.3.14PACh. 4 - Prob. 4.3.15PACh. 4 - Prob. 4.3.16PACh. 4 - Prob. 4.3.17PACh. 4 - Prob. 4.3.18PACh. 4 - Prob. 4.3.19PACh. 4 - Prob. 4.4.1RQCh. 4 - Prob. 4.4.2RQCh. 4 - Prob. 4.4.3RQCh. 4 - As explained in the chapter, economic efficiency...Ch. 4 - Prob. 4.4.5PACh. 4 - Prob. 4.4.6PACh. 4 - Prob. 4.4.7PACh. 4 - Prob. 4.4.8PACh. 4 - Prob. 4.4.9PACh. 4 - Prob. 4.4.10PA
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