Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 7.2, Problem 2QQ
To determine
The supply curve for turkey and the producer surplus .
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Draw a supply curve for turkey.In your diagram, show a price of turkey and the producer surplus at that price. explain in words what this producer surplus measures.
The graph shows the car market in Mexico when Mexico places no restriction on the quantity of cars imported. The world price of a car is $10,000.
Suppose the government of Mexico introduces an import quota on imported cars of 4 million a year.
Draw a line that shows the effect of the import quota on supply. Label it S +
quota.
Label it.
Draw a point to show the quantity of cars bought in Mexico and the price paid.
When the government of Mexico introduces an import quota of 4 million cars, Mexico imports
nothing
million cars and produces
nothing
million cars.
The graph shows the supply curve of candles and the market price of a candle.
What is the quantity of candles sold?
Calculate the producer surplus, the total revenue from the candles, and the cost of producing them.
***
Draw a point to show the quantity of candles sold and the price.
Draw a shape that represents the producer surplus.
The producer surplus is $
The total revenue is $.
The total cost of producing 20 candles is $
50.00
40.00-
30.00
20.00
10.00-
0.00+
0
Price (dollars per candle)
S
Market
price
40
60
20
Quantity (candles per day)
>>> Draw only the objects specified in the question.
80
Q
Chapter 7 Solutions
Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
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