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age Price $45 $35 $25 Quantity Quantity Demanded Supplied 600 900 700 700 800 500 Use the table of information. For this market, which of the following statements is (are) correct? (x) If the government imposes a price ceiling of $45 in this market, the result is a chronic shortage of 300 units. (y) A binding price ceiling would exist at any price below $35. (z) If the government imposes a price ceiling of $25 in this market, the market will sell 200 fewer units than it would in the absence of a price ceiling. O O O Select one: O A. (x), (y) and (2) OB. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (z) only Next page - Ber

Price Marginal Cost 3 Price Marginal Revenue Quantity (a) Find the point (A, B, C, D, or E) that corresponds to the profit maximizing price and quantity. (Select only one letter.) (b) Which number corresponds to consumer surplus on the graph? (c) Which number corresponds to producer surplus on the graph? (d) Which number corresponds to deadweight loss on the graph?

The U.S. government controls roughly 75% of the world’s helium supply, and in 1996, it set a price floor for the helium market, which outlaws the sale of helium below $64 for 1,000 cubic feet. Suppose that the graph below illustrates the market for helium after the price floor was implemented. (c) The quantity bought in the market is __ cubic feet. (d) The quantity sold in the market is ___ cubic feet.

Price ($) Help Save & Exit Submit $220 -P -9 $200 Ecomp Emonop $180 Supply $160 $140 DWL $120 $100 $80 $60 $40 $20 0 Demand MR 50 100 150 200 250 300 350 400 450 500 Quantity (units) Instructions: Enter your answers as whole numbers. b. If the market is competitive, consumer surplus is $ c. If the market is competitive, producer surplus is $ d. If the market is monopolized, consumer surplus is $ e. If the market is monopolized, producer surplus is $ f. Use the graph above to identify the area of deadweight loss if the market is a monopoly. Instructions: Use the tool provided 'DWL' to indicate the deadweight loss if the market is monopolized.

__________________ is the price ceiling above which there is no demand for a product: Select one: a. Production costs b. Customer's perception of value c. Maximum selling price d. Competitor's prices

In 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 graph to answer the questions.   (a) Find the point (A, B, C, D, or E) that corresponds to the profit maximizing price and quantity. (Select only one letter.) (b) Which number corresponds to consumer surplus on the graph? (c) Which number corresponds to producer surplus on the graph? (d) Which number corresponds to deadweight loss on the graph?

Select the area(s) that represent CONSUMER SURPLUS before the price floor is imposed? (select all that apply)

25. What will happen to the price and quantity of footballs as a result of an increase in the price of leather used to make footballs? (A) Price will increase, and quantity will increase. (B) Price will increase, and quantity will decrease. (C) Price will decrease, and quantity will increase. (D) Price will decrease, and quantity will decrease. Price will not change, and quantity will not change. (E)

Situation: Lettuces and strawberries have almost doubled in price, and the produce rep says this will likely be the case for a few months until the market can recover. What are you likely to see over the next one to two months as far as food cost?

p ($/unit) 200k 160 120 80 40 5000 Equilibrium price =$ Equilibrium quantity a) What are the equilibrium price and quantity for the supply and demand curves in the figure above? = S (quantity) Consumer surplus =$ i 10000 b) Estimate the consumer and producer surplus. Producer surplus =$ i Round your answers to the nearest thousand. SUPPORT

Price ($) 15 14 13 12 11 10 9 S 8 D 7654321 0 10 20 30 40 50 60 70 80 90 Quantity Assume the market depicted in the graph is in equilibrium. What is total surplus?

Consider the market for bus travel, where equilibrium price and quantity is determined by demand and supply. If bus travel is an inferior good and there is an increase in income and at the same time, the government subsidises bus travel, which of the following will occur?   (a) The equilibrium price and quantity will be lower. (b) The equilibrium quantity will be higher, but the impact on price will be unknown. (c) The equilibrium price will be lower, but the equilibrium quantity will be higher. (d) The equilibrium price will be lower, but the impact on quantity will be unknown.

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Question 5

Price Quantity Demanded $18 $15 $ 12 $9 12 $6 16 $3 20 0 8 $144 $72 Quantity Supplied $24 12 10 4 Refer to table. At the equilibrium price, what would total surplus be? $48 18 6 14 None of these values represent total surplus

Refer to the figure. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles D 10 20 30 40 50 60 70 80 90 100110 S Quantity Quantity, Tools ps The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Price: $ game consoles b. Show the area of producer surplus on the graph, and then determine how much producer surplus is generated in the market each Instructions: Use the tool provided "PS to illustrate this area on the graph Producer Gurplus. $

35 Answer the question based on the given supply and demand data for wheat. Bushels Supplied per Month Bushels Demanded per Month 45 50 Price per Bushel $5 4 3 56 61 67 If the price in this market was $4, Multiple Choice 2 1 77 73 68 61 57 buyers would want to purchase more wheat than is currently being supplied. the market would clear; quantity demanded would equal quantity supplied.

(Figure: Avocado Market 2) You're an economist for the U.S. Department of Agriculture, analyzing how incorrect assessments of demand conditions lead avocado producers to overproduce avocados, as illustrated in the accompanying diagram. Price ($ per pound) Actual quantity Marginal cost 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Marginal benefit 0 10 20 30 40 50 60 70 80 90 100 Quantity of avocados (thousands of pounds) The deadweight loss from the excess of marginal cost over marginal benefit is: O $0. O $5,000. O $20,000. 0 $800,000.

5) If a government sets a price below the equilibrium price(a) quantity demanded will be greater than quantity supplied.(b) the supply curve will shift to the left.(c) quantity demanded will equal quantity supplied.(d) demand will be less than supply.

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1. The graph below shows the Demand Curve and Supply Curve for a particular item (a) Label the Demand Curve and the Supply Curve. (b) Explain how you know which curve is the Demand curve and which curve is the Supply curve. (c) Label the Equilibrium Point (re. Pe) and mark z, and p, on the appropriate axes. (d) Shade and label the region whose area represents the Producer Surplus. (e) Shade and label the region whose area represents the Consumer Surplus. Show Transcribed Text S 2. The demand function for a product is p product is p²+12r+23. C and the supply function for the same (a) Sketch the graph of both the supply and demand functions (on the same axes) for 0 ≤ ≤ 10. Clearly label the axes and the curves (b) Find the equilibrium point (hint: do this with your calculator). Label the equi- librium point on your graph above. (c) Find the consumer's surplus at the equilibrium point. Show your organized work.

Question 5 (1 point) Price $10 $6 $2 0 $60 $15 $45 15 The above market is at equilibrium. How large is the producer surplus? $30 Supply Demand 30 Quantity

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11. Imagine that you lease an apartment for $900 a month. The market price for that apartment has increased, but you will pay less than equilibrium price because you have seven months remaining on your lease. What is this phenomenon called? A. consumer surplus B. sticky prices C. producer surplus D. deadweight losses

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Question 14 The producer surplus in this market is Price Gasoline 6.50 5.50 4.50 3.50 2.50 1.50 S1 10 20 30 40 50 60 70 80 90 D1 Quantity (in millions of gallons) $195 million $60 million $105 million $90 million

Price $25 20 15 10 10 15 20 25 Quantity At the equilibrium price, the area of consumer surplus is just the number, no symbols or letters; and use decimals as it applies) dollars. (write

CON101 section(2,3 &5)Dr. Abdulhadi Ibrahim / Bonus Quiz (Section 5) 8am Market failure can be caused by of Select one: tion O a. government intervention and price controls O b. externalities and market power O c. high prices and foreign competition O d. low consumer demand

What is efficient quantity

Which of the following statements is/are TRUE?     (a) At market equilibrium, quantity demanded, and quantity supplied are equal.     (b) At market equilibriums Supply and Demand are equal.     (c) A market surplus exists when quantity supplied exceeds quantity demanded.     (d) A market shortage exists when quantity demanded exceeds quantity supplied.     (e) When a market shortage exists, the buyers will bid up the price of the good which will cause the quantity demanded to decrease and quantity supplied to increase until equilibrium is restored.     (f) In the case of a market surplus, the suppliers will bid down the price causing the quantity demanded to increase and quantity supplied to increase until equilibrium is restored.     (g) A market shortage causes Supply to increase and Demand to decrease until equilibrium is restored.     (h) A market surplus causes the Demand to increase and Supply to decrease until equilibrium is…

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Demand and Supply Table Price Quantity Quantity of Supplied demanded Candy $100 80 700 $200 150 350 $300 250 250 $400 290 180 $500 350 70 $600 500 50 What is the total excess supply above? $1600 $450 $820 $840