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1. Give an example of a market (it can be of any good or service).
2. a) Determine a scenario where government imposes a binding quota.
b) What are the consequences of this restriction on price of the good? (increase/decrease) Explain.
c) What happens to economic surplus because of a)? Is there
d) Draw the graph. Highlight
3. a) Determine a scenario where government imposes a binding restriction on price (ceiling or floor).
b) What are the consequences of this restriction on quantity? (surplus/shortage) Explain.
c) What happens to economic surplus because of a)? Is there deadweight loss?
d) Draw the graph. Highlight consumer surplus, producer surplus, and deadweight loss.
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- Refer to the diagram below. Which price maximizes the sum of consumer and producer surplus? a)$1.50 b)$2.50 c)$3.75 d)any price greater than $3.75There are six potential consumers of computer games, each willing to buy only one game. Consumer 1 is willing to pay $40 for a computer game, consumer 2 is willing to pay $35, consumer 3 is willing to pay $30, consumer 4 is willing to pay $25, consumer 5 is willing to pay $20, and consumer 6 is willing to pay $15. Suppose the market price is $29. What is the total consumer surplus? The market price decreases to $19. What is the total consumer surplus now? When the price falls from $29 to $19, how much does each consumer’s individual consumer surplus change? How does total consumer surplus change?how do i arrange the the drawing of a demand and supply curve, where in supply, there are six suppliers with the cost 12, seven suppliers with the cost of 36, and seven suppliers with the cost of 48 then demand: there are 10 demanders with the cost of 50, and 10 demanders with the cost of 24? stripe the area of consumer surplus, and identify the equilibrum price and quantity.
- Use the following supply and demand equations. Supply:p= 4 + 3q. Demand:p= 2,132−q. Use these equations to respond to the following questions. (a) What is the market equilibrium? (b) Under the market equilibrium, what is Total Surplus? (c) Suppose the government enacts a price ceiling of ̄p= 2,000. What is Producer Surplus, Consumer Surplus, Total Surplus, and Deadweight Loss? (d) Instead, suppose that the government enacts a price ceiling of ̄p= 1,100. What is Producer Surplus, Consumer Surplus, Total Surplus, and Deadweight Loss?The next 3 questions involve the following supply and demand equations. Supply: q = 15 + (1/4)p Demand: q = 90 − (1/2)p 6. What is the market equilibrium?1 (A) p∗ =140,q∗ =50 (B) p∗ = 56.25, q∗ = 29.07 (C) p∗ = 29.07, q∗ = 160 (D) p∗ =100,q∗ =40 7. The government enacts a price ceiling of $80. What is the surplus (quantity supplied minus quantity demanded)? (A) 15. (B) 10. (C) 25. (D) None of the above 8. What is the Deadweight Loss under a price ceiling of $80? (A) $875. (B) $350. (C) $525. (D) None of the above.Please show all work thanks A.) According to this graph, how much is the consumer surplus when price is set at equilibrium (P = $8)? (use the area of triangle: Base x Height x 1⁄2) B.) According to this graph, how much is the producer surplus when price is equal to its equilibrium level (P=$8)? (use the area of triangle: Base x Height x 1⁄2) C.) In the graph, how much is deadweight loss at a price of P =$8 (equilibrium)?
- Show all work please thanks D.) Now, according to this graph, how much is the consumer surplus when price is set below the equilibrium level at P=$5? (Use the area of a triangle and the area of a rectangle, length x length) E.) According to this graph, how much is the producer surplus when price is equal at P= $5? (use the area of triangle: Base x Height x 1⁄2) F.)In the graph, how much is deadweight loss at a price of $5? (use the area of a triangle) please show calculations so I know how to arrive at those numbers! Thank youa: Illustrate an example of your choice and discuss consumer surplus, producer surplus, Total surplus, and deadweight loss with the help of the graphs. b. Calculate the consumer surplus, producer surplus, and total surplus in a market of airplane tickets if the Equilibrium price per ticket is SAR 160, the equilibrium Quantity is 80 tickets, the upper intercept of the demand curve on the y-axis is SAR 400 and lower intercept of the supply curve on the y-axis is zero. What will be the dead weight loss if the government imposes a tax of SAR 80 per ticket and the buyer and sellers share the tax of 50 percent each? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.a: Illustrate an example of your choice and discuss consumer surplus, producer surplus, Total surplus, and deadweight loss with the help of the graphs. b: Calculate the consumer surplus, producer surplus, and total surplus in a market of airplane tickets if the Equilibrium price per ticket is SAR 160, the equilibrium Quantity is 80 tickets, the upper intercept of the demand curve on the y-axis is SAR 400 and lower intercept of the supply curve on the y-axis is zero. What will be the dead weight loss if the government imposes a tax of SAR 80 per ticket and the buyer and sellers share the tax of 50 percent each? Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism Answer completely. Itreid with chatgpt and calculation was wrong and got zero,so please answer accuracy is top priorities You will get up vote for sure if answer is perfect .
- Both a home buyer (A) and seller (B) of a house agree on a price of 2.5 million dollars. A values the house at 3 million dollars and B values the house at 2 million dollars. Before the date of delivery of the keys, C offers to buy this house from B for 3 million dollars because C values the house at 4 million. (a) Assuming transaction costs are zero (0), fully explain what actions A, B, and C will take and how social surplus will be distributed among them if A has the remedy of expectation damages against B. (b) Assuming transaction costs are zero (0), fully explain what actions A, B, and C will take and how social surplus will be distributed among them if A has the remedy of specific performance against B. (c) Assuming transaction costs are zero (0), fully explain what actions A, B, and C will take and how social surplus will be distributed among them if A has no remedy against B. (d) How high can transaction costs be before it matters which remedy A has?ppose the market condition for good X is characterized by an inelastic supply curve and a perfectly-elastic demand curve. Which of the following is true? It may help to draw the diagram first and then attempt the question. A- Consumer surplus is0 B-Producer surplus is higher than consumer surplus C-Consumer surplus is 0 Producer surplus and consumer surplus are equal D-Not enough information given1. Which of the following statements is true about a downward-sloping demand curve that is a straight line? The slope and the elasticity are the same at all points. The slope remains the same, but elasticity rises as you move down the demand curve. The slope remains the same, but elasticity falls as you move down the demand curve. The slope and the elasticity fall as you move down the demand curve 2. The best example of positive externality is: roller coaster rides. pollution. alcoholic beverages. education. 3. Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year. Based on this information, we can best conclude that: despite the increase in price, quantity demanded rose due to some other factors changing. the demand for a college education is positively sloped. the law of demand is invalid. this situation has nothing to do with the law of demand. 4. Suppose…
