10. Is there a shortage or surplus occurring at $8.50? * $10 $9 $8 $7 $6 $5 $4 D 10 20 30 40 50 60 70 80 Quantity A. shortage B. surplus Price
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- Need answer asap. Consumer surplus? A limited edition package is sold only to 200 customers for $130 each. The average value of the package for the 200 customers is $280.18. The demand and supply of bowling balls is given by Qd = 20 – P and Qs = -10 + 4P. The government now recognizes that bowling causes people to become more attractive and live longer and decides to issue a subsidy of b = $2 to producers for each bowling ball that is sold. A. What is the market price, PBS, before the subsidy program is imposed? B. What is the market price, PAS, after the subsidy program is imposed? C. What is the final price, PG, producers receive per ball after they receive the subsidy?1: surplus or shortage2:fall or rise
- Christian' s wage is $600; his university gives him $100 scholarship allowance; he pays a rent of $200; his shopping bill is $100; he receives an interest on her savings account for $50 (paid in the savings account); he buys a DVD player for $70. Which statement is NOT correct? A. His expenses are $370. B. His transactional account increases by $330. C. His total income is $750. D. His surplus is $450.Only typed answer and please answer correctly Reference: Ref 5-1 (Table: The Market for Soda) Look at the table The Market for Soda. If the government imposes a price ceiling of $0.50 per can of soda, the quantity of soda supplied will be: 10 cans. 8 cans. 6 cans. 7 cans.12 . Problems and Applications Q10 A market is described by the following supply and demand curves: QSQS = = 3P3P QDQD = = 400−P400−P The equilibrium price is and the equilibrium quantity is . Suppose the government imposes a price ceiling of $80. This price ceiling is , and the market price will be . The quantity supplied will be , and the quantity demanded will be . Therefore, a price ceiling of $80 will result in . Suppose the government imposes a price floor of $80. This price floor is , and the market price will be . The quantity supplied will be and the quantity demanded will be . Therefore, a price floor of $80 will result in . Instead of a price control, the government levies a tax on producers of $40. As a result, the new supply curve is: QSQS = = 3(P−40)3P−40 With this tax, the market price will be , the quantity supplied will be , and the quantity demanded will be . The passage…
- Problem 6 Consider a market that sells individual marbles. Qs=2+2*P Qd=11-P A $3 tax on consumers is levied for every marble bought. Plot the quantity supplied, quantity demanded before tax, and quantity demanded after tax (3 different lines).6 . Consumer Surplus Ana buys an iPhone for $150 and gets a consumer surplus of $200. Her willingness to pay for an iPhone is $_________. If she had bought the iPhone on sale for $100, her consumer surplus would have been $_______. If the price of the iPhone had been $370, her consumer surplus would have been $_________.Suppose the demand and supply curves are described byMC = 1.11 + 0.89QWTP = 8.92 - 0.83QSuppose the price is 6.37.A. Given the price above, is there a shortage or a surplus? Surplus Shortage B. What is the value of the shortage or surplus? Only enter a positive number.
- Table: The Market for Fried Twinkies Price ($/unit) Quantity Demanded(units) Quantity Supplied(units) $1.10 9,000 3,000 $1.20 8,000 5,000 $1.30 7,000 7,000 $1.40 6,000 9,000 $1.50 5,000 11,000 Reference: Ref 7-1 Table: The Market for Fried Twinkies (Table: The Market for Fried Twinkies) Use Table: The Market for Fried Twinkies. As a result of the $0.30 tax per fried Twinkie, the government will receive total tax revenue of: Select one: a. $1,500. b. $1,000. c. The total is impossible to calculate. d. $500.Question 2(a) What is the difference between a quota and a subsidy?(b) Explain, using a demand and supply diagram, what effect is likely to occur in a market if the government introduces a subsidy in the production of a good.(c) Discuss whether the elasticity of supply of manufactured goods is likely to be greater than the elasticity of supply of agricultural goods.(d) Can a business change the price elasticity of its demand? If yes, how?(e) How would the knowledge of PED and PES be useful for a farmer?Question 3Major news channel in the country reports that ‘Inflation has been kept at 2 % for the past year which is the lowest it has been for three years. Unemployment has also decreased.’(a) According to this statement, what has happened to the price levels in the country over past three years?(b) Explain what is inflation and how is it measured?(c) Analyze why a reduction in interest rate may cause inflation?(d) Is inflation always bad? What is likely to happen if a country has…13. When the supply is more than demand, it is called ___________. a. Shortage of supply b. None of these c. Excess demand d. Excess supply