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- Time remaining:00 :09 :39EconomicsUse the following to answer questions (29) - (31):In the town of “One Horse” there is one movie theater. Two groups of consumers, adults (A) andchildren (C), attend this theater. Suppose the demand for movies by adults is given by:QA = 50 - 0.50PA, where PAis price ofan adultmovie ticket(in cents)and QAis the numberofmovie tickets sold to adults atthe theater. Suppose the demand for movies by children is given by:QC = 20 - 0.50PC,where PCispriceofa children’s movie ticket(in cents)and QCis the numberofmovie tickets sold tochildren atthe theater. Also, imagine totalcostis fixed at$450, thus makingmarginalcostofprovidingonemore movie ticket to either an adult or a child constant at zero.[29]Ifthe movie theateris able to price discriminate amongits two groups ofconsumers, then itshouldcharge a higher price to group A.A.TrueB.False[30]Ifthemovie theateris able to price discriminate amongits two groups ofconsumers, then itsmaximum profit is closest in value…Examine the diagram then for the market for cigarettes with the tax. Indicate: I. Price received by producers? a. 18 b 4 c. 8 d. 12 e. 3 f. 7 g. 10 ii. Quantity of cigarettes? a. 18 b 4 c. 8 d. 12 e. 3 f. 7 g. 10 iii. Price paid by consumers? a. 18 b 4 c. 8 d. 12 e. 3 f. 7 g. 10 iv. the tax? a. 18 b 4 c. 8 d. 12 e. 3 f. 7 g. 10Only typed answer and please don't use chatgpt (I)Consider the market for milk in Saskatchewan. If p is the price of milk (cents per litre) and Qis the quantity of litres (in millions per month), suppose that the demand and supply curves formilk are given by: Demand: p = 225 -15QD Supply: p = 25 + 35QS a.Assuming there is no government intervention in this market, what is the equilibrium price and quantity? Equilibrium Price = $165 Quantity = 4Liters b. Now suppose the government guarantees milk producers a price of $2 per litre and promises to buy any amount of milk that the producers cannot sell. What are the quantity demanded and quantity supplied at this guaranteed price? Please answer B.
- please show all workingQuestion 1 (a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey.Rum and whiskey are substitutes in consumption. The government implements a price restriction in the sugar cane market with the aim of protecting the farmers.(i) What type of price restriction is implemented by the government? Explain. (ii) Discuss the effect on each market if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers. (iii) Illustrate the effect on each market if the government implements a price restriction in the sugar cane market with the aim of protecting the farmers.1. Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to spend $200 on the 10 scarves. When he arrives at Macy’s at 5:00 A.M. on Black Friday, he discovers that scarves are on sale for $12 each. Hugo buys 10 scarves and uses the remaining $80 to buy himself a some clothes. 1.a. How much consumer surplus did Hugo receive from the tenth scarf he purchased? 2. Now suppose the manager at Macy’s was hoping to sell all 100 scarves Macy's had in inventory. She decided to put the scarves on sale for $10, but an employee accidentally listed the sales price at $12. To the manager’s surprise, the store sold all 100 scarves at the $12 sales price. 2.a How much producer surplus did Macy’s receive from the hundredth scarf sold?a) Consider the market for cars, which is currently in equilibrium. The US government imposes an equal tax on production and on consumption. This will O Decrease equilibrium quantity and price O Increase equilibrium quantity and price O Increase equilibrium quantity and decrease equilibrium price O Decrease the equilibrium quantity the market and increase the equilibrium price b) The government is imposing an effective price ceiling on gasoline. As a result, O Producers will benefit with certainty O Consumers will benefit with certainty O Society will be worse off O Consumers will be harmed with certainty c) Research shows that the income effect for a subgroup of people in the US is stronger than the substitution effect, when it comes to retirement savings. To encourage increased retirement savings rates for this subgroup of the population, the US government should therefore O Provide tax reductions on retirement savings O Increase taxes on retirement savings O Leave things as they…
- PDemand QDemand PSupply QSupply $10 0 $1 2 $9 3 $2 4 $8 6 $3 6 $7 9 $4 8 $6 12 $5 10 $5 15 $6 12 $4 18 $7 14 If the Government creates a quota of 6 units to reduce the consumption of the dangerous product, what will the price of the good be in the marketplace? How much deadweight loss is there? How much of the deadweight loss came from the consumers?Review Figure 3.4. Suppose the governmentdecided that, since gasoline is a necessity, its priceshould be legally capped at $1.30 per gallon. What doyou anticipate would be the outcome in the gasolinemarket?(Figure: The Demand and Supply of Quinoa) Use Figure: The Demand and Supply of Quinoa. If the price of quinoa is $10 per bushel, a of bushels per period will result. Price (per bushel) $10 9 8 7 6 5 43 3 2 27 1 0 2 shortage; 10,000 shortage; 8,000 surplus; 8,000 surplus; 4,000 4 6 8 S D 10 12 Quantity of quinoa (thousands of bushels per period)
- [MUST SHOW WORK] Consider the above table for the market for oranges. A deep frost destroys many or the orange juice businesses to go put of business. As a result, quantity supplied decreases hper kg and the new equilibrium quantiy is.........? kg of oranges The new equilibrium price is .............? kg of oranges Select one: O A. 1.70;400 O B. 1.10; 700 O C. 1.20;650 O D. 0.90;400 O E. 1.50;500The market for pizza has the following demand andsupply schedules:Price Quantity Demanded Quantity Supplied$4 135 pizzas 26 pizzas5 104 536 81 817 68 988 53 1109 39 121a. Graph the demand and supply curves. What arethe equilibrium price and quantity in this market?b. If the actual price in this market were above theequilibrium price, what would drive the markettoward the equilibrium?c. If the actual price in this market were below theequilibrium price, what would drive the markettoward the equilibrium?3. It is a hot day, and Nina is thirsty. Here is the value, in money terms, she places on a bottle of lemonade:Value of first bottle £7Value of second bottle £5Value of third bottle £3Value of fourth bottle £1(i) From this information, derive Nina’s demand schedule. Graph her demand curve for bottled lemonade.(ii) If the price of a bottle of lemonade is £4, how many bottles does Nina buy? How much consumer surplus does Nina get from her purchases? Show Nina’s consumer surplus on your graph.(iii) If the price falls to £2, how does quantity demanded change? How does Nina’s consumer surplus change? Show these changes on your graph.
