2. Table 7-19 The following table shows the cost of producing a good for the only four producers in a market. Explain your reasoning for each answer. Producer Cost W $40 $30 |Y $20 $10 If the market price is $28, which producers will supply units in the market? . Why? а.
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- a) Which of the following is typically not used to evaluate economic policy? O Stability O Economic growth O Kosher-Index O Equity b) Consider following demand and supply function for a market: D: P-280-2Q: S: P=30+8Q. The market equilibrium quantity is Q-45 Q = 55 Q-35 Q-25 c) Consider the market for wheat, which currently is in equilibrium. Covid-19 related social distancing requirements make production more expensive. This will lead to O An increase in equilibrium price and quantity O A decrease in equilibrium price and an increase in equilibrium quantity O An increase in equilibrium price and a decrease in equilibrium quantity O A decrease in equilibrium price and quantityWhat is Consumer Surplus at a price of $5? Price Quantity Demanded Quantity Supplied 12 1 6 10 2 5 8 3 4 6 4 3 4 5 2 2 6 1 Multiple Choice $4 $20 $16use diagramsa. What is the effect on the equilibrium price and quantity traded in market of theintroduction of a new technology that reduces costs of production for all firms?b. What is the effect on the equilibrium price and quantity traded in a market of a changein tastes that reduces the demand for the product?c. What is the effect on the equilibrium price and quantity traded in a market of theimposition of a tax per unit sold on suppliers?d. What is the effect on the equilibrium price and quantity traded in a market of thepayment of a subsidy per unit sold paid to suppliers?
- Milk is flowing like never before in the U.S., where dairies have expanded output enough to send wholesale prices plunging from an all-time high in September. Production in the 12 months through October reached 17.08 billion pounds a month on average, up 1.8 percent from the same period a year earlier, as farmers took advantage of high milk prices and low live estock-feed costs, government data show. Two years of record corn harvests in the U.S. sent grain prices to a five-year low. Grains are mainly used as feed for cow farmers. Imports of milk to the US have also increased during the period as countries such as New Zealand are also benefiting from good market conditions During this time however, demand for the good has not been able to keep up with the supply. Notably, the current market conditions are not expected to last with impending drought conditions that would impact the harvest of corn and result in an increase in its price. With higher prices for grains some farmers may no…a) Explain in detail the importance of pm and qmin graphic above, what happens and why it happens within a competitive market b) Explain what happens when a competitive market is at p1and q2 above and why it happens. Also include a discussion of marginal benefits, marginal costs, and components of social surplus RESOURCE ECON40 - What happens if supply increases while demand remains constant? a) Equilibrium price decreases, equilibrium production quantity decreases B) None C) Equilibrium price decreases, equilibrium production quantity increases. D) Constant TO) the equilibrium price rises, the equilibrium quantity of production rises.
- 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.Why do the prices of new houses in US go so high? Explain with help of supply and demand graph What are the factors that decrease supply of houses? Draw Supply and demand graph and show what happens to the prices and quantity of houses if the prices of raw materials increase? 3. What are your suggestions to the home builders?a. Suppose the market supply for Good X is given by QXS = -100 + 5P Compute and illustrate with completely labelled diagram the producer surplus if the equilibrium price of X is $100 per unit (show the relevant calculation). b. The daily market demand and supply for chicken in Kuala Lumpur is given by: = 16,000 – 1,000P = 2,000 + 1,000P The quantity and price are measured in tonnes and RM, respectively. i. Determine the equilibrium quantity and price in the above market, ii. Explain what will happen if the government imposes a price ceiling of RM10 on the chicken.
- arrow_forward Question Asked Jun 26, 2020 1 views Suppose one thousand (1000) units of product Aare produced by XYZ limited and the quantity demade for the product is two thousand (2000)units .All other things remaining constant,$18 change in price of product A results in change quantity demaded and supplied of 6 and 9 respectively.XYZ limited has a work force of 500 people who Pay income tax of $200 each .Supposed the government introduce a subsidy of $10 on each unit of A produced. Calculate the new equilibrium price and quantityOnly typed answer Assume that the demand for selfie sticks is QD = 6 – 0.5P. Supply is given as QS = P-3. The deadweight loss due to a quota of two sticks is $_____. A) $1.5 B) $3 C) $6 D) $81) In the market for smart phones, explain how will thefollowing statement impact the equilibrium price andquantity?Average incomes increase and new technology improvesproductive efficiency(Make sure that you also consider the effect on demandand supply curves where appropriate)
