21.How would the creation of an import quota affect the market for a good? A-Imported supply increases. B-Domestic supply decreases. C-Market price increases D-Consumer surplus increases. E-Producer surplus decreases
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20. Which of the following would increase the short-run supply for a business, regardless of market structure?
A-An income tax on consumers. B-A transfer payment. C-A lump-sum production subsidy
D-A per-unit production subsidy. E-An excise tax
21.How would the creation of an import quota affect the market for a good?
A-Imported supply increases. B-Domestic supply decreases. C-Market price increases
D-
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- use 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?5. Demand is given by QD = 6000 - 50P. Domestic supply is QS = 25P. Foreign producers can supply any quantity at a price of $40. A. If foreign producers can sell in the domestic market, what is the equilibrium price? What is the equilibrium quantity? How much is sold by domestic and foreign producers, respectively? B. Under domestic government pressure, foreign producers voluntarily agree to restrict their goods. What will happen to the price and quantity? What will happen to the amount that domestic producers supply? What will happen to revenues of domestic and foreign producers?Ñ2 Consider the following market demand and supply: Demand: P = 13 - 5Qd Supply: P = 6 + 2Qs If the market is at equilibrium, what is the total economic surplus? Note: Express your answer in units of dollars, to at least two digits after the decimal.
- a. Draw a graph showing demand and supply in a perfectly competitive market with a perfectly elastic supply curve that is subject to an excise tax. Use the tools provided in the graph below to draw a perfectly elastic supply curve (S0), a perfectly elastic supply curve subject to an excise tax (S1), and market demand curve (D). Plot only the endpoints of each curve. The payment of this tax falls multiple choice 1 half on consumers and half on producers. mostly but not all on producers. mostly but not all on consumers. all on producers. all on consumers. b. Now draw a graph showing demand and supply in a perfectly competitive market with a perfectly elastic demand curve that is subject to an excise tax. Use the tools provided in the graph below to draw a perfectly elastic demand curve (D), a market supply curve (S0), and the market supply curve subject to an excise tax (S1). Plot only the endpoints of each curve. The payment of this tax falls multiple choice 2 half on consumers and half…The market for pizza is characterized by a downward-sloping demand curve and an upward-sloping supply curve. a. Draw the competitive market equilibrium. Label the price, quantity, consumer surplus, and producer surplus. Is there any deadweight loss? Explain. b. Suppose that the government forces each pizzeria to pay a $1 tax on each pizza sold. Illustrate the effect of this tax on the pizza market, being sure to label the consumer surplus, producer surplus, government revenue, and deadweight loss. How does each area compare to the pre-tax case?Q3. Suppose a perfectly competitive market is in a long run equilibrium at a price of $5. At that equilibrium, own price elasticity of demand is 0.6 and own price elasticity of supply is 1. The government then introduces a $6 tax in this market. Which of the following COULD be the new SR and LR demand (buyer) and supply (seller) prices? a) SR: PD = $9 & PS = $3. LR: PD = $11 & PS = $5. b) SR: PD = $7 & PS = $1. LR: PD = $11 & PS = $5. c) SR: PD = $9 & PS = $3. LR: PD = $10 & PS = $4. d) More than one of the above COULD be the new SR and LR prices.
- 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.Q20 In Canada we have government intervention in the dairy market in the form of quotas on milk production. What are two predicted economic effects of this policy? a. A redistribution of income from dairy farmers to consumers of dairy products and an increase in the total amount of economic surplus in the dairy market. b. An equitable distribution of income between dairy farmers and consumers of dairy products and a reduction in the total amount of economic surplus in the dairy market. c. A redistribution of income from consumers of dairy products to dairy farmers and a reduction in deadweight loss in the dairy market. d. A redistribution of income from dairy farmers to consumers of dairy products and a reduction in the total amount of economic surplus in the dairy market. e. A redistribution of income from consumers of dairy products to dairy farmers and a reduction in the total amount of economic surplus in the dairy market. Clear my choice1. Decide whether each of the following statements is True, False, or Uncertain, and give a brief but clear explanation why. a. Due to a particularly warm summer in Massachusetts, demand for air conditioners has increased for any given price. The upward-sloping supply curve has stayed unchanged. Producer surplus will increase. b. The long-run supply of rental apartments is upward sloping. A rent control policy that lowers rents below the free-market level will result in deadweight loss in the long run.
- A) At the equilibrium price before the tax is imposed, what area represents consumer surplus? What area represents produce surplus? B) Say that a tax of $T per unit is imposed in the industry. What area now represents consumer surplus? What area represents producer surplus? C) What area represents the deadweight cost of the tax? D) What area represents how much tax revenue is raised by the tax?The market demand and supply functions for milk are: QD = 2,000 - 500P and QS = 800 + 100P. To help milk producers, the Department of Agriculture is considering legislation that would put a price floor at R2.25 per unit. . d) If this price floor is implemented, how many surplus units of milk are being produced? e) How much would government need to spend to purchase the surplus units? f) What is the change in consumer and producer surplus due to the price floor? g) When the government regulates the price of a good to be no lower than some minimum level. Can such a minimum price make producers as a whole worse off? Explain.The market for pizza is characterized by adownward-sloping demand curve and an upwardsloping supply curve.a. Draw the competitive market equilibrium.Label the price, quantity, consumer surplus, andproducer surplus. Is there any deadweight loss?Explain.b. Suppose that the government forces eachpizzeria to pay a $1 tax on each pizza sold.Illustrate the effect of this tax on the pizzamarket, being sure to label the consumer surplus,producer surplus, government revenue, anddeadweight loss. How does each area compare tothe pre-tax case?c. If the tax were removed, pizza eaters and sellerswould be better off, but the government wouldlose tax revenue. Suppose that consumers andproducers voluntarily transferred some of theirgains to the government. Could all parties(including the government) be better off than theywere with a tax? Explain using the labeled areas inyour graph