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- 5-2. Consider a market in equilibrium. Suppose demand in this market increases. How will this affect producer surplus? Explain using a graph.04. The maximum that buyers are willing to pay for the 8-th unit of this product is (a) $4 (b) $12 (c) $18 (d) $22 (e) $24 05. The minimum that suppliers will accept for the twentieth unit of this product is (a) $2 (b) $8 (c) $12 (d) $18 (e) $22 06. Assuming that this market is at equilibrium, what is the "consumer's surplus" and producer's surplus? (a) consumer's surplus is $72; producer's surplus is $36 (b) consumer's surplus is $98; producer's surplus is $49 (c) consumer's surplus is $32; producer's surplus is $16 (d) consumer's surplus is $36; producer's surplus is $72 (e) consumer's surplus is $144; producer's surplus is $14Don't use pen or paper Suppose market demand and supply are characterized by the following equations: p = 12 - 0.4 Qd p = 2 + 0.4 Qs When the market clears, what is the economic surplus? (Round your answer to one decimal place.)
- 7)Which of the following correctly describes producers' surplus? * a)Price received - price paid b)Price received - minimum selling price c)Maximum buying price - price paid d)Maximum buying price - minimum selling price.02. Assuming this market is at equilibrium, the producer surplus is $ _______. a) 9 b) 12 c) 21 d) 54 e) 72 f) 102 g) 126 h) 144 i) 156 j) 228 k) 2521. In a competitive market for toilet paper, the highest price consumers are willing to pay is $12 per pack and the lowest price producers are willing to accept is $7 per pack. The market is in equilibrium where the price is $8 per pack, at which 10 million packs are sold. Assume that both demand and supply curves are straight line. When the market in the scenario above is in equilibrium, the consumer surplus is $ _____ million, the producer surplus is $ ____million, and the total economic surplus is $____ million. 2.In the market above, the consumers' marginal benefit from the 10,000,000 pack is $____and the producers' marginal cost of it is $_____
- Consider that the market for soybeans is defined by the following demand and supply equations: QD = 200 - 10P and QS = 20P - 100, where P is the price in dollars and Q measures the quantity in tons per quarter. The market is currently in equilibrium. Now consider that after much lobbying by the United Farmers Association, the government imposes a price control of $12.50 in this market, with no additional government support. 1.Given the current market environment, what is the total surplus in the market? 2.Describe the current market outcome. As the result of the government’s policy, the current market outcome is __________(efficient ? not efficient?). The quantity traded is __________(less than ? greater than ?) the quantity traded before the government intervention, and price sellers ( farmers) receive per ton is __________(equal to 10? equal to 12.50? less than 10? less than 12.50 and greater than 10?). Additionally, as a result of the government’s policy sellers seem to be…7. What would be the impact in this market, of a price ceiling set at $13 a) A market surplus of 7 b) A market surplus of 10 c) A market surplus of 21 d) There would be no impact e) A market shortage of 7 f) A market shortage of 10 g) A market shortage of 21 8. What would be the impact in this market, of a price ceiling set at $16 a) A market surplus of 7 b) A market surplus of 10 c) A market surplus of 21 d) There would be no impact e) A market shortage of 7 f) A market shortage of 10 g) A market shortage of 215-6. Consider the market represented in the figure below. Calculate total surplus when supply is S1. Calculate total surplus when supply increases to S2.
- Price per Bushel Quantity Demanded (bushels) Quantity Supplied (bushels) $3 36,000 0 6 30,000 3,000 9 24,000 6,000 12 19,000 10,000 15 15,000 15,000 18 10,000 21,000 21 7,000 28,000 How many bushels will be sold if the market price is $9 per bushel? If the market price is $9 per bushel, what must happen to restore equilibrium in the market? At what price will suppliers be able to sell 24,000 bushels of corn?4. What would be the impact in this market, of a price floor set at $22 a) A market surplus of 7 b) A market surplus of 10 c) A market surplus of 21 d) There would be no impact e) A market shortage of 7 f) A market shortage of 10 g) A market shortage of 21 5. What would be the impact in this market, of a price ceiling set at $4 a) A market surplus of 7 b) A market surplus of 10 c) A market surplus of 21 d) There would be no impact e) A market shortage of 7 f) A market shortage of 10 g) A market shortage of 211-Distinguish between a surplus and shortage in a market? During the COVID pandemic, which market experienced a situation of shortage and which market experienced a surplus? Provide one example for each situation.
