a. What is the equilibrium price and quantity traded? The equilibrium price is $ and the quantity traded is b. Suppose supply increases by 20. Complete the last column in the table above. c. What would be the price and quantity traded at the new equilibrium? The equilibrium price is $l and the quantity traded is

a. What is the equilibrium price and quantity traded? The equilibrium price is $ and the quantity traded is b. Suppose supply increases by 20. Complete the last column in the table above. c. What would be the price and quantity traded at the new equilibrium? The equilibrium price is $l and the quantity traded is

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3PA

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Only 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.
China is a major producer of grains, such aswheat, corn, and rice. Some years ago, the Chinesegovernment, concerned that grain exports weredriving up food prices for domestic consumers,imposed a tax on grain exports.a. Draw the graph that describes the market for grainin an exporting country. Use this graph as thestarting point to answer the following questions.b. How does an export tax affect domestic grainprices?c. How does it affect the welfare of domesticconsumers, the welfare of domestic producers,and government revenue?d. What happens to total welfare in China, asmeasured by the sum of consumer surplus,producer surplus, and tax revenue?
Suppose the demand and the supply for lumber (harvested wood processed in a sawmill) used for construction in Australia are given byQD =100 – 2PQS = 1/2PAssume also that the market is perfectly competitive.Suppose the lumber market described was closed to the rest of the world. Now it opens to trade and the world price of lumber is 20. Compute the equilibrium price, quantity supplied by domestic producers, and quantity demanded by domestic consumers.2.Use a demand and supply graph to show how consumer surplus, producer surplus, and total surplus change with international trade.3. Now suppose that Country A is a major exporter of lumber to Australia and in an effort to impose sanctions on Country A, Australia imposes a tariff of t=10 on all lumber imported into Australia. Use a graph of supply and demand to show how the tariff changes consumer, producer and total surplus.4. Calculate the equilibrium price, quantity produced and demanded domestically, tariff revenue, and deadweight loss.
warring ( i just want the answer for C ) A- Given the following two equations:Qd = 150 – 3PQs = 70 + 2P Calculate the equilibrium price and the equilibrium quantity. Show all your work.B- Using the above two equations to find the values of Qd, Qs, the market situation (Shortage/Surplus/Equilibrium), and the Value of shortage or surplus if any, at the following prices.10, 15,20 and 25. C-If the consumer income increases by 20%, what will happen to the equilibrium price and quantity. warring ( i just want the answer for C )
Consider the market for plywood in a costal Florida town, which was hit by a hurricane. The residents need to rebuild their houses and are buying plywood in large quantities. To keep the price of plywood from going up too high, the Governor of Florida has decided to impose price controls in the wake of the hurricane. What is the most likely outcome?a. People will be able to obtain the plywood that they need. b. Plywood suppliers from out of state will increase deliveries to Florida to take advantage of the strong demand. c. There will be persistent excess demand for plywood. d. Quantity supplied will increase to meet new demand.
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. 10
The demand and the supply of timber for construction in Australia are given byQD =100 – 20PQS = 5P Suppose there is a strike of loggers, which changes the supply toQS = 4P. Calculate the new equilibrium quantity and use a demand and supply graph to explain howthe strike affects the equilibrium price and quantity. After the strike in 2.6, suppose the government subsidizes the buyers s dollars for every unit theypurchase. Write the price paid by consumers in the equilibrium as a function of s. Would the governmentbe able to use the subsidy to achieve the surplus before the strike,. If no,explain why. If yes, what should be the value of s?
Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium(i.e., supply equals demand in each case). Assume further that a good harvest impactsthe world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes in consumption. (b) Discuss the effect on the markets for each of the three products if thegovernment implements a price restriction in the sugar cane market with the aim of protecting the farmers. How will this impact the revenues for sugar growers, rum producers, and whiskey producers?
Figure 5-4Suppose there are several paper mills producing paper for a market. These mills, located upstream from a fishing village, discharge a large amount of wastewater into the river. The waste material affects the number of fish in the river and the use of the river for recreation and as a public water supply source. Figure 5-4 shows the paper market. Use this Figure to answer the following question(s).Refer to Figure 5-4. What does S1 represent? Question 4 options: A) the market supply curve that reflects social cost B) the market supply curve that reflects only external cost C) the market supply curve that reflects only private benefit D) the market supply curve that reflects private cost
Graph the following a. Flood destroys the rice crops. Demand remains constant. Show effects on market price and supply b. Corn grains are imported. Demand remains the same. Show effects on market price and supply c. People of town X move to town Y. Supply in town X remains the same. Show effects on market price and demand in the former d. Market price of palay is Pl5/kilo, Government increases it to P20/kilo. Show effects e. A bountiful harvest of rice in the latest harvest season. With demand remaining the same show effects on market price and supply curve.
Graph the following a. Flood destroys the rice crops. Demand remains constant. Show effects on market price and supply b. Corn grains are imported. Demand remains the same. Show effects on market price and supply c. People of town X move to town Y. Supply in town X remains the same. Show effects on market price and demand in the former d. Market price of palay is Pl5/kilo, Government increases it to P20/kilo. Show effects e. A bountiful harvest of rice in the latest harvest season. With demand remaining the same show effects on market price and supply curve. NOTE: PLEASE DON’T DO IT IN HAND-WRITTEN.
Question 2: Suppose Qd= 100- 10P Qs = 10P a. Draw a graph using the supply and demand equation assuming no trade. Calculateequilibrium P, Q, consumer, producer and total surplus. b. Draw another graph assuming that trade is allowed. Calculate quantity domesticallyconsumed, domestically produced, imports, consumer surplus, producer surplus assumingworld price =$3. c. What happens to consumer surplus and producer surplus after trade? Does total surplusincrease or decrease after trade? Show your calculations. i need the the diagram