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Define efficiency in terms of surplus, and identify efficient and inefficient
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- What is the Consumer Surplus after trade? A.) $6,400 B.) $9,600 C.) $12,800 D.) 14,400 What is Consumer Surplus before trade? A.) $14,400 B.) $16,800 C.) $21,600 D.) $24,800Without trade, consumer surplus isExplain the simultaneous general equilibrium of production and exchange. Will it be possible to attain such equilibrium? When the product market is characterized by monopoly and the factor market by monopoly.
- In this problem, we want to think about the difficulties that governments face in agreeing to significantly reduce CO2 emissions in order to control climate change. In the context of climate change, what phenomenon does China’s utility function capture? What does this exercise tell us about the limitations of the first welfare theorem? What do you think is an important aspect of trade in reality which is not captured by this model?Discuss the role of the contributions of Early Greeks in building up the basis of western culture. What is the role of producing surplus in this context?Hello, I am trying to do the homework question for my econ 101, may you please walk me through the explanation of the answers for all of the parts which include parts a,b,c, and d as I have tried to attempt it on my own but I can't understand the solutions for each part and I can't find the increases for the consumer surplus, producer surplus, and total (social) surplus. The original question is attached below, may you please provide me a step-by-step explanation for each part's a-d as well as the shift that would occur on the graph in regards to the supply and demand.
- An alternative way of thinking about the forces that cause markets to equlibrate in the real world is to think of markets reallocating the good from low to high valued use. Or to think of how the action of buyers and sellers engaging in mutually beneficial voluntary exchange (market forces) reallocates legal ownership or the physical location of the good from low to high valued used. When a unit of a good is sold, that means the value the seller places on the good is lower than the value the buyer places on the good. After the sale has taken place, the ownership of the good has been transferred from a person who has a low value to a person with a high value. This is called a reallocation from low to high valued use. Sometimes this reallocation involves a physical movement of the good rather than a transfer of legal ownership. The good is transported from an area where the price of the good is low to an area where the price of the good is higher. This is also called a reallocation from…An alternative way of thinking about the forces that cause markets to equlibrate in the real world is to think of markets reallocating the good from low to high valued use. Or to think of how the action of buyers and sellers engaging in mutually beneficial voluntary exchange (market forces) reallocates legal ownership or the physical location of the good from low to high valued used. When a unit of a good is sold, that means the value the seller places on the good is lower than the value the buyer places on the good. After the sale has taken place, the ownership of the good has been transferred from a person who has a low value to a person with a high value. This is called a reallocation from low to high valued use. Sometimes this reallocation involves a physical movement of the good rather than a transfer of legal ownership. The good is transported from an area where the price of the good is low to an area where the price of the good is higher. This is also called a reallocation from…Needing a new pair of shoes, Joe has decided to look up shoes online and liked a pair that costs P7000.00 pesos which sets his mind that he will need P7000.00 pesos for a new pair of shoes. However, as he is hesitant buying stuff online he decided to go to a mall instead. At the mall he went to, he found a very similar shoes that only costs P5000.00. This scenario depicts which concept? consumer surplus producer surplus online scamming marginal analysis
- Senator Ernest Hollings once wrote that "consumers do not benefit from lower-priced imports. Glance through some mail-order catalogs and you'll see that consumers pay exactly the same price for clothing whether it is U.S.-made or imported."Is the statement that the Senator made a true statement or a false statement? True FalseSefronia and Bella share an apartment and they are deciding whether or not to purchase a weekly housecleaning service. The value of the service to each of them is $50 and it costs $80 to hire a housecleaner. Should they hire a housecleaner? A. Yes, if each contributes $50, then each stands to gain a consumer surplus. B. No, because each will wait for the other to hire the housecleaner. C. Yes, but only if a housecleaner will accept $50 so that each can take turns to pay the housecleaner. D. No, because it will be difficult for them to agree on which housecleaning service to use.If economy is open to foreign trade of good X, imposing a tariff will reduce total surplus (total surplus being defined as consumer + producer surplus). Which of the following ideas best describes why we observe tariffs being use in practice? Basically, what is the effect of tarrifs? a. The government can be under political pressure to implement inefficient economic policy. b. The tariff revenue raised will outweigh efficiency losses. c. Economic analysis does not fully explain efficiency losses. d. Economic stability is not often a political incentive.