Figure 3.7 10 50 100 150 Quantity A price of $2 in Figure 3.7 will result in O a surplus of 100 units. Oa shortagc of 50 units. a surplus of 150 units. O a shortage of 100 units. Price (dollars)
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- q21- If Amy is willing to pay $800 for a new dress but is able to buy the dress for $600, her consumer surplus is: Select one: a. $600 b. $200 c. $800 d. $1400Assume that Demand is given as Qd = 40-0.5P, if P= 0, 2, 4, 6i. Draw the demand scheduleii. What is the maximum quantity consumers being likely to buy?iii. Sketch the above equation.iv. If the market determined price is 10, determine the size of consumer surplusA real estate developer is offering identical houses for sale for $350,000 each, and has 20 willing customers. The developer is considering lowering the price to $300,000, since at that price there would be an additional 3 customers willing to purchase houses. What would be the developer’s change in revenue from lowering the price in this way? A)-$100,000 B) $100,000 C) $900,000
- How do you derive the floor price that leads to a market surplus of 5 if the current market is described as: Qd = 6-(1/3)PQs = -2+(1/2)PQd= 65 – 10P Qs= -35 + 15P How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2? Show on the Demand-Supply diagram in (a), the graphical interpretation of your answer of (b).(consumer surplus) The price of a fairly standard Boba tea is $6.00. I would be willing to pay $10 dollars for the first tea, S8 for the second, S7 for the third, S5 for the fourth, S3 for the fifth, S2 for the sixth, and nothing for any additional teas. How many teas would I buy?
- Suppose that the supply and demand schedules for a local electric utility are as follows:Price 17 16 15 14 13 12 11Quantity supplied 9 7 5 3 1 - -Quantity demanded 3 4 5 6 7 8 9The price is in cents per kilowatt hour (kWh), and the quantity is millions of kilowatt hours. The utilitydoes not operate at prices less than 13 cents per kWh.(a) Using graph paper and a ruler, or a computer spreadsheet or presentation program, carefully graphand label the supply curve for electricity.(b) On the same graph, draw and label the demand curve for electricity.(c) What is the equilibrium price of electricity? The equilibrium quantity? Label this point on yourgraph.(d) At a price of 17 cents per kWh, what is the quantity supplied? What is the quantity demanded? Whatis the relationship between quantity supplied and quantity demanded? What term do economists useto describe this situation?(e) At a price of 14 cents per kWh, what is the relationship between quantity supplied and quantitydemanded? What…Suppose the demand for a product is given by P = 30 - 3Q. Also, the supply is given by P = 10 + Q. If a $4 per-unit excise tax is levied on the buyers of a good, the deadweight loss created by this tax will be о $24 O None of these O $4 0 $8 О $16Time remaining:00 :09 :39EconomicsUse the following to answer questions (29) - (31):In the town of “One Horse” there is one movie theater. Two groups of consumers, adults (A) andchildren (C), attend this theater. Suppose the demand for movies by adults is given by:QA = 50 - 0.50PA, where PAis price ofan adultmovie ticket(in cents)and QAis the numberofmovie tickets sold to adults atthe theater. Suppose the demand for movies by children is given by:QC = 20 - 0.50PC,where PCispriceofa children’s movie ticket(in cents)and QCis the numberofmovie tickets sold tochildren atthe theater. Also, imagine totalcostis fixed at$450, thus makingmarginalcostofprovidingonemore movie ticket to either an adult or a child constant at zero.[29]Ifthe movie theateris able to price discriminate amongits two groups ofconsumers, then itshouldcharge a higher price to group A.A.TrueB.False[30]Ifthemovie theateris able to price discriminate amongits two groups ofconsumers, then itsmaximum profit is closest in value…
- (Q.3.3.) Suppose the demand and supply equations for a particular good are given as follow: QD - 140 - 2P and Qs - 4P - 10. The market for this good is currently in equilibrium. (Q.3.10) At the current market price, is the market outcome efficient? If not, state the relationship between the current market price and the efficient market price, and the current quantity traded and the efficient quantity traded. At the current market price, the market outcome_______________The current market price__________________the efficlent price, and the current quantity traded___________the efficient quantity. (Please explain the response. Do not simply provide an answer. Thank you. Option choices are: is efficient, is equal to, is greater than, is inefficient, or is less than than.)Due to good weather, there is an increase in the demand for the good. The new demand equation is Qd = 190 – 2P. The government is trying to decide between two options: Maintain the number of quotas and let the market adjust, orMaintain the price support and increase the number of quotas. Suppose now that the government decides to increase the number of quotas available to 72 units, but it keeps the price support at the current level of $72. Calculate: i) the consumer Surplusii) the producer surplusiii) deadweight loss HINT: Sketch the supply and demand equations. Which of the two options would be preferred by the producers? Which of the two options would be preferred by society as a whole?Price P₂ 9₂ Q₁ Refer to Figure 3-21. At the quantity 22, O a. the value to buyers and the cost to sellers are both P2. O b. the value to buyers is P2 and the cost to sellers is P3. O c. the value to buyers and the cost to sellers are both P3. d. the value to buyers is P3 and the cost to sellers is P2. Q3 Quantity.
