Supply and demand curves are shown in the figure below. A price of $4 is artificially imposed. p($/unit) 10 S 8 6 4 2 D q (quantity) 50 100 150 200 250 (a) At the $4 price, estimate the consumer surplus, the producer surplus, and the total gains from trade. Consumer surplus Producer surplus Total gains from trade = Mi Mi i (b) Compare your answers to the values of consumer surplus, producer surplus, and total gains from trade at the equilibrium price.
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- V surplus is the difference between the highest price a consumer is willing to and the price the consumer actually pays. This component of economic surplus is illustrated in the diagram to the right by area Do Quantity (per time period)Price (dollars per sandwich) 0 | 2 345678 4. What is the change in total surplus (CS+ PS) after this change? Quantity supplied (sandwiches per week) 0 Quantity demanded 400 350 300 250 200 150 100 50 0 50 100 150 200 250 300 350 400In a market which demand and supply curves are shown below: Price ($/hour) 36- 32 28- 24 20- 16 12- 8- 4- 0 Demand Supply 1000 2000 3000 4000 5000 6000 7000 Quantity (units/day) a) Calculate the consumer surplus for the market. (If necessary round your answer to the nearest whole number.) Consumer Surplus = $0 b) Calculate the producer surplus for the market. (If necessary round your answer to the nearest whole number.) Producer Surplus = $0
- Price per Trip $50 40 30 20 22 25 Number of Trips (1.000s per day) The area of consumer surplus at a price of $6 is equal to the number with no symbols or letters) dollars. (write justAssume that the actual price of the tv is 2096 lower than what you are willing to pay. Consumer surplus is the difference between what you are willing to pay and the actual price of the product. What is the consumer surplus in this situation? Sceptre 65" Class 4K UHD LED TV HDR U650CV-U Average Rating (4.1)out of 5stars1529 ratings, based on1529reviews Please see the provided rubric. O Focus hp inbrt sc & 8 {What is Consumer Surplus at a price of $5? Price Quantity Demanded Quantity Supplied 12 1 6 10 2 5 8 3 4 6 4 3 4 5 2 2 6 1 Multiple Choice $4 $20 $16
- Price ($) 15 14 13 12 11 10 9 S 8 D 7654321 0 10 20 30 40 50 60 70 80 90 Quantity Assume the market depicted in the graph is in equilibrium. What is total surplus?c. Identify the new consumer surplus area by letter when minimum wage moves from 10/hr to 17.50/hr and the new producer surplus by lettersPrice $25 20 15 10 10 15 20 25 Quantity At the equilibrium price, the area of consumer surplus is just the number, no symbols or letters; and use decimals as it applies) dollars. (write
- Price of cheese $/16 $20 $10 $20 O 15 S Quantity of cheese (lbs) Refer to the diagram above. The total producer surplus in the market for cheese is $_____ Please input only the numerical value without the $ sign. If your answer is $20, please input 20 for your answer.1. The government wishes to encourage students to become more literate in economics and is therefore giving a S10 per unit subsidy to the purchasers of microeconomics textbooks. Given the following demand and supply, what are the economic effects of this subsidy? Illustrate with a diagram. Show work. P= 100 - Qa P= 20 + 3Q. (1) (2) Original Price Original Output New Price Consumer Pays New Output New Price Producer Receives Benefit to consumer Benefit to producer Cost to governmentPRICE (Dollars per pair) 22892852 70 63 56 49 42 35 21 14 7 0 0 7 14 21 28 35 42 49 56 63 70 QUANTITY (Thousands of pairs of loafers) Entering 36.00 into the Price of Sneakers field Entering 3.50 into the Price of Leather field Entering 7.00 into the Price field Supply Demand True False Graph Input Tool Market for Loafers Price (Dollars per pair) Demand Curve Quantity Demanded (Thousands of pairs) Surplus (Thousands of pairs) Demand Shifter Price of Sneakers (Dollars per pair) Supply Curve True or False: You can reset the entire graph by selecting outside of the tool. Green Line 14.00 56 0 Reset the graph to the initial state. Then, for each action described in the following table, indicate which elements on the graph (if any) are affected. Check all that apply. (Note: After changing the value in each field, be sure to again refresh back to the initial value before proceeding to the next row in the table.) 50.00 Quantity Supplied (Thousands of pairs) Quantity Demanded Shortage…