Suppose the demand for Naga atlantic bread rises. What happens to the producer surplus in the Naga City people's Mall for Atlantic bread? What happens to producer surplus in The NCPM for flour?
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- Consider a market for fountain pens. Suppose the ink (complement for fountain pens) becomes more expensive. What is going to happen to producer surplus on the fountain pens market? Producer surplus will increase Producer surplus will decrease Producer surplus will stay the same Change in producer surplus will be ambiguousAs the time frame shifts from the short run to the long run, what happens in the market for milk with a binding price floor when the surplus is bought up by government? A) Dairy farmers are increasingly willing ot substitute toward producing more milk, and the supply curve for milk becomes more elastic B) Dairy farmers are increasingly willing to substitute away from producing milk, and the supply curve of milk becomes less elastic C) There are no changes, and the elasticity of supply for milk remains unchanged. D) dairy farmers are less willing to substitute away from producing the good, and the supply curve becomes more elastic E) the predicted losses for dairy farmers will eventually cause many farmers to go out of business and the supply curve shifts to the left and become less elasticIf the demand of the condominiums demand is inelastic, that is, it is a normal good, and when the price of the condominiums will decrease, then the demand of the people for the product will increase because the consumer surplus will exist when the money spent by the people will be more as compared to the price which is to be charged for the product. As the price will decrease, the people will prefer to buy more because it is already a normal good and demand for more. Pertaining to the supply of Condominiums in response to the demand of Nagenyos, enumerate at least two (2) possible effects of the determinants of demand (a) price, (b) income, (c) prices of related goods like apartments and residential houses, and (d) consumer taste and expectation, and the determinants of supply (a) flexibility of inputs, (b) mobility of inputs, (c) ability to produce substitute and (d) time.
- Hotel rooms in Smalltown go for $80, and 900 rooms are rented on a typical day. To raise revenue, the mayor decides to charge hotels a tax of $15 per rented room. After the tax is imposed, the going rate for hotel rooms rises to $85, and the number of rooms rented falls to 800. This tax raises __________ in government revenue and causes a deadweight loss of __________ in this market.Consider a free market with demand equal to Q = 800 − 10P and supply equal to Q = 10P. What is the value of consumer surplus? What is the value of producer surplus?The market for N-95 masks is perfectly competitive. Market Demand is given by Q=398-2P and Market Supply is given by Q=3P. The government imposes a price floor of $133. What is the quantity traded in the market with this price floor?
- As has happened in southern Chile with rains that generated heavy losses to agricultural sector, in case of potatoes, there has been a significant increase in their price. Government wants to establish a LEGAL MAXIMUM PRICE on potatoes. What are implications of this measure and how would it affect consumer and producer surplus? Justify and explain with graphs.Write a conclusion on the findings from this supply and demand / surplus diagram.Q)The market for N-95 masks is perfectly competitive. Market Demand is given by Q=306-2P and Market Supply is given by Q=3P. The government imposes a price floor of $116. What is the quantity traded in the market with this price floor?
- Find the consumer surplus and producer surplus. Demand p= 100-0.00006x Supply p= 90+0.00004xProducer surplus is the difference between Group of answer choices the price the producer receives and the price they are willing to accept for the good or service. the willingness to pay for a good and the prices the seller is willing to accept for the good or service. the willingness to pay for a good and the amount paid to get it. the price paid for a good and the amount of the good produced. supply and demand.In the market for lattes, researchers have estimated the following demand and supply curves. Demand: P= 42 - 0.5Q Supply: P= 0.06Q If the government, worried about the profitability of the coffee business, imposes a price floor in the market of $5. What is the size of the market surplus?(round your answer to include 2 decimal places)
