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24
From the table:
Equilibrium price = $6
Equilibrium quantity = 30
Step by step
Solved in 2 steps
- Suppose that weekly demand for iron ore in Australia is given by P = 900 -Q and supply is gven by P = 20, where Qrepreserits tonnes of iron ore. To sunport consuens the government decides to impose a price ceiling of $400 per tonne if the govermment agrees to buy any escess supply, it will have to spend____________to buy___________ tonnes of inon ore. options are $180000;600 $90000;300 $240000;600 none is correct $120000;300PDemand QDemand PSupply QSupply $10 0 $1 2 $9 3 $2 4 $8 6 $3 6 $7 9 $4 8 $6 12 $5 10 $5 15 $6 12 $4 18 $7 14 If the Government creates a quota of 6 units to reduce the consumption of the dangerous product, what will the price of the good be in the marketplace? How much deadweight loss is there? How much of the deadweight loss came from the consumers?(ch3) In a small country, the demand and supply of turbo jets are represented by QD = 1,000 - P and QS = 2P - 500. Which of the following statements is (are) TRUE?I. The equilibrium price is $700.II. At a price ceiling of $200, there are 0 supplies.III. At a price ceiling of $300, there is an excess demand of 600 units.A) I and IIIB) II and III C) II D) III
- Quanity demand =40-P Quanity supply =P-4 How much is total consumer surplus ar the equilibrium price in this market?Title Calculate consumer surplus for a demand curve like the one just describedexcept that the buyers’ reservation prices for each unit are $2 higher thanbefore, as shown in the graph below. Description Calculate consumer surplus for a demand curve like the one just describedexcept that the buyers’ reservation prices for each unit are $2 higher thanbefore, as shown in the graph below.In the market for cars, the price elasticity of supply is +1.5, and the price elasticity ofdemand is -0.8. The equilibrium price is $ 30 thousand, and quantity is 120 million.(a) Assuming supply and demand are linear, reconstruct and draw the supply and demandcurves. Label the intercepts.(b) To reduce traffic, the government imposes a $400 tax on cars. What are PB and PS after thetax? What is the new equilibrium quantity? Illustrate them on the same graph.(c) How big is the change in consumer surplus, producer surplus, government revenue, anddeadweight loss?
- A $3 per unit subsidy has been granted on a commodity. If the demand of that commodity is QD=99-1P and QS=3+2P. Calculate the equilibrium price(s) and quantity after the subsidy.demand equations QD = 3550 - 266P supply equations QS = 1800 + 240P Calculate initial consumer surplus and producer surplus. Now assume that government intervenes in the market through ceiling price (assume a value) and or floor price (assume a value). Find the change in welfare (DWL) loss and the new consumer surplus and producer surplus. Do you support these types of interventions?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
- Suppose the demand and supply curves are described byMC = 1.11 + 0.89QWTP = 8.92 - 0.83QSuppose the price is 6.37.A. Given the price above, is there a shortage or a surplus? Surplus Shortage B. What is the value of the shortage or surplus? Only enter a positive number.Market Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWLBased on the following functions, compute for the:Demand: P = 1200 – 4QSupply : P = 655 + 2Q Assume that the government provided subsidy amounting to P150 to consumers. 1. Draw the graph on items 2-3 2.Determine the Ps 3. Compute for the DWL(Black)A. Diagram 1- Which of the following area (A-F, select 1), represents the additional surplus fromnew consumers as a results of pricedecreasing from P1 to P2? B. Diagram 1- Which of the following area (A-F, select 1), represents the additional surplus fromthe original consumers as a results of price decreasing from P1 to P2?