The graph shows the market for shrimp. The government passes a new law that requires producers to sell 50 pounds of shrimp a day. *** This market for shrimp is because O A. efficient; the marginal cost of the 50th pound of shrimp equals the marginal benefit from the 50th pound of shrimp OB. inefficient; more shrimp could be produced OC. efficient; production is greater than zero OD. inefficient; the marginal cost of the 50th pound of shrimp is greater than the marginal benefit from the 50th pound of shrimp OE. inefficient; the marginal benefit from the 50th pound of shrimp is greater than the marginal cost of the 50th pound of shrimp Draw the deadweight loss when production is 50 pounds of shrimp a day. Label it DWL. 20.00- 18.00- 16.00- 14.00- 12.00- 10.00- 8.00- 6.00 4.00 2.00- Price (dollars per pound) 16.00 0.00+ 0 10 S D 20 40 50 30 Quantity (pounds per day) >>> Draw only the objects specified in the question. 60 70 Q

The graph shows the market for shrimp. The government passes a new law that requires producers to sell 50 pounds of shrimp a day. *** This market for shrimp is because O A. efficient; the marginal cost of the 50th pound of shrimp equals the marginal benefit from the 50th pound of shrimp OB. inefficient; more shrimp could be produced OC. efficient; production is greater than zero OD. inefficient; the marginal cost of the 50th pound of shrimp is greater than the marginal benefit from the 50th pound of shrimp OE. inefficient; the marginal benefit from the 50th pound of shrimp is greater than the marginal cost of the 50th pound of shrimp Draw the deadweight loss when production is 50 pounds of shrimp a day. Label it DWL. 20.00- 18.00- 16.00- 14.00- 12.00- 10.00- 8.00- 6.00 4.00 2.00- Price (dollars per pound) 16.00 0.00+ 0 10 S D 20 40 50 30 Quantity (pounds per day) >>> Draw only the objects specified in the question. 60 70 Q

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 8PA

See similar textbooks

Similar questions

Neal s a coffee drinker. At the local coffee shop, the price of a cup of coffee is $3. Neal’s total benefits from drinking coffee is provided in the accompanying table. What is Neal’s marginal benefit of consuming each cup of coffee? How many cups should he consume each day? Quantity of Coffee Total Benefits Marginal Benefit 1 $8 2 $14 3 $18 4 $20 5 $21
3. Larry lives with his parents and enjoys listening to jazz. Because of his living arrangements, his only expense is on jazz music. To earn money to buy new albums, Larry must work. Larry has 16 hours per day he could spend listening to jazz or working. Each hour he works he earns $6. Each album costs him $12. Diagram Larry's budget constraint for new jazz albums and time spent listening to jazz. If Larry's parents require him to spend two hours per day doing chores around the house, what happens to his budget constraint? Does the requirement to do chores make Larry worse off?
Kate has $20. Fish sandwiches cost $5, and a cup of hot chocolate costs $4. What happens to Kate’s budget constraint If hot chocolate goes on sale for $2 a cup?
Andre has a salary of 1000. He spends his entire salary on shoes and beer. The cost far a pair of shoes is $15 and the cost for a can beer is $25. What is Andre's budget constraint?
3. Discuss the following (Show your graphs and/or diagrams):a) Circular Flow Modelb) Consumer Surplusc) Producer Surplus
Suppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?
Define marginal benefit. Show the efficient point using a marginal cost/benefit diagram.
A consumer sets themselves a weekly budget of $15 for vegetables. They only eat carrots and peas. Peas cost $1.50 per pound and carrots cost $1.00 per pound. 2. Draw a budget line for the consumer showing his possible weekly consumption of peas and carrots. Label both axes with numbers and an axis title. Add a second line that shows what happens when carrots go on sale for $0.75 per pound. Upload your diagram. Please give typed answer ASAP with proper explanation of it. Will give you thumbs up only for the correct answer. Thank you .
Only typed answer and don't use chat gpt Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 5, the price must be A. $3. B. $6. C. $9. D. $12.
Note:-If any graph possible do it also Do it on ms word plagarism must be 0. Plagarized content give 0 feedback so do it with carefully without any plarism.thanku
I submitted the other questions to this problem. Now I need C answered.. (Reference Mankiw Microeconomics The Theory of Consumer Choice - Chapter 21) 2) Labor Market Analysis Assume that Sarah is awake for 100 hours per week. a.) Use a diagram to show Sarah’s budget constraints if she earns $6 per hour, $8 per hour, and $10 per hour. Your diagram should have consumption (as measured in dollars) on the y-axis and hours of leisure per week on the x-axis. Do not count the time that Sarah sleeps as “leisure” in your analysis. Assume that Sarah allocates each of the 100 hours that she is awake each week either to labor or to leisure. b) Now draw indifference curves on your diagram such that Sarah’s labor supply curve is upward sloping when her wage is between $6 and $8 per hour, but is downward sloping when her wage is between $8 and $10 per hour. (sent this in a prior question right before) c) Use words to explain why your graph suggests that the supply curve is upward sloping…
#7. The social optimum occurs where price is ________ and quantity is ________. a. $4; 6 b. $8; 4 c. $10; 3 d. $10; 5 e. $12; 6