The Marginal Willingness to pay (MWTP) and the Marginal Costs (MC) for the buyers and sellers in Eldham's piano market are given in the table below. Each buyer only buys one unit of the good, if they buy at all. Each seller only sells one unit of the good, if they sell at all. What is Total Surplus in the piano market? Enter a number only. Do not enter the $ sign. Hints: (1) Trades in a market are voluntary, think about what trades could take place. (2) Do you really need price to find Total Surplus?
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- As gasoline prices go up, in the long run, people are more likely to turn to renewable fuelsWhen the demand for goods X is elastic, then increasing the price of goods X as a strategy to increase income is the right strategy when the price in the store drops to Rp. 50, does the total consumer surplus drop to under Rp. 60? True or false?Suppose that Nabisco is willing to sell its first packet of Oreos for $1, the second for $2, the third for $3, and the fourth for $4. If the price of Oreos is $2.50, what is the producer surplus? (Assume that Nabisco CANNOT sell partial packs of Oreos.)The market for used phones is perfectly competitive. The Marginal Willingness to pay (MWTP) and the Marginal Costs (MC) for the buyers and sellers in used phon market are given in the table below. If they buy a phone, each buyer purchases only 1 phone. If they sell a phone, each seller sells only 1 phone. What is Total Surplus in the used phone? Remember all market trades are voluntary. Enter a number only. Do not enter the $ sign.
- Price per Bushel Quantity Demanded (bushels) Quantity Supplied (bushels) $3 36,000 0 6 30,000 3,000 9 24,000 6,000 12 19,000 10,000 15 15,000 15,000 18 10,000 21,000 21 7,000 28,000 How many bushels will be sold if the market price is $9 per bushel? If the market price is $9 per bushel, what must happen to restore equilibrium in the market? At what price will suppliers be able to sell 24,000 bushels of corn?Consider a market with the equilibrium quantity = 100 and the equilibrium price = 50. Without further information on the market, can we answer the quantity that maximizes the total surplus? If we can, answer the quantity. If we cannot, answer “Cannot”.Suppose liles are currently selling for $35 per dozen, but the equilibrium price of liles is $20 per dozen. We would expect a a. surplus to exist and the market price of liles to decrease. b. shortage to exist and the market price of liles to increase. c. surplus to exist and the market price of liles to increase. d. shortage to exist and the market price of liles to decrease.
- You are considering shoplifting a head of broccoli from the farmer’s market in SLO. Your buyer value for the broccoli is $1.75. The broccoli is available for legal purchase for $1.50. For comparison purposes, assume that if you don’t steal the broccoli, you will make the choice that makes you best off within the law. Which statement below is correct? Group of answer choices: -Stealing the broccoli leads to an increase in total surplus but also causes a reduction in surplus for owners of the broccoli. -Stealing the broccoli leads to a decrease in total surplus and also cause a reduction in surplus for owners of the broccoli. -Stealing the broccoli leads to an increase in total surplus and does not harm anyone else. -Stealing the broccoli does not lead to an increase or decrease in total surplus and also causes a reduction in surplus for owners of the broccoli.(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.)how do i arrange the the drawing of a demand and supply curve, where in supply, there are six suppliers with the cost 12, seven suppliers with the cost of 36, and seven suppliers with the cost of 48 then demand: there are 10 demanders with the cost of 50, and 10 demanders with the cost of 24? stripe the area of consumer surplus, and identify the equilibrum price and quantity.
- Total surplus is maximized at the equilibriumprice and quantity. When demand increases,price increases. Explain how total surplus is stillmaximized if price increases due to an increase indemandTorsten's Marginal Willingness to Pay (MWTP) for flour is given in the table below. If the price of flour falls from $32 to $25, what is the change in Torsten's surplus? Flour can be bought in integer values only. Enter a number only, drop the $ sign. Include a negative sign if surplus decreases. Bags of flour MWTP 1 $48 2 $41 3 $38 4 $27 5 $16 6 $14 7 $7(Q10) assume for some reason 10 pizza rolls are bought and sold in the market, what is the value of the deadweight loss in this case? What is the amount of total surplus?. Provide answer both both questions in clear and correct steps.