The minimum acceptable price for a product that producer Sam is willing to receive is $15. The price he could get for the product in the market is $18. How much is Sam's producer surplus? Multiple Choice: _____ $3 _____ $33 _____ $45 _____ $270
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The minimum acceptable
Multiple Choice:
_____ $3
_____ $33
_____ $45
_____ $270
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- Suppose the demand for a product is given by P = 100 – 2Q. Also, the supply is given by P = 20 + 6Q. If an $8 per-unit excise tax is levied on the buyers of a good, what proportion of the tax will be paid by the buyers?. Group of answer choices 75% 40% 60% None of these 25%I am unsure how to do part C For instance, I am confused if the answer for the private consumer surplus is 20,000 (1/2 (20x2000) OR if it is 5,000 (1/2 (10x1000).The market for soda beverages demand is QD = 90-20P and supply is QS = 30P-10. Price is measured in dollars per one-gallon bottle and quantity in millions of one-gallon bottles a) Find the equilibrium quantity and price in the market for soda and compute Consumer Surplus and Producer Surplus when the market is in equilibrium. As that problem noted, sweetened beverages contribute to the over consumption of high-fructose corn syrup with negative consequences for public health. Suppose that each extra one-gallon bottle of soda sold in the market imposes a $1 external cost on state and federal governments that see Medicare and Medicaid diabetes-related expenditure increase. b) What is the total external cost that the soda beverages industry imposes on the government? Suppose that a $1 per bottle tax is imposed on sellers of soda beverages. What is the new equilibrium price and equilibrium quantity in the market for soda beverages? c) How much consumer surplus and how much producer surplus…
- True or false questions: 1.The fixed component of transportation, consist of infrastructures such as vehicles, trains, ships and planes. Select one: True False 2. Direct costs incurred by the users and operators of transport services are also known as external costs. Select one: True False 3. Excess supply occurs when the price rises above the equilibrium price, quantity demanded will decrease while quantity supplied will increase Select one: True FalseQuestion 10 Consumer surplus for a particular unit sold is equal to which of the following? Question 10 options: a) The vertical distance between price and the demand curve. b) The vertical distance between the demand curve and the supply curve. c) The vertical distance between price and the supply curve. d) The vertical distance between the demand curve and the x-axis. e) The vertical distance between the supply curve and the x-axis. Question 11 In a graph, market producer surplus is equal to what area? Question 11 options: a) The area below the demand curve but above price. b) The area between the demand and supply curves. c) The area below the demand curve but above the x-axis.…then letting the market determine the price level and equilibrium amount is the most appropriate decision because the total surplus of consumers and producers is the most minimal the statement above is true/false?
- Which quantity does Producer Surplus NOT measure? Question 28 options: the amount sellers are paid less the amount they were willing to accept the benefit to sellers of participating in a market the amount sellers receive above the minimum they would accept the total value of a good to sellersConsumer surplus is defined as the Group of answer choices difference between the willingness to pay for a good and the willingness to sell it. quantity of units that consumers want to buy at the market price. difference between the willingness to pay for a good and the price paid to get it. total revenue earned from producing and selling some good. difference between the price the seller receives and the willingness to sell it.Assume all benefits (and costs) accrue to the buyers (and sellers) and the buyers and sellers interact in a market. Currently we have three buyers who value a good at $40. There are three possible sellers A, B, C whose marginal costs of production are $20, $30 and $50. Another seller, D, enters the market. D's marginal costs of production is $40. What is the change in surplus caused by D's entry?Do not include the $ sign and remember to include a negative sign if you want to say that surplus has decreased
- In the market for a pair of shoes, Jena is willing to pay $75 for a pair while Jane is willing to pay $85 for a pair. The actual price that each must pay for a pair of shoes is $65. What is the combined amount of consumer surplus of Jena and Jane? Multiple Choice $10 $160 $30 $20For part B, blank options: a. does/ does not b. equal to/ larger than/ smaller than For part C, blank options: a. corrective tax/ corrective subsidy/ nonrival good b. tragedy of the commons/ cap and trade system/ socially optimal c. corrective subsidy/ corrective tax13 sellers and 13 buyers are each willing to buy or sell one unit of a good, with values {$13, $12, $11, $10, $9, $8, $7, $6, $5, $4, $3, $2, $1}. If the market is competitive but the cost of market-making is $4 per transaction, the equilibrium quantity traded in the market is a. 4 b. 7 c. 9 d. 5.
