The table below shows the demand and supply schedule for gasoline in a hypothetical country called Microland Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 3 3 Describe THREE (3) other changes that could have the same effect on market supply of gasoline as the imposition of the subsidy

The table below shows the demand and supply schedule for gasoline in a hypothetical country called Microland Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 3 3 Describe THREE (3) other changes that could have the same effect on market supply of gasoline as the imposition of the subsidy

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 19SQ

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Describe THREE (3) changes that could have the same effect on market supply of gasoline as the imposition of the subsidy .
The table below shows the demand and supply schedule for gasoline in a hypothetical country called Microland Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 3 3 Explain the effect of the subsidy on the market forces and the equilibrium point
Consider the following supply and demand curves: Demand: Price = 50-3.5*Qd Supply: Price = 20+.5*Qs Suppose now a 20 dollar subsidy was placed on consumers. Given this information find the resulting subsidy bill.
What effect will each of the following have on the supply of auto tires? The granting of a 50-cent-per-unit subsidy for each auto tire produced.
Based on the diagram below, if a $60 per-unit subsidy were implemented in this market, what would the effective price received by producers become? Enter your answer in whole dollars.
California LifeLine provides discounted home phone and cell phone service to qualified households. The service discount cannot exceed $39 per household. What would happen if the state of California were to increase the subsidy to $59 per household? Group of answer choices Supply would shift to the left Government payments to households would decrease The price consumers pay increases and the quantity consumed increases The price consumers pay falls and the quantity consumed increases
Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000 litres (per Month) litres (per month) 11 0 27 10 2 25 9 4 23 8 6 20 7 8 17 6 10 15 5 12 12 4 14 10 3 16 7 2 18 5 1 20 3 Explain the effect of the subsidy on the market forces and the equilibrium point
A binding price ceiling is imposed in the market for aspirin. At the ceiling price: a) the quantity supplied of aspirin exceeds the quantity demanded. b) the quantity demanded of aspirin equals the quantity supplied. c) the quantity demanded of aspirin exceeds the quantity supplied. d) the quantity demanded of aspirin will be artificially restricted by the price ceiling.
The domestic supply and demand curves for hula beans are as follows: P = 50 + Q (supply) and P = 200 – Q (demand) where P is the price in cents per pound and Q is the quantity in millions of pounds. Ireland is a small producer in this market where the current price is 60 cents per pound. The Irish Government is considering a tariff of 40 cents per pound. The quantity of hula beans imported into Ireland after the tariff is A. 100B. 50C. 130D. 90
The domestic supply and demand curves for hula beans are as follows: P = 20 + Q (supply) and P = 250 – Q (demand) where P is the price in cents per pound and Q is the quantity in millions of pounds. Ireland is a small producer in this market where the current price is 50 cents per pound. The Irish Government is considering a tariff of 50 cents per pound. The increase in producer surplus after the tariff has been imposed is equal to A. 2750 B. 4000 C. 2500 D. 1500
Price(per pound) Quantity Supplied(pounds) Quantity Demanded(pounds) $7 80 30 $6 70 45 $5 60 60 $4 50 75 $3 40 90 $2 30 105 $1 20 120 The equilibrium price is $ per pound. Suppose that after a successful lobbying campaign by chocolate producers, the government imposes a price floor of $7 per pound. The price floor will lead to a surplus of pounds of chocolate. After a few years, chocolate producers are not happy. They realize that compared to the market equilibrium, their total revenue has fallen by $ . To compensate the chocolate producers, the government agrees to buy the entire surplus chocolate at the $7 price floor. Chocolate producers rejoice. Compared to the market equilibrium, their total revenue has now increased by $ .
The U.S. government has subsidized ethanol production since 1978. With the advent of affordable electric cars, policymakers are considering whether to allow the subsidy to expire. The accompanying graph represents the market for ethanol. Move the supply and/or demand curves to show how reducing the subsidy will affect the ethanol market. Equilibrium price? may increase or decrease, but it is impossible to know for sure. decreases. remains constant. increases.

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Price per litre ($)	Quantity Demanded in 000	Quantity Supplied in 000
	litres (per Month)	litres (per month)
11	0	27
10	2	25
9	4	23
8	6	20
7	8	17
6	10	15
5	12	12
4	14	10
3	16	7
2	18	5
1	3	3