(thousands per week) Refer to the above diagram of the market for corn. If the price in this market is set @ $4 per bushel, this price control would be O A Price Floor OA Price Ceiling
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Refer to the above diagram of the market for corn. If the
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- Q4: Consider the market (supply and demand) for Wheat.Qd = 100 - 0.6P…………1Qs = -30 + 2P……...…...2a. Find the market equilibrium price and quantity?b. Find the market equilibrium price and quantity After imposing an ad valorem tax on production by 5% of good price.c. Find the market equilibrium price and quantity if producers receive a production subsidy of 10 SR per unit produced.The cost of natural gas sky rocketed following the Russian invasion of Ukraine. In response, governments in Europe considered implementing a price cap on natural gas. Suppose the market rate for natural gas is $1 per kWh (kilowatt hour, a measure of power), and the government proposes a price cap of $0.75 per kWh. Which of the following statements are true? (Select all that apply.) Question 3Answer a. The price cap would make natural gas more expensive. b. Due to the low price of gas, producers are less likely to invest in gas production. c. The government could alleviate the issue through a subsidy instead. d. There will be a shortage of natural gas. e. The government could alleviate the issues by taxing gas producers. f. As a result of the price cap, we would expect to see new natural gas wells being developed. g. There will be an excess supply of natural gas. h. The price cap will have no effect on the market.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.
- 28. Show, using graphs, the effect of the implementation of an Acreage Reduction Program (ARP) on farm marginal costs and the potential demand for inputs such as fertilizer, seed, machinery, etc.Given the demand and supply equations : P + 1/2QD = 10 3P - Qs = 17 a) Find the equilibrium price and quantity. b) Tax of $2 per good is imposed, find the new equilibrium price and quantity. c) Find the extra pay by the supplier and government tax revenue.Market demand is given as QD = 120 - 2P. Market supply is given as QS = P + 30. Which legally imposed price would constitute a binding price ceiling? Question 20Answer a. $30 b. $60 c. $10 d. $40
- qD = 100 – 0.5p, qS = 2p – 20 What happens if a price ceiling pc = 40 is imposed?Q3: Consider the market for pineapples in a small island nation.Qd = 80 - 2P…………1And Qs = 20 + 3P………...2a. What is the market equilibrium price and quantity?b. Suppose the government imposes a per unit tax of $6 on consumers, find the new market equilibrium? ( show your answers)c. What is the tax share tolerated by each consumer and producer.The Australian government have suggested that they might need to increase GST to help fund the COVID-19 rescue package. GST is a tax on goods and services usually paid at the point of sale. Consider the market for bread. Suppose a loaf costs $4.15 and includes a 15-cent tax per loaf. 2. What determines how the tax burden is shared between buyers and sellers?
- the Canadian-goverment is trying to decide between three(3) policies that affects the market of cigars.Policy One: a price support program for the Industry tobacco farmers Policy two: Label requirements and ADs marketing danger awareness warnings to the public.Policy three: a cap on no. of cases of cigars sold per-quarter at twentyfive thousand (25000)casesThe aim of the canadian government is to support farmers while reducing the consumpition of cigars.What combinations of policies should be enacted ? Indentify the right combination:(a) Policy one (b)Policy two (c)Policy three(d) Policy One and Two(e) Policy Two and Three(d) All Three PoliciesSelect Justification for the above selection(a) Reduce quanity of cigars consumed and increases price for tobacco(b)Reduce quanity of cigars consumed and increases price for cigars(C) Reduce quanity of cigars consumed and reduce price for tobacco(D)Reduce quanity of cigars consumed and reduce price for cigarsThe demand and supply in the market for textbooks are described by the following equations: Q ^ D = 200 - P Q ^ S = 2P - 40 The government is considering a unit tax of 30 dollars on textbooks. (a) Draw a supply and demand diagram. Label on your diagram the following: The free-market equilibrium price P ^ * and quantity Q ^ * . The quantity bought and sold with the tax in place Q ^ T The deadweight loss, as a shaded area (b) Find a numerical value for the deadweight loss caused by the tax. The goverment scraps the plan for a tax and instead proposes a 50 dollar price ceiling on textbooks. (c) Draw a supply and demand diagram. Label on your diagram the following: The free-market equilibrium price P ^ * and quantity Q ^ * . The quantity demanded with the price ceiling in place Q ^ D The quantity supplied with the price ceiling in place Q ^ S The consumer surplus with the price ceiling in place, as a shaded area (d) Are consumers better off with the price ceiling in place?…Demand and supply equations for housing market per month are given below.• Demand for housing: ?? = 2500 − 0.5 ?• Supply of housing: ?? = −500 + ? A) Suppose that the government set a rent ceiling at $1800. What are the quantities ofhousing supplied and demanded at this price? In this case, is there a shortage orsurplus of houses?B) How does the price ceiling affect the efficiency in the housing market?C) Calculate the deadweight loss in the housing market after the price ceiling isimposed by the government.D) Calculate the potential spending for housing search activities.