John has been working as a tutor for $300 a semester. When the university raises the price it pays tutors to $400, Emily enters the market and begins tutoring as well. How much does producer surplus rise as a result of this price increase? a. by less than $100 b. between $100 and $200 c. between $200 and $300 d. by more than $300
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John has been working as a tutor for $300 a semester. When the university raises the price it pays tutors to $400, Emily enters the market and begins tutoring as well. How much does producer surplus rise as a result of this price increase? a. by less than $100 b. between $100 and $200 c. between $200 and $300 d. by more than $300
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- Sofia pays Sam $50 to mow her lawn every week. When the government levies a mowing tax of $10 on Sam, he raises his price to $60. Sofia continues to hire him at the higher price. What is the change in producer surplus, change in consumer surplus, and deadweight loss?a. $0, $0, $10b. $0, −$10, $0c. +$10, −$10, $10d. +$10, −$10, $0In a market, what determines the value of the total surplus? Question 22Answer a. the total value to buyers less the total costs to sellers b. consumers' willingness to pay plus producer costs c. producer surplus plus consumer surplus d. the total costs to sellers less the total value to buyersConsumer Surplus is defined as the area between____________ Question 5Answer a. the supply curve, the demand curve, Q = 0 and the quantity exchanged b. the price paid, the demand curve, Q = 0 and the quantity exchanged c. the price paid, the supply curve, Q = 0 and the quantity exchanged d. the price paid, the demand curve, Q = 0 and the efficient quantity
- Q5 Last year the average price for an airline ticket was $400, but the average price dropped to $350 this year due to a decrease in the demand for flights. The accompanying table contains information on the supply of air travel. Airfare (price per ticket)Quantity supplied (millions of sales)$00$17535$35070$40080$575115$750150 Draw the supply curve and use it to calculate producer surplus last year and producer surplus this year. How did producer surplus change?Don't use pen or paper Suppose market demand and supply are characterized by the following equations: p = 12 - 0.4 Qd p = 2 + 0.4 Qs When the market clears, what is the economic surplus? (Round your answer to one decimal place.)ppose the market condition for good X is characterized by an inelastic supply curve and a perfectly-elastic demand curve. Which of the following is true? It may help to draw the diagram first and then attempt the question. A- Consumer surplus is0 B-Producer surplus is higher than consumer surplus C-Consumer surplus is 0 Producer surplus and consumer surplus are equal D-Not enough information given
- Q5 Last year the average price for an airline ticket was $400, but the average price dropped to $350 this year due to a decrease in the demand for flights. The accompanying table contains information on the supply of air travel. Airfare (price per ticket) Quantity supplied (millions of sales) $0 0 $175 35 $350 70 $400 80 $575 115 $750 150 Draw the supply curve and use it to calculate producer surplus last year and producer surplus this year. How did producer surplus change?As has happened in southern Chile with rains that generated heavy losses to agricultural sector, in case of potatoes, there has been a significant increase in their price. Government wants to establish a LEGAL MAXIMUM PRICE on potatoes. What are implications of this measure and how would it affect consumer and producer surplus? Justify and explain with graphs.Last year the average price for an airline ticket was $400, but the average price dropped to $350 this year due to a decrease in the demand for airplane travel. The accompanying table contains information on the supply of air travel. Airfare (price per ticket) Quantity supplied (millions of seats) $0 0 $175 350 $350 700 $400 800 $575 1,150 $750 1,500 Draw the supply curve and use it to calculate producer surplus last year and producer surplus this year. How did producer surplus change?