Answer will be $1050. But how?solve it clearly and correctly. i will rate QUESTION 7$80$70$ 60$ 50$ 40$30$ 20$10OMayets)10 20 30 40 50 G0 70 00 90Figure 9.4Refer to Figure 9.4, if che government establishes a price foor of $40 and government purchases the surplis over quantity demanded, the resultieg deadvieight loss willbelet P-são, Qd-30 & Q-60)O $1,050.O 10 widgets.O $1,200.O $2.400.O $15.

A dead weight loss is a cost to society occurs due to market inefficiency, that happens when supply…

Answered: $80 $70 $60 $ 50 $ 40 $30 $ 20 $ 10…

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

See similar textbooks

Similar questions

QUESTION 36 Given the diagram below which of the following statements is true? 54.50 400 3.50 300 250 200 150 100 O123 45678 10 11 12 13H 15 Quantity hosandh of doe per mone OA. When the price is $2 there is a surplus of 4 units O B. When the price is $1:50 the quantity demanded is 4 units OC When the price is $3.50 the quantity demanded is 12 units OD. When the price is $3.00 there is a surplus of 4 units QUESTION 37 Which of the following is NOT a reason why countries impose tariffs on imports? O A. Protect domestic industries OB. Retaliation OC National security O D. None of the above QUESTION 38 Which of the following statements is FALSE? OA. The GDP of a country equals the value of final output produced within the borders of that country O B. The GNP of a country equals the value af final output produced using factors owned by residents of the country. OC GDP - net income received from abroad by residents of a nation + GNP O D.GDP represents the most commonly used measure of an…
4. Assume that gasoline is od in competive marke in which demand is relaively inelatic and sup is relatively elsi. (a) Draw a comeclylabeled graph ofthe asoline market. On you graph show the quilibrumprce and quantity of gsoine, labeled P, ndQ. E (b) Suppose the goverment imposes a $2 per uni ax on he roducers of gasoline. On your graph from par (a),show each of he folowingaftr he tax imposed. (1) The price paid by buyer,labeled P, (i) The after-ax price eceied b sellr, abele P, (i) The quanity, abeled (c) Using the labeling on your graph, explain how tocalulae the total tax revenue collected by the government. (d) Will the tax burden fall enirely on buyers, entrely on eles, more on buyers and less on seler,more on seller and es on buyers, or eqully on buyers and seller? Explain.
Not yet 16 Marked out of 1.00 14 S- MSC 12 lag question 10 8. 6. 4. D-MSB 8. 9 10 Quantity (millions of CDs per month) Using the above figure, which of the following quantities of CDs has the largest deadweight loss? Select one: Oa. The deadweight losses associated with the three quantities given above are all equal. Ob.3 million CDs O c4million CDs 00 HUAWEI Nov 3 Al CAMERA Type nere Price (dollars per CD jir
12LGjjfiV9KIUa7A14QC7gvvPrKFtW6ZwP60WrVE/edit AP 100% PRICE Dolars perp Answer Price ($) 10. Using the graph below, determine the equilibrium price and quantity of pens. 0000 5000- 3000 2000- Normal text Answer: RUBRIC Worksheet 2 Scenario 11. Using the graph below, determine the approximate equilibrium price and quantity of soap. Supety 3 QUANTITY ons of pens) Demand Curve Arial Supply Curve Cartoon P Quantity Supplied Price determination AND PRICE 11 Demand + B I UA A
A company is considering building a bridge across ariver. The bridge would cost $2 million to build andnothing to maintain. The following table shows thecompany’s anticipated demand over the lifetime ofthe bridge:Price per CrossingNumber of Crossings,in Thousands$8 07 1006 2005 3004 4003 5002 6001 7000 800a. If the company were to build the bridge, whatwould be its profit-maximizing price? Would thatlevel of output be efficient? Why or why not?b. If the company is interested in maximizing profit,should it build the bridge? What would be itsprofit or loss?c. If the government were to build the bridge, whatprice should it charge?d. Should the government build the bridge?Explain.
poin(s) possible Imposing a sales tax on sellers of a product has an effect that is similar to which of the following? cem A. a decrease in people's willingness to work B. an increase in demand for the good C. an increase in the costs of production O D. a decrease in consumers' preferences for the good ue As O E. Anything that decreases the demand and shifts the demand curve leftward. nt Ass ЛAR 1 O Time Remaining: 00:58:48 ompleted (ECON202 $2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9e оо
Refer to the figure below. If the government sets a price ceiling of $6, 18 16 14 12 10 8 6 4 2 D₁ 24 6 8 10 12 14 16 18 there would be a shortage of 14 units. O there would be an excess supply of 6 units. O There would be a shortage of 4 units. consur ers would demand 14 units.
Refer to the figure below: A P 16 11 8. 100 150 225 300 350 Quantity If the price is $16, the resulting O shortage will lead to a fall in price. O surplus will lead to a fall in price. O shortage will lead to a rise in price. O surplus wil Icad to a risc in pricc. を %24
PRICE (Dollars per unit) 24 20 16 co Refer to Figure 10-6. In order to reach the social optimum, the government could O a. impose a tax of $8 per unit on plastics. O b. impose a tax of $2 per unit on plastics. c. impose a tax of $6 per unit on plastics. O d. offer a subsidy of $6 per unit on plastics. Figure 10-6 100 Social Cost Supply Demand 200 300 400 500 QUANTITY (Units of plastic) 600
Question 4 Figure 6-20 30 16 24 18 Price 12+ 6+ $8 O $6 $2 80 O $4 160 210 240 Supply D₂ Refer to Figure 6-20. What is the amount of the tax per unit? D₁ 320 Quantity
20 Demand Supply 18 16 14 さ12 10 8. 12 14. 16 20 QUANTITY Which of the following statements is not correct? When the price is 510.quantity supplied equala quantity demanded. DWhen the price is 512.shere is a surplus of 4 units. 0When the price is S16.quantity supplled exceecs ouantity demanded by 1 units. When.the price ls S6 there is a surplus of8units. PRICE
he quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $136. The quantity demanded ach month is 1000 when the unit price is $106. The suppliers will market 750 espresso makers when the unit price is $80 er higher. At a unit price of $100, they are willing to market 2250 units. Both the supply and demand equations are known o be linear. (a) Find the demand equation. -1 -x + 146 25 p = (b) Find the supply equation. 1 x+ 70 p = 75* (c) Find the equilibrium quantity and the equilibrium price. |× units

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Macroeconomics (MindTap Course List)

Economics

ISBN:

9781285165912

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Principles of Economics, 7th Edition (MindTap Cou…

Economics

ISBN:

9781285165875

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Principles of Macroeconomics (MindTap Course List)

Economics

ISBN:

9781285165912

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Principles of Economics, 7th Edition (MindTap Cou…

Economics

ISBN:

9781285165875

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Principles of Microeconomics (MindTap Course List)

Economics

ISBN:

9781305971493

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS