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- Name two types of market failure. Explain why eachmay cause market outcomes to be inefficient.Explain the causes of food shortages that lead tostarvation.As discussed in the lecture, if producers limit the supply of a product (like chickens) they are counting on what to dirive prices up? Multiple Cholce Producer-producer nvalty Consumer-consumer rivoiry Producer-consumer mairy None of the abow
- The following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used calculator. 300 250 Rosa 200 Area: 200 Nick 150 Latasha A O 100 Jake Frances 50 Dmitri 2 3 6 QUANTITY (Used calculators) PRICE (Dollars per used calculator) B.Help Maximum Prce Willing to Pay $13 Person Minimum Acceptable Price Person Bob Carlos Barb 12 $3 Courtney 4 Bill 11 Chuck Bart 10 Cindy Brent 6. Craig Betty 8. Chad 8. Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? b. What is the total surplus if Barb buys a unit from Courtney? $に d. If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved? c. What is the total surplus if Bob buys a unit from Chad? %24 Next > 9 of 10 Prey %24PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate some
- How does a market reach equilibrium without any outside intervention? Explain using the supply and demand concept. Please use proper graph.Thank you sir.1. Graph the PPF A D Sanitizer(y) Rice (x) 100 95 85 65 35 5 10 15 20 25 2. Graph the two demand curve and mark Z the point where price is 4 and demand is 20. Price Demand 1 3 4 60 50 40 30 20 10 (A) Demand 24 20 16 12 8 4 (B) 3. Graph the demand curve and if the price is 6 please shade the consumer surplus Price Demand | 6 8 2 4 10 12 60 50 40 30 20 10 4. Graph the two supply curve and mark X the point where price is 6 and supply is 6. Price 2 4 6. 8 10 Supply (A) Supply (B) 0 3 6. 9 12 15 2 4 6. 8 10 5. Graph the supply curve and if the price is 3 and supply is 9 units please shade the consumer surplus Price 4 5 Supply (A) 6. 9. 12 15 6. Graph the demand and supply curve. Mark Z the equilibrium point Price 10 15 20 25 30 Demand 60 50 40 30 20 10 Supply 10 20 30 40 50 60 7. Please shade the total surplus (consumer plus producer surplus) Price 10 15 20 25 30 Demand 60 50 40 30 20 10 Supply 10 20 30 40 50 60 n o loThe Market for Home Security Ereglies Frames Cameras Example 2 update: In the last few years, major technology companies have R Glesses Ortoto Meris Metal Matte Black Rectengle Eysglasses Onine. Zenni Square Prescription VS Waterloo Aralable Gbsses ack Wth Blue Light. Rimiess Cuting $29.68 $35.20 GlaesesUSA.com $9.00 $6.95 EyluyDrect.com Zenni Optical Wish ring The Market for Glasses Example 1 update: Recently there have been several companies bought up small home "smart" device selling glasses online direct to consumers companies. for as little as $7. Some even offer a subscription plan where you get a new pair Google bought up Nest and Amazon bought of glasses every month. Zenni Optical recently started advertising online and using use than other home security products since celebrity spokespeople to enhance their brand. Ring. Now Nest and Ring are much easier to they can use Alexa and "Hey Google." in a much easier way than producers not owned Zenni optical has sold over 20 million…