Refer to Question #1: Using the image presented on the worksheet, the total surplus is $_____. Do not forget to round to two decimal places, input the decimal point and two places to the right of the decimal point, and place a comma, if needed. Use this image to answer the following (independent) questions:9075502510D2005008001.In the space below, calculate CS, PS, and TS, assuming this market is efficient. (Use your Economics Rubric)Using the above image, assume the price of the product climbs to $75.If the price of $75 on the image above is, instead, a priceIf the price of $75 on the image above is a priceUsing the above image, assume the price of the product drops to $25.If the price of $25 on the image above is a price floor, then it would be2.2a.then it would be nonbinding within the market.2b., then it would be binding within the market.3.За.within the market.Consider the market for theater movies. The price-intercept for the supply curve is $5. The price-intercept for the demandcurve is $30. At equilibrium, this market sells 6,000 tickets at $15 per prune. My suggestion is to draw this on your ownpaper, so you can see the illustration of the market dynamics and use it to answer these questions:4.4a.Calculate the consumer surplus for theater movies.onsum4b.Calculate the producer surplus for theater movies.4c.Calculate the total surplus for theater movies.

The equilbrium price and quantity of a good sold in the market are determined by the forces of…

Using the image presented on the worksheet, the total surplus is $_____. Do not forget to round to two decimal places, input the decimal point and two places to the right of the decimal point, and place a comma, if needed.

Using the image presented on the worksheet, the total surplus is $_____. Do not forget to round to two decimal places, input the decimal point and two places to the right of the decimal point, and place a comma, if needed.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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