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- China is a major producer of grains, such aswheat, corn, and rice. Some years ago, the Chinesegovernment, concerned that grain exports weredriving up food prices for domestic consumers,imposed a tax on grain exports.a. Draw the graph that describes the market for grainin an exporting country. Use this graph as thestarting point to answer the following questions.b. How does an export tax affect domestic grainprices?c. How does it affect the welfare of domesticconsumers, the welfare of domestic producers,and government revenue?d. What happens to total welfare in China, asmeasured by the sum of consumer surplus,producer surplus, and tax revenue?3. A recent study found that the demand and supply sche- dules for frisbees are as follows: Price per frisbee Quantity demanded Quantity supplied €11 1 million frisbees 15 million frisbees 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 What are the equilibrium price and quantity of frisbees? a. Frisbee manufacturers persuade the government that frisbee production improves scientists' understanding of aerodynamics and thus is important for national security. The government decides to impose a price floor €2 above the equilibrium price. What is the new market price? How many frisbees are sold? b. Irate university students march on the government and demand a reduction in the price of frisbees. The govern- ment decides to repeal the price floor and impose a price ceiling €1 below the former price floor. What is the new market price? How many frisbees are sold?Tornado Bulbul hits Bangladesh and affects the crops and fish hatcheries in the coastal areas.What will happen to shrimp production if the hatcheries were affected due to the tornado? Howwill it affect the equilibrium price and quantity of the local shrimp market? On the other hand, if aneighboring country, who exports crops and fishes to Bangladesh, experiences a bumper harvestand export their surplus products to us, say shrimp, what will happen to the equilibrium price andquantity of local shrimp market again in Bangladesh? Draw a diagram and explain your answer.
- Table 3.8 shows information on the demand andsupply for bicycles, where the quantities of bicycles aremeasured in thousands. a. What is the quantity demanded and the quantitysupplied at a price of $210?b. At what price is the quantity supplied equal to48,000?c. Graph the demand and supply curve for bicycles.How can you determine the equilibrium priceand quantity from the graph? How can youdetermine the equilibrium price and quantityfrom the table? What are the equilibrium priceand equilibrium quantity?d. If the price was $120, what would the quantitiesdemanded and supplied be? Would a shortageor surplus exist? If so, how large would theshortage or surplus be?Heip m/ultra/courses/_165411_1/cl/outline lyLab M... W WordCounter 5 Quizlet * Question Completion Status: QUESTION 13 Figure 6-25 1ice 10 Is 6. 4 1 Daftertade 10 20 30 40 50 60 70 80 quantity Refer to Figure 6-25. The equilibrium price in the market before the tax is imposed is O a. $5. O b.$2. Oc. $1. O d. $6. Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers tv1. Suppose that the market demand for coffee is Pd = 15 - Qd and the market supply is Ps= Qs - 5. What is the equilibrium price and quantity for coffee? Suppose that the government imposes a tax of $1 per unit to reduce coffee consumption and raise government revenues. What will be the new equilibrium quantity? What price will the buyer pay? What price will the seller receive? A o F2 BE #3 ㅁㅁ F3 $ A t 4 OFFIC DEO DOD 000 F4 % 5 F5 MacBook Air 6 F6 & 7 L * 8
- Which of the following would be the most likely result of a binding price ceiling imposed on the market for rental cars? Select one: O a. slow replacement of old rental cars with newer ones Ob. frequent rental programs such as "Rent nine times and the tenth rental is free!" O c. free gasoline given to people as an incentive to a rent a car O d. enhanced maintenance programs to promote the high quality of the cars Next page IMG_7969.jpeg UPEGMarket for Game Consoles 600 Tools 550 500 CS PS 450 400 350 ESeq 300 250 200 150 100 50 D 10 20 30 40 50 60 70 80 90 100110 Quantity a. What is the quantity demanded at $150 per game console? Quantity demanded: 20 game consoles b. What is the quantity supplied at $150 per game console? Quantity supplied:| 80 game consoles c. What is the consumer surplus generated at a price of $150 per game console? Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $ 30000 d. What is the producer surplus generated at a price of $150 per game console? Instructions: Use the tool provided “PS" to illustrate this area on the graph. Producer surplus: $ 3750 e. What is total economic surplus at a price of $150 per game console? Economic surplus: $ 33750 f. What is the economic surplus generated if the market were in equilibrium? Instructions: Use the tool provided “ESeg" to illustrate this area on the graph. Economic surplus in equilibrium: $ 56250 Price…How does a price floor 521 above the equilibrium level affect quantity demanded and quantity1 supplied?
- Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. What is the quantity demanded and the quantity supplied at a price of 210? At what price is the quantity supplied equal to 48,000? Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from line table? What HIE die equilibrium price and equilibrium quantity? If the price was 120, what would the quantities demanded and supplied he? Would a shortage or surplus exist? If so, how large would the shortage or surplus he?What is the effect of a price ceiling on the quantity demanded of the product? What is the effect of a price ceiling on the quantity supplied? Why exactly does a price ceiling cause a shortage?In a market where the supply curve is perfectly inelastic how does an excise tax affect the price paid by consumers and the quantity bought and sold?