Refer to the graph shown. If the government imposed a price ceiling of $4, consumer surplus would: 12 10 8 6 4 2 0 2 4 O fall from 12 to 4. fall from 12 to 8. O rise from 12 to 13. O be unchanged at 12. 6 D N 8 Quantity 10 12
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- 3. Find the consumer's and producer's surplus: Supply: p=14.4+ .3g- .001q² Demand: p=160-2q+.005q²Refer to the figure below. If the government sets a price ceiling of $6, 18 16 14 12 10 8 6 4 2 2 4 4 68 10 12 14 16 18 there would be a shortage of 14 units. D₁ there would be an excess supply of 6 units. There would be a shortage of 4 units. consumers would demand 14 units.Based on the figure below, consumer surplus is $0 when price is greater than or equal to $ Price ($) 16 543210 15 14 13 12 11 10 9 4N31SRL86 5 2 0 S Quantity D 10 20 30 40 50 60 70 80 90 100
- Figure 8-10 PO Pl P2 P3 P4 PS P6 D7 PO Price P9 0 Q1 Q2 Q3 Q4Q5 a) 1/2 x (P2-P8) x (05-02) Supply D Refer to Figure 8-10. Suppose the government imposes a tax that reduces the quantity sold in the market after the tax to Q2 Without the tax, the total surplus is c) (P2-P8) x Q2 Quantity b) [1/2x (PO-P2) x Q2]+[(P2 PS) x Q2] + [1/2 x (P8-0) x Q2] d) [1/2 x (PO-PS) x Q5] + [1/2 x (P5-0) * Q5].A “Spider-man" DVD is worth $30 to Marcus. But he buys one on sale for just $15. What is the consumer surplus that results from Marcus's purchase? $10 $25 $15 Incorrect cannot be determined from the information given Incorrect. $40Price of X ($) 20 18 16 14 12 10 8 6 4 2 0 1 S1 so 2 3 4 5 6 D Quantity of Good X Maple Electronics has identified their demand D. Suppose they are moving from the Supply S1 to 50. If a price ceiling of $6 is imposed for the new supply, what is the resulting full economic price? Answer with the number alone.
- 12- 11- Price of Santa hats (5) 9. 2 1 2000 4000 6000 8000 Quantity of Santa hat Supply Demand 10000 Suppose a 3 dollar tax is imposed on the market for Santa hats depicted above. Consumers will then pay a post-tax price of dollars (give a whole number).Price S1 20 18 16 14 12 10 SO Demand 300 400 500 1000 Quantity Suppose that the market in the graph above is at an initial equilibrium price of $10 and an equilibrium quantity of 500 units. If the government decides to add a $4 per-unit tax on this good, the equilibrium price will change to: $12 $8 $14 $4 2086 420Price SI5- In this graph, consumer surplus is equal to: 56. 32. 12. Quantity 44.
- A tax on a good with perfectly elastic demand causes the supply to shift from S1 to S2, as shown. Use the area tool to draw the triangle representing the producer surplus before the tax. To refer to the graphing tutorial for this question type, please click here. Price ($) S2 S1 4 VIEW SOLUTION A SUBMIT ANSWER 7 OF 14 QUESTIONS COMPLETED MacBook ProWhat is the value of consumer surplus after the imposition of the ceiling? A) $120,00 B) $230,00 C) $ 270,00 D) $430,00 | E) $460,000 Price (dollars per month) $2,300 2,000 1,500 1,000 600 C ง 0 200 300 500 Supply Demand Quantity (apartments)ext Predictions On Help 5-7. D(x) = 2(x-3)² is the price, in dollars per unit, that consumers will pay for x units of an item, and S(x) = (x-4)² + 79 is the price, in dollars per unit, that producers will accept for x units. Find the following for x < 10. 5) The equilibrium point, 6) The consumer surplus at the equilibrium point, 7) The producer surplus at the equilibrium point 8-9. You want to have $750,000 on your 70th birthday, and you are 25 right now. 8) What lump sum should you deposit now at 1.6%, compounded continuously, to attain $750,000? 9) The amount from #8 is more than you can afford, so you decide to invest a constant amount, R(t) dollars per year. Find R(t) such that the accumulated future value of the continuous money stream is $750,000, assuming an interest rate of 1.6%, compounded continuously. UDH W O D hp Focus BE
