You currently have an old hardwood cabinet that you want to sell. You can either pick a price and try to sell it at a yard sale or auction it off on eBay. Which method do you think will yield a higher producer surplus? Why?
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5-1. You currently have an old hardwood cabinet that you want to sell. You can either pick a price and try to sell it at a yard sale or auction it off on eBay. Which method do you think will yield a higher
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- You own a company that produces coasters. You set the price at $10 for a set of six coasters. Then you produced 10,000 sets. After one year, you realize you have a surplus of 4,000 sets. What would you do take to reach equilibrium?What constitutes trading according to tax lawThe federal government requires that all foods display information about fat content and other ingredients on food packages. The displays have to be verified by independent labarotories. The price of an evaluation of a food product could run up as much as $20,000. What impact do you think this law will have on the market meat?
- Describe one way the government might impact the Dairy products industry with price controls, regulations, taxes or any other way?A surplus results when aA “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. $40
- Producer surplus is the difference between the price the firm would be willing to sell its food for and the price the firm actually receives. True or falseV surplus is the difference between the highest price a consumer is willing to and the price the consumer actually pays. This component of economic surplus is illustrated in the diagram to the right by area Do Quantity (per time period)ow does it tend to affect prices when licensing is required for entry into a particular field of work? It tends to lower prices. It tends to raise prices. There is no consistent effect on prices caused by licensing. It stays the same.
- What happens to a country's economy if there is a high tax for the company that earns more in that country?You currently have a television that you want tosell. You can either pick a price and try to sell it ata yard sale or auction it off on eBay. Which methoddo you think will yield a higher producer surplus?Why?What is the purpose of a boycott? Describe the characteristics of companies and consumers that are likely to be involved in a boycott situation. What circumstances would cause you to consider participating in a boycott?