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- Price ($) 15 14 13 12 11 10 9 S 8 D 7654321 0 10 20 30 40 50 60 70 80 90 Quantity Assume the market depicted in the graph is in equilibrium. What is total surplus?What is Consumer Surplus at a price of $5? Price Quantity Demanded Quantity Supplied 12 1 6 10 2 5 8 3 4 6 4 3 4 5 2 2 6 1 Multiple Choice $4 $20 $16What is Producer Surplus at a price of $5? Price 12 10 8 6 42 Quantity Demanded 1 2 WN 3 456 Quantity Supplied 6 5 4 3 2 1
- Price Blank 1 Add your answer $24 $22 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 a. Calculate total surplus when demand is D₁. $ Blank 1 Blank 2 Add your answer 0 25 50 500 b. Calculate total surplus when demand decreases to D₂. $ Blank 2 75 02150 125 S₁ 1 175 Quantity 200 225 250 D₁ 275 ... 300p ($/unit) 200k 160 120 80 40 5000 Equilibrium price =$ Equilibrium quantity a) What are the equilibrium price and quantity for the supply and demand curves in the figure above? = S (quantity) Consumer surplus =$ i 10000 b) Estimate the consumer and producer surplus. Producer surplus =$ i Round your answers to the nearest thousand. SUPPORT24 22 20 18 16 14 12 10 8 6 4 2 price 2 4 6 8 10 12 14 16 18 20 A price floor set at S D quantity $16 will be binding and will result in a surplus of 10 units. $6 will be binding and will result in a surplus of 6 units. $16 will be binding and will result in a surplus of 4 units. $6 will be binding and will result in a surplus of 10 units.
- The supply and demand curves of a product are shown in Figure 6.13. Approximate the difference in the total gains from trade if the price is artificially increased from the equilibrium price of p-95 to p - 110. punt 200 180 160 140 120 888888 100 80 60 40 20 50 (a) $137.50 (b) $3,250 (c) $4,675 (6) $4,750 100 150 Figure 6.13 (4) $7862.50 () $6000 200 Click if you would like to show Work for this question: Doen Show Work 9 th By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor 0 ViewSonic Question Attempts: 0 of 3 used Earn Maximum Points available answer this question correctlyFigure 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].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
- By how much will consumer surplus increase if the price of the product decreases from $15 to $10? $185 $160 $441 O $256 Price $31 $15 $10 32 42 D QuantityAssume that the actual price of the tv is 2096 lower than what you are willing to pay. Consumer surplus is the difference between what you are willing to pay and the actual price of the product. What is the consumer surplus in this situation? Sceptre 65" Class 4K UHD LED TV HDR U650CV-U Average Rating (4.1)out of 5stars1529 ratings, based on1529reviews Please see the provided rubric. O Focus hp inbrt sc & 8 {A market is represented by Q 20P- 2,180 and Q-5,260-30P where Q is measured in tonnes and P is measured in dollars/tonne. At the current market price is $142/tonne, then there is excess supply (or a surplus) of 340 tonnes. demand (or a shortage) of 136 tonnes. demand (or a shortage) of 340 tonnes. supply (or a surplus) of 1,000 tonnes. supply (or a surplus) of 136 tonnes. supply (or a surplus) of 204 tonnes. demand (or a shortage) of 1,000 tonnes. demand (or a shortage) of 204 tonnes., supply (or a surplus) of 660 tonnes. demand (or a shortage) of 660 tonnes.