1. Consider the market for soybeans in the United States. Suppose that marketdemand for soybeans can be represented by P = 70-12Q. In 2023, supply couldbe represented by MC = 5Q-15.a. (10 Points) What was the equilibrium price and quantity in 2023? What isConsumer and Producer Surplus in 2023?b. (5 Points) Suppose there is a "bumper crop" in 2024 and supply increasesto MC = 5Q-23.5. What will be the equilibrium price and quantity in 2024?

Part (a): Equilibrium in 20231. Find the Equilibrium Price and QuantityThe equilibrium occurs where…

Answered: 1. Consider the market for soybeans in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(Figure: Market for Pesticides) In the market for pesticides shown here, the original equilibrium price is $25. In an effort to reduce the usage of pesticides, a tax is then placed on the buyers in this market. Who bears the statutory burden of this tax? Price $30 $27 $25 $19 $10 the seller 9,000 15,000 the government the buyer the people who make the law on taxes Supply Old demand New demand Quantity
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(Don't copy the answer)The current conflict in Ukraine has prompted talk of a possible embargo on gas produced in Russia. Using diagrams, explain the likely effect that such an embargo would have on a) the market price for gas. b) the price charged to consumers by an energy company who purchases gas in the open market and provides it to UK consumers, focusing on the case where the energy market in UK is perfectly competitive. How will consumer and producer surplus be affected? c) the price charged to consumers by a monopoly energy company who purchases gas in the open market and provides it to UK consumers (hence, focusing on the case where the energy market in UK is composed of a single firm). d) Some commentators have proposed that the UK government should charge a per-unit tax to energy companies and redistribute the tax income to the British public to offset some of the negative effects of the current energy shock. What do you think would be the effect of this scheme in the case of…
2A. Refer to Figure 8-25. What are the equilibrium price and equilibrium quantity in this market? 2B. Refer to Figure 8-25. How much is producer surplus at the market equilibrium? 2C. Refer to Figure 8-25. How much is total surplus at the market equilibrium? Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.
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