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- 8. Total economic surplus The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. ? PRICE (Dollars per headset) 350 315 280 245 210 175 140 105 70 35 0 0 Demand Supply 85 170 255 340 425 510 595 680 765 850 QUANTITY (Millions of headsets) Total surplus in this market is $ million. Equilibrium Consumer Surplus Producer SurplusDetermine whether the following statements is true or false, and explain why. The consumers’ surplus and the producers’ surplus equal each other.Economic surplus at 8 million hours: $ b. Now, suppose that the actual quantity of childcare hours in the market is 4 million. Place points A and B on the graph to label the actual hours, and calculate the new value of the economic surplus in the market at 4 million hours. Economic surplus at 4 million hours: S c. Place the shape on the graph to label the deadweight loss that occurs in the market at 4 million hours. d. At 4 million hours, the marginal benefit to households is e. The efficient quantity of hours in this market is million hours. million. million. the marginal cost to child care providers.
- Below is the given data : 1: P=16-4Q1 2: P=16-2Q1 3,4: P=16-4Q1 a. graph the market demand curve b. At the price of $6, how many visits to the gym will our 4 people make a month? Label A : compute consumer surplus at $6Create an original graph in equilibrium like the one in the last problem. Label everything, including the letters that would correspond to CS, PS, etc. P qor Q In equilibrium what are the letters and the total dollar amounts that correspond to the area for the... ix. original consumer Surplus? x. original producer Surplus? Xi. Total Market Surplus? Show what happens when an effective price floor is placed on this market. what are the letters and the total dollar amounts that now correspond to the... xii. New Consumer Surplus? xiii. New Producer Surplus? I Xiv. Area that was transferred? XV. Dead weight Loss? Xvi. Remaining Surplus?K- the graph to the right represents the market for DVDs The value of consumer surplus is $40 million (Enter your response as an integer) The value of producer surplus is $20 million (Enter your response as an integer) Using the triangle drawing tool twice, draw consumer and producer surplus Properly label each triangle Carefully follow the instructions above and only draw the required objects. If underproduction occurs in this market, and 10 million DVDs are produced, consumer surplus is $25 million and producer surplus is $5 million (Enter your responses as integers) (Hint: When calculating consumer and producer surplus, assume that only the quantity being produced changes, market price remains the same) The deadweight loss with underproduction is million (Enter your response as an integer) (E WOULD Market for DVD 12 № 20 24 26 Quantly of DVDs (m)
- Please solve every single partNoneCreate an o riginal graph in equilibrium like the one in the last problem. Label everything, including the letters that would correspond to CS, PS, etc. Gooo A... Price 30-00+ 20.00 10.00- 0.00- 5 S 0.00 20.00 30.00 Quantity ix. original consumer Surplus? k. original producer Surplus? Xi. Total Market Surplus? équilibrium 10,00 In equilibrium what are the letters and the total dollar amounts that correspond to the area for the... xii. New Consumer Surplus? xiii. New Producer Surplus? 40.00 Xiv. Area that was transferred? XV. Dead weight Loss? Xvi. Remaining Surplus? 50.00 Assume an effective quota has been placed on the market changing the quantity by 2,000 units. Show what happens when an effective price floor is placed on this market. what are the letters and the total dollar amounts that now correspond to the...
- Use the graph to calculate consumer surplus when the market is at equilibrium. Price $400 30 15 10 100 150 200 300 Quantity A $3,000 В $5,000 $2,000 $4,000 20Only typed answer and please answer correctly2. Taxes and welfare Consider the market for air conditioning units. The following graph shows the demand and supply for air conditioning units before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of air conditioning units in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. ? 270 Demand 210 150 120 ༔ ༔ ༔ ༔ ༔88 30 PRICE (Dollars per air conditioner) 90 Supply 60 Before Tax 0 0 20 40 60 80 100 120 140 160 180 200 Suppese QUANTITY (Air conditioners) + Equilibrium Δ Consumer Surplus Producer Surplus Leveice tax on air conditioning unite. The black ing on the followin weden creat ad bu a tav
