35. Assuming a $7 per unit tax is imposed, the total welfare loss to both sellers and buyers will be $______.     a) 10     b) 12     c) 14     d) 16     e) 19     f) 28     g) 36     h) 48     i) 66     j) 70     k) 84

Suppose that the supply and demand schedules for a local electric utility are as follows:Price 17 16 15 14 13 12 11Quantity supplied 9 7 5 3 1 - -Quantity demanded 3 4 5 6 7 8 9The price is in cents per kilowatt hour (kWh), and the quantity is millions of kilowatt hours. The utilitydoes not operate at prices less than 13 cents per kWh.(a) Using graph paper and a ruler, or a computer spreadsheet or presentation program, carefully graphand label the supply curve for electricity.(b) On the same graph, draw and label the demand curve for electricity.(c) What is the equilibrium price of electricity? The equilibrium quantity? Label this point on yourgraph.(d) At a price of 17 cents per kWh, what is the quantity supplied? What is the quantity demanded? Whatis the relationship between quantity supplied and quantity demanded? What term do economists useto describe this situation?(e) At a price of 14 cents per kWh, what is the relationship between quantity supplied and quantitydemanded? What…

Continuos income streams(total value, present value,future value) Consumers surplus and producers surplus A national study of U.S. colleges results in a demand equation q=20000-2p where q is the enrollment at a public college or university and p is the average annual tuition (plus fees) it charges. Officials at ESU have developed a policy to guide the number of students it will accept at a tuition level of p dollars. It is summarized in the equation q=7,500=0.5p. find the quilibruim tuition price p. find the consumers surplus for price p. find the producers surplus for pruce p. Find the total social gain.

4. We say that rent stabilization creates rationing because . . .(a) Those who are in rent stabilized housing are issued ration booklets which they use to pay therent. (b) Some people don’t want to live in rent stabilized apartments because they tend to be old (pre- 1974).(c) So long as rent stabilization keeps rents below the market level, demand must exceed supply,which is the very definition of rationing.(d) Supply will not be at its first best level.(e) So long as rent stabilization keeps rents below the market level, the intervention in the marketkeeps some sellers from reaching buyers, meaning there is excess supply