36 Social Cost 30 30 24 24 18 PRICE (Dollars per unit) 2 6 Supply Demand H 100 200 300 400 500 600 QUANTITY (Units of plastic) Refer to Figure 10-6. In order to reach the social optimum, the government could O impose a tax of $3 per unit on plastics. impose a tax of $9 per unit on plastics. O impose a tax of $12 per unit on plastics. Ooffer a subsidy of $9 per unit on plastics.

9. This table shows the demand and supply schedule for Ben & Jerry's ice cream pints per month. Circle the market equilibrium price and quantity on the table below. a. b. C. Price (S/pint) 7 6 5 4 3 Quantity demanded (millions of pints/month) 8 12 16 20 24 Use the same graph for part a and b. Graphically illustrate supply and demand for this market including the equilibrium point and price and quantity levels at the equilibrium. Use the graph from part a. If the price of a pint is $7, show and describe the market situation graphically and verbally. Explain what must happen to restore market equilibrium. Draw a new graph. Suppose the government imposes a price ceiling of $3 for a pint of Ben & Jerry's. What is the result? Show and describe the market situation graphically and verbally. (Include only equilibrium and new numbers. Show and calculate shortage/surplus.) Quantity supplied (millions of pints/month) 22 19 16 13 10

Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex are shown in the following table. a. Fill in the missing values (gray-shaded cells) in the table. Price per Candy $ 8 7 6 5 4 Individual Quantities Demanded Tex 2 4 8 10 Dex 3 4 5 Rex 2 10 14 18 Total Quantity Demanded 14 21 28

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Tips ips 3. Individual and market demand Suppose that Carlos and Deborah represent the only two consumers of iced coffee in some hypothetical market. The following table presents their monthly demand schedules for iced coffee: Price (Dollars per cup) 1 2 3 ss W 4 5 Carlos's Quantity Demanded Deborah's Quantity Demanded. (Cups) (Cups) 8 16 5 12 3 8 4 2 1 0

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4. Graph the supply and demand curves and use the midpoint (averages) formula to calculate the respective price elasticities of supply and demand over the price range given. Then determine over what range of prices supply and demand are elastic, unit elastic, or inelastic. E₁ QS 2400 2200 1900 1500 1000 500 Price $14 12 10 8 6 4 QD ol 500 1000 1500 2000 2500 Ed

13. A new fertilizer which greatly improves the corn crop yield is being widely used by corn farmers. You accurately predict that this      a. will shift the supply curve of corn to the right, the equilibrium price of corn will increase, and the demand for corn will fall.   b. will shift the supply curve of corn to the right, the equilibrium price of corn will decrease, and the quantity demanded of corn will increase.   c. will shift the supply curve of corn to the left, the equilibrium price of corn will increase, and the quantity demanded of corn will decrease.   d. will shift the supply curve of corn to the left, the equilibrium price of corn will increase, and the demand for corn will fall.

5. The variety of demand curves The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A. PRICE (Dollars per unit) 400 360 320 280 240 200 160 120 80 40 H 0 40 M B N + 'xx. DE O A N M + 80 120 160 200 240 280 320 360 400 QUANTITY (Units) ?

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