60 40 b h 30 20 d 10 k 30 Q (in Thousands) 10 The above picture depicts the market for fresh Salmon (prices per pound). If California subsidized the capture and sale of salmon by $20 a pound, the producer surplus would be. Areas b + c +d + f +g Areas c+d+g O Areas b + c+ d + f +g+h +i+j O Areas b +c + d +f+g+h Areas c+d+e+ i +j+k %24

Suppose Home is a small exporter of wheat. At the world price of 100 US dollars per tonne, Home growers export 20 tons of wheat. Now suppose the Home government decides to support its domestic producers with an specific export subsidy of 40 US dollars per tonne. Use Figure 1 to answer the following questions: Figure 1: Supply and Demand for Wheat at Home Home price 140 100 X 10 20 40 50 Supply Demand Quantity (a) Explain why consumer and producer surplus can be used to gauge the change in welfare caused by the export subsidy on individuals and firms.

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Refer to the figure. Price (dollars) 10 9 8 7 6 4 B 2 1 Market for Artichokes 50 100 D 150 S 200 Quantity (pounds of artichokes) 250 Tools DL e Suppose the local farmers' market sets a minimum price of $6 per pound that farmers can charge for artichokes. The supply and demand for artichokes is described in the graph above. Using the graph, show the resulting deadweight loss from the new minimum price, and then determine the amount of the deadweight loss as a result of the pricing policy. Instructions. Use the tool provided "DL to illustrate this area on the graph. Ceadweight lose: $

3.50 3.00 S- MSC 2.50 2.00 1.00 50 D = MSB 2 6. 7. 8. 6. 10 Quantily (millions of gallons of milk per day) In the above figure, if the price is $1.25 per gallon of milk and 5 million gallons are produced and consumed, then the consumer surplus is and the producer surplus is اختر أحد الخيارات a. $6.25 million; $6.25 million b. $12.5 million; $12.5 million .C. None of the above answers are correct d. $3.125 million; $3.125 million Price (dollars per gallon of milk)

Price ($) 14 13 12 11 10 9 8 7654321 A H DE B IC X G F 10 20 rise by area B + C, but fall by area C + G. S D rise by area B, but fall by area C + G. O According to the graph shown, if the market goes from equilibrium to having its price set at $10 producer surplus will: (A) rise by area B, but fall by area G. Brise by area B + C + D + E. Quantity

Price $10 ∞o 9 5 4 3 2 0 Demand 10 20 Subsidy Supply 30 40 50 60 70 80 90 100 Quantity Total gains from trade: $ a. Without the subsidy, what are the total gains from trade?

PRICE $6.00 $5.50 $5.00 $4.50 $4.00 $3.50 $3.00 The Market for Gasoline 0 200 400 600 S D QUANTITY OF GASOLINE Shade (or describe), and then calculate Consumer Surplus with the price control. Shade (in a different color, or describe), and then calculate Producer Surplus with the price control. Total Economic Surplus with the price control. Deadweight Loss with the price control. The price control results in a (shortage or surplus - circle one) of units. Price controls create winners, losers, and efficiency. Explain how the graph provides evidence of each. Now impose a price floor of $5.50 on this market.

8. a. b. C. Price d. P S P 0 P. A d H B E I area H. FG J 20 D Q1 Refer to Excise Subsidy. After the subsidy is granted, producers' surplus equals area A + B + E + H. area E + H+F+I. area B + C + E + H. S S + Subsidy D Quantity

S= 11c- O D+G OA+B p. c per stem Which area corresbonds to producer surplus at a price of $0.30? What is the area of total social welfare? A+B+D+G B+_D+G 30c 28c OA+B C+D D+G E B n F S Demand 1.25 1.34 Q, Billions of rose stems per year