a, b, and c of this have already been solved (see attached). Attachment also includes original question.   (d) How much is the total surplus of this economy?   (e) Now suppose that the industry makes a one-time investment for $K amount of dollars to innovate in a new technology of production that allows every firm to reduce its cost of production to a 1/4 fraction of the previous cost. What is the new total surplus of the economy? Who is benefiting the most from the industry innovation? (f) Is it reasonable to assume that in the long-run $K is exactly equal to the size of the industry profits? why?

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Betty is willing to pay up to $150 for a particular pair of boots. She is able to buy the boots for $120. The marginal cost of producing the boots is $60. How large is the total economic surplus associated with her purchase of the boots?

2. In the following, we are going to use the microeconomic theory we have developed in class to explore the short run implications of the rise in the price of gasoline in 2022 due to various factors, including the war in Ukraine. We can use the "constant elasticity" demand function, Qg = Pey, as a framework for representing the demand for gasoline. The reason it is named as such is that the exponents for the price of gasoline (P) and income (Y), denote the price elasticity of demand (e) and income elasticity of demand () for all levels of each variable. a. Use the formula for price elasticity of demand to calculate the price elasticity of demand to show that it equals the parameter &. Note that you would receive an analogous result if you did this for income elasticity of demand. b. Use the following estimated values to "calibrate" the constant elasticity demand function, that is, use algebra to solve for a value for the parameter (phi) based on average annual consumption, average…

D, E and F please thank you

1) In the market for second hand cars, when the phenomenon of 'adverse selection'occurs this normally refers to the fact that(a) second hand cars are by definition worse than new cars.(b) only relatively poor people want to buy second hand cars.(c) sellers of relatively good cars withdraw from the market .(d) None of the above.2) Producer surplus will be zero at any quantity if(a) supply is perfectly inelastic.(b) supply is perfectly elastic .(c) demand is perfectly inelastic.(d) demand is perfectly elastic.

Price P₂ b C d e 1) 2) P₁ D Q₁ Q₂ Quantity 3) If actual production and consumption occur at Q1 and the price is P2 a) deadweight loss equals area f. b) consumer surplus equals area a + b. c) producer surplus equals area c. d) producer surplus equals area c + b. If actual production and consumption occur at Q2 a) there is deadweight loss of f. b) economic surplus is below the maximum. c) consumer surplus and producer surplus is maximized. d) there is deadweight loss of d. If actual production and consumption occur at Q1 and the price is P1 deadweight loss equals area b. a) b) consumer surplus equals area a. c) consumer surplus equals area a + b. d) producer surplus equals area c + b. R? deadweight loss equals area