California Tools, a calculator manufacturer, incurs a cost of $20 to produce CT-Imagine CAS calculator... Students value the calculator at $118 as it is necessary to take standardized tests for college admission. Suppose the calculator regularly retails for $100. This transaction generates O a. $18 worth of buyer surplus and unknown amount of seller surplus. O b. $118 worth of buyer surplus and $100 of seller surplus. O c. no surplus. d. $80 worth of seller surplus and $18 of buyer surplus.

Which one of the following statement is incorrect? O A. The difference between the lowest price at which producers are willing to supply a product and the price they actually receive is known as the producer surplus O B. The producer surplus is depicted by the area below the demand curve and above the market price. O C. The value between what consumers pay and the maximum value that they are willing to pay for a product is known as the consumer surplus O D. To determine consumer surplus, one must have knowledge of the market price of a particular product

Price ($) OA. left; shift upward in the right panel O B. right; remain unchanged in both panels O C. right; shift upward in the right panel O D. right; remain unchanged in the right panel only O E. left; remain unchanged in both panels Quantity D Price ($) Quantity _d₁ Consider the figures above. The left panel shows the industry supply and demand lines. The right panel shows an individual firm's demand line. If there is an increase in the cost of the productive inputs used in this industry, the industry supply line will shift to the demand line will in the left panel, and the

This question is inspired on the recent evolution of electricity markets in Switzerland and the EU.Suppose a market consists of three producers:i. Firm 1 (photovoltaics) has a marginal cost of production od CHF 1 and can produce up to 100 MW/h;ii. Firm 2 (hydroelectric) has a marginal cost od production of CHF 5 and can produce up to 200 MW/H;iii. Firm 3 (gas) has a marginal cost od production of CHF 20 and can produce up to 200 MW/h.For simplicity, assume that there are no fixed costs of production.Consumers are willing to pay a constant amount of 25 CHF for each additional MW/h up to 500 MW/h. a) Draw a graph of supply and demand for this market.b) Calculate the price in the market and the profits of each company.

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FoisPas, a French restaurant in Westwood, has decided to increase the price of its Sunday brunch from $30 to $34. Following this price increase, the number of reservations on a typical Sunday dropped from 60 to 55. Which statement is correct? O FoisPas was initially maximizing revenues, as demand was unit-elastic at the initial price O The total costs faced of FoisPas on a typical Sunday must have increased for sure O The price increase led to a decrease in total revenues as demand was elastic at the initial price O FoisPas faces a horizontal demand curve O The price increase had a positive impact on total revenue as demand was inelastic at the initial price

QUESTION 9 28 24 20 16 12 00 4 0 P 0 S1 D1 4 8 12 16 20 09. A possible explanation for a change in demand from D1 to D2 is O a) an decrease in the price of a substitute good. b) an improvement in technology. O c) an increase in wages. O d) a decrease in supply. O e) none of the above. S2 D2 24 Q

Gas-powered hedge trimmers Price (P) S D Quantity (Q) The cost of labor rises in this industry. At the same time consumer tastes shift away from this product in favor of quieter or less-polluting alternatives. What is likely to happen in this market? Select one: O a. Price may rise or fall; Quantity will fall. O b. Price may rise or fall; Quantity will rise. O c. Price will rise; Quantity may rise or fall. O d. Price will fall; Quantity may rise or fall. Clear my choice Check

Quantity Demanded Per Year Quantity Supplied ITT Price Per Unit Per Year 2,000 1,800 1,600 1,400 1,200 1,000 $5 10 300 15 600 20 900 25 1,200 1,500 30 Refer to the above table. In this competitive market, the price and quantity will settle at: O a) $15 and 1,600 units O b) $10 and 2,000 units c) $25 and 1,200 units d) $20 and 900 units