- Consumer surplus is highest in case of

The table below represents the market for DVDS.     The value of consumer surplus is $__________milon (Enter your reaponse as an integer)

Based on this graph,Calculate the total revenue from 200 pairs of shoes if there is a price ceiling.

4. In order to reduce farm output, raise farm prices, and thus raise farm incomes (revenues), the government pays farmers to set aside a portion of their land from production. Using a graph, explain in terms of the elasticity of demand for farm products why farmers may be better-off when harvests are low even if we ignore the money they receive from the set-aside program.

A surplus results when a

Subsidies on domestically produced sport utility vehicles cause a(n) in the supply of sport utility vehicles. O increase; foreign O decrease; domestic O decrease; foreign O increase; domestic

stion 3 The area above the price line and belowlthe demand curve is called producer surplus. O a Ob oreconomic surplus. consumer surplus. OC. total surpluS. A Moving to another question will save this response. Quiz 5 Graph(1).docx

PRICE (Dollars per unit) 350 225 175 50 0 12 +--- Region Between X and Y Between W and X Between Y and Z Z True False 42 54 QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elas elastic, or inelastic. 84 W Demand - Elastic Inelastic Unit Elastic True or False: The slope of the demand curve is equal to the value of the price elasticity of demand.

5. Suppose that the price elasticity of the demand is 0.76. If we increase the price ofthe the demanded product, how would this affect the revenue? Explain

The income elasticity of demand for olive oil is. Select one: O a. negative as olive oil is considered a good of low quali O b. negative as olive oil is considered an inferior good c. positive as olive oil is considered a normal good. d. equal to zero as the demand for olive oil does not dep