EC 252 Midterm 2 SA Practice 2. Use the following graph to answer questions A-C: Supply and Demand for Lumber 55 50 45 40 35 30 25 20 15 10 5 35 45 40 50 40 45 55 45 50 60 70 50 55 65 60 70 75 55 65 75 80 70 80 Supply 75 85 Demand 2 Demand 1 0 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 A) Suppose Demand 1 is the market demand curve. Further, suppose Demand 2 represents the market demand curve when there is a tax imposed on consumers. What is the per unit amount of the tax? What is the share of the burden of the tax? B) What is the total revenue collected by the tax? Will there be a dead weight loss as a result of the tax? If so, how large is it?

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PRICE (Dollars per CD) 20 18 16 14 2 0 0 S₂ S₁ 1 2 1 4 5 6 7 QUANTITY (Millions of CDs) 8 9 10 Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be you know that at a price of $10 per CD, the is five million CDs. Moreover,

(1) The graph below shows the demand curves of two products by Ghana Nuts Company Ltd. Use the information provided on the graph to answer the questions that follow: Price Cedis per gallon 30 B 25 D1 D2 200 225 300 Quantity (gallons per day) (a) Calculate the price elasticity of demand for D, between point A and point C, and the price elasticity of demand for D2 between point A and point B. which of the two demand curve is more elastic? Briefly explain. (b) Suppose Ghana Nut is initially selling 200 gallons per day at a price of C30.00 per gallon, calculate the total revenue for Ghana Nuts Company Ltd. at price C30. If they cut the price to C25.00 per gallon and their demand curve is D1, what will be the change in their revenue? What will be the change in their revenue if demand curve is D2? 2. Suppose quantity demanded of beans increase from 1500 bags to 1800 bags as a result of an increase in the price of rice from GH¢80 to GH¢100. Calculate the cross price elasticity of demand for…

1:55 AM ← W Akhil Bagde 2 minutes ago Price (dollars) Price (dollars) P₁ P₁ Graph A Q₂₁ Quantity (units per time period) Graph C Exhibit 3-3 Demand curves Q₂ D₁ VPN D Price (dollars) Vo LTE Price (dollars) P₁ P₁ 4G A: Q₁ Q₂ Quantity (units per time period) Q₂ Q₁ Quantity (units per time period) Which of the graphs in Exhibit 3-3 depicts the effect of a decrease in the price of domestic cars on the demand for foreign cars? O a. Graph C. O b. Graph B. O c. Graph D. O d. Graph A. (100) ال Q₂ Graph B Graph D Q₁ Quantity (units per time period)

"Standard tickets for Beyonce’s Renaissance tour went on sale in the UK for a price of£56 in February 2023. Many fans complained about receiving constant errormessages and being stuck in long on-line queues of more than 500,000 people. Inresponse to these negative comments a spokesperson for Ticketmaster, thecompany in charge of selling the tickets, stated that: ‘There was never going to be enough tickets to meet demand’." What is a secondary ticketing market, and how does its existence affect the allocation of resources in the market for Beyonce's Renaissance tour tickets? (Include diagram)

Answer all as they are subparts and get like don't upload any graph. Hand written solutions are strictly prohibited.

Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20                                    18030                                    16040                                    14050                                    12060                                    10070                                     8080                                     60 a) 120b) 180c) 100

I cant seem to remeber the formula to use to fill out S2 and D2