Figure 1: Price/Gallon The Market for Gasoline $17 $16 $15 $14 $13 $12 $11 $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 0 1 5 6 7 8 Gallons en O

Suppose a retail seller of jeans currently has 40 customers. The retailer offers the following quantity discount to these 40 customers. Buy the 1* pair of jeans at a price of $100, buy a 2d pair of jeans at a price of $80, buy a 3d pair of jeans at a price of $60, and buy a 4th pair of jeans at a price of $40. Suppose the cost to the retailer for each pair of jeans is $40. Suppose of these 40 customers, all buy the 1ª pair of jeans, 30 of these 40 buy a 2nd pair of jeans, 20 of these 30 (i.e., those who bought a 2nd pair) buy a 3d pair, and 10 of the 20 (i.e., those who bought a 3rd pair) buy a 4t pair. The profit to the retailer from selling jeans to these 40 customers in this way equals: [10] A. $4000 В. С. $4600 $6200 D. None of the above [11] In the case of first degree price discrimination, each consumer is charged his/her reservation price. А. True В. False

Q4) Assume a market of a specific good. The demand and supply equation is as shown below: Pp = 70 – 3QD Ps = 5 + 20s The demand price elasticities is inelastic. From the firms' perspective, the revenue would be higher if price increases. Let's assume that the market is currently not at the equilibrium with the market price being higher by 2 units than the equilibrium price. 1. Find the market quantity 2. Find the difference in the revenue compared to the equilibrium 3. Find the new demand price elasticities

What is the value of consumer surplus after the imposition of the ceiling? A) $120,00 B) $230,00 C) $ 270,00 D) $430,00 | E) $460,000 Price (dollars per month) $2,300 2,000 1,500 1,000 600 C ง 0 200 300 500 Supply Demand Quantity (apartments)

Homework 2 Q1) Assume a market of a specific good. The demand and supply equation is as shown below: Pp = 70 – 3QD Ps = 5 + 2Qs Find the equilibrium price 2. Find the equilibrium quantity 3. Find the demand price elasticities at the equilibrium 1. 4. Find the supply price elasticities at the equilibrium 5. Find the Consumer Surplus 6. Find the Producer Surplus

Andy buys a new floor mat for his car for $198 and receives consumer surplus of $53 on the purchase. His willingness to pay (in $) for the floor mat is therefore? The result should be an integer number, no decimals (e.g. if the result is 3.67, write 4.) Your Answer:

11. For a particular product the Demand and Supply functions are D(x) = 20 -0.05x and S(x) = 2 +0.002x² Sketch the graphs and using your calculator determine the equilibrium quantity and price. On the graph shade the consumers' and producers' surplus regions. Find the producers' and consumers' surplus. 26 22 20 18 16+ 14 124 10 8 10 30

10) Use the figure below to answer the following question. The equilibrium point in the market is the point at which the S and D curves intersect. Price P₁ 0 a C Q₁ b d Q₂ @ Quantity S D If actual production and consumption occur at Q₁ A) consumer surplus is maximized. C) missing surplus of e + d occurs. 10) B) missing surplus of b + d occurs. D) economic surplus is maximized.

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only typed answer Is this right?