(Figure: Market for Timber) Refer to the figure which shows the market for timber. Which of the following statements is correct? Price $25,000 $20,000 $10,000 $17,000 $7,000 10,000 12,000 New supply Old supply Demand Quantity The incidence of this tax is greater on the seller. The incidence of the tax on the buyer is 10% and on the seller is 90%. The incidence of this tax is greater on the buyer. The incidence of this tax is 50% on the buyer and 50% on the seller.

ng System (Academic) of estion Price (dollars per CDJ g 8 40 20 10 + tax on seller Select one: S 0 10 20 30 40 50 60 70 80 D A. $200 million OB. $20 million OG $400 million O D. $40 million Quantity (millions of CDs per year] In the above figure, what is the total tax revenue collected by the government?

1. Suppose market demand for gasoline is given by QD = 60-2P where QD is quantity demanded and P is the market price. Market supply is given by Qs = 4P where Qs is quantity supplied and P is the market price. (a) Find the equilibrium price and quantity in this market. (b) What is the consumer surplus and producer surplus? (c) Suppose that the government imposes a $3 tax on the good, to be included in the posted price (i.e. tax paid by suppliers). What is new equilibrium posted price? How much of that price do producers keep? What is the new market equilibrium quantity? What is the change in surplus for consumers? What is the change in surplus for producers?

(please don't use Ai solution) Using relevant examples from an economy or business that you are familiar with, discuss how the following economic concepts is useful to business managers and public sector representatives. a. Accurate data on the elasticity of demand for specific goods and services in an economy is important to the public sector representatives. Explain why and how this data can be used for decision making? Please include graphs and in text and referencing

6. Producer surplus and price changes The following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used air fryers. Each seller has only a single used air fryer available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller is willing to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used air fryer. PRICE (Dollars per used airfryer) 240 200 160 120 80 40 0 U 0 Eric 0 D 1 2,80 Ginny ロロ Kenji Lucia 0+ 0 Paolo 2 3 4 QUANTITY (Used air fryers) DO Sharon O 6 Region X (the purple shaded area) represents total producer surplus when the market price is equal to S area) represents when the market price while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement Assuming each seller receives a positive surplus, Eric will always receive more…

Only typed answer

(Don't copy the answer)The current conflict in Ukraine has prompted talk of a possible embargo on gas produced in Russia. Using diagrams, explain the likely effect that such an embargo would have on a) the market price for gas. b) the price charged to consumers by an energy company who purchases gas in the open market and provides it to UK consumers, focusing on the case where the energy market in UK is perfectly competitive. How will consumer and producer surplus be affected? c) the price charged to consumers by a monopoly energy company who purchases gas in the open market and provides it to UK consumers (hence, focusing on the case where the energy market in UK is composed of a single firm). d) Some commentators have proposed that the UK government should charge a per-unit tax to energy companies and redistribute the tax income to the British public to offset some of the negative effects of the current energy shock. What do you think would be the effect of this scheme in the case of…

N7

(Figure: Demand and Supply of Sugar) Use Figure: Demand and Supply of Sugar. A factor that may have shifted the supply from S₁ to S₂ is: Price (per pound) $50 40 40 30 25 20 15 10 0 100 200 S₁ $2 D 500 600 300 400 Quantity of sugar (per month) better technology in the production of sugar. increased demand. lower labor productivity in sugar production. increased prices of substitutes in the production of sugar.

1-3 please