Fill in the table below. That is, calculate equilibrium price and quantity, producer, consumer and social surplus. Show your answers also graphically in Excel. Beer market Equilibrium Price Equilibrium Quantity Consumer Surplus Producer Surplus Social Surplus Question 3.2 Is there any deadweight loss in such market? Briefly motivate your answer, also by explaining the economic meaning of deadweight loss.

The blue curve on the following graph represents the demand curve facing a firm that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. # 345470 10 QUANTITY (Unita) *** TO QUANTITY (Number of units) Graph Input Tool Market for Goods Quantity Demanded (Lv) Demand Price (Dollars per unit) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 2, 4, 5, 6, 8, and 10 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbo) to plot the results. Total Revenue QUANTITY() Ⓒ 50.00 Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of…

In the market for hand sanitizers the demand function is given by: q = 80 - p, where q is the quantity of hand sanitizers (in thousands) and p is the price of hand sanitizers in dollars. Suppose the current market price for hand sanitizers is $4. 1. What is the inverse demand function equal to? Draw it in a diagram. 2. At a price of $4, what is the level of consumer surplus? 3. Due to the unprecedented COVID-19 pandemic, people's preferences for sanitizing their hands change in favor of hand sanitizers. In fact, for any given price of hand sanitizers, people now want to purchase 20 units (in thousands) more hand sanitizers. o What is the new demand curve? o What is the new inverse demand curve? o Draw the new inverse demand curve in your diagram. 4. Suppose that after the increase in demand, the new price becomes $8. What is consumer surplus equal to at this new price (and with the new inverse demand curve)? 5. [Challenge Question] What would the consumer surplus be if the government…

Macmilla As with any supply and demand diagram, the of diamond rings is labeled on the vertical axis, and the of diamond rings demanded and supplied is labeled on the horizontal axis. price; quantity quantity: price supply; demand demand; supply consumer surplus; producer surplus

Use the following information to answer Questions 1 - 3 In a competitive market for whole milk, the market demand is QD = 1000 – 50P and the market supply is QS = 150P, where Q denotes the quantity in gallons and P denotes the price in dollars. [1] Calculate the competitive market equilibrium price? [2] Calculate the competitive market equilibrium quantity? [3] At the competitive market equilibrium price and quantity, calculate the value for consumer surplus? Hint: it might be helpful to construct a graph.

The following diagram represents the market for paperback books. Which area represents producer surplus? Price per book 30 (dollars) с B O A A X 15 15 None of the above. 30 Thousands of books per week

Graphically, producer surplus is the area from the market price ($120) down to the supply curve and over to the equilibrium quantity of 120.

In a perfectly competitive market for cheese with downward sloping demand and upward sloping supply, the equilibrium price is $12 per kilo. If the government imposes a price ceiling of $10, we can conclude that the government policy will: Select one: a. reduce the number of units sold only if demand is elastic b. decrease producer surplus and decrease total surplus c. reduce the number of units sold only if demand is inelastic d. decrease producer surplus but increase total surplus e. increase producer surplus but decrease total surplus

Suppose the market for a certain good is perfectly competitive and the demand is given by P=1000-Q and the supply is given by P=Q. The market is currently in equilibrium. What are the producer surplus and consumer surplus, respectively? $1250 and $1250 $2500 and $2500 $2500 and $1250 $1250 and $2500

Use the graph below to answer the following questions: a) what is the level of producer surplus if the market clearing price is $6?  b) calculate the change in producer surplus if price increases from $6 to $8.  c) what is the elasticity of supply in the $6-$8 price range?