K possible A A small town provides a fireworks display, which is a public good, every fourth of July. For simplicity, assume the town only has two residents: Hayden and Madison. Their demands for the fireworks display are illustrated in the figure to the right. Construct the market demand curve for this public good. Use the line drawing tool to draw the market demand curve (DMarket) for the fireworks display. Properly label this line. Carefully follow the instructions above, and only draw the required objects. Price (dollars per firework) 8.00T 7.50- 7.00- C 6.50- 6.00- 5.50- 5.00- 4.50- 4.00- 3.50- Madison Hayden 3.00- 2.50- 2.00- 1.50 1.00- 0.50- 0.00 0 2 4 6 8 10 12 14 1 Quantity (number of fireworks)

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4: What are five fundamental questions (and answers) in economics? Five fundamental questions How do market system answer the question? 1. 2. 3. 4. 5. Chapter 3 starts here. Define "demand" and State the law of demand. Demand is a (s (w_ specified period of (t d ) or a curve which shows the various amounts of a product buyers are ) to purchase at each price in a series of possible prices during a ) and (a ). Demand portrays relationship between ), they are (positively, negatively) related either in the table or in the ( graph ). The law of demand states that, other things being equal, as price increases, the corresponding quantity demanded (rises, falls). Restated, there is a (an) ( direct, inverse ) relationship between price and ) and ( q. quantity demanded with everything else held constant.

1. Externalities - Definition and examples An externality arises when a firm or person engages in an activity that affects the wellbeing of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is adverse, it is called a externality. The following graph shows the demand and supply curves for a good with this type of externality. The dashed drop lines on the graph reflect the market equilibrium price and quantity for this good. Adjust one or both of the curves to reflect the presence of the externality. If the social cost of producing the good is not equal to the private cost, then you should drag the supply curve to reflect the social costs of producing the good; similarly, if the social value of producing the good is not equal to the private value, then you should drag the demand curve to reflect the social value of consuming the good. ? PRICE (Dollars per unit) QUANTITY (Units) Supply Demand Demand Supply With this type of…

PROBLEM (5) (tariff) The domestic (US) demand and supply for soy is p = 80 − QD and p = QS + 10 respectively. US market is very small relative to the world market, and the world (equilibrium) price is $20. Draw one graph for the market marking all intercepts and intersections to help you with (a) and (b) below. (a) If there is NO trade, what is the CS, PS, net domestic benefits, DWL?(b) If there is free trade, what is the CS, PS, net domestic benefits, DWL? How many units are imported? Now the state imposes a tariff of t dollars per unit.(c) What should be the tariff amount t to maximize tariff revenues? In this case, what is the DWL?(d) What should be the tariff amount t so that consumers and producers equally well off (CS equals PS)? (e) What should be the tariff amount t to maximize PS?(f) What is the most efficient tariff amount t? What is the least efficient tariff amount t? (i.e. that minimizes and maximizes DWL respectively.)

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please do it quick i need it as soon as possible.(3) Sketch a supply and demand model of the housing (home ownership) market. Label the equilibrium price and equilibrium quantity. Now sketch in TWO changes on the same graph: an increase in demand; a reduction in supply.

V surplus is the difference between the highest price a consumer is willing to and the price the consumer actually pays. This component of economic surplus is illustrated in the diagram to the right by area Do Quantity (per time period)