Macmillan Learning The accompanying diagram represents the market for violins. Suppose that a new technology allows beginner-level violin producers to make violins at a substantially lower marginal cost while retaining the same quality. This causes the market supply curve to increase from S1 to S2. a. Place the area labeled CS to represent the new consumer surplus in the market and the area labeld PS to represent the new producer surplus in the market.

Suppose there is a shortage of supply of goods from China to Australia due to Covid-19 disruptions. What will be the impact of this on catering business in Darwin? Explain using demand and supply diagram.

The graph shows the supply curve of fitness trackers and the market price of a fitness tracker. Draw a point that shows the marginal cost of the 30th fitness tracker. What is the marginal cost of the 30th fitness tracker? The marginal cost of the 30th fitness tracker is OA. the producer surplus received by the seller from the 30th fitness tracker O B. the minimum price at which the seller has an incentive to sell the 30th fitness tracker OC. the value that the buyer places on the 30th fitness tracker OD. the price that the seller receives when the 30th fitness tracker is sold 120- 100- 80- 60- 40- 20- Price (dollars per fitness tracker) 0+ 0 20 40 Market price 60 80 100 Quantity (fitness trackers per day) >>> Draw only the objects specified in the question. 120 o o 2

Price $3 2 10,000 20,000 30,000 S D Quantity Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 10,000 units the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high. the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low. the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently low. producers should lower the price to $1 in order to sell the quantity demanded of 10,000.

The market supply and demand curve for Tesla Model S electric cars is given in the figure below. The equilibrium price and quantity for this market are given by P and Q* respectively. Price P* arts 929ds to bem bon Q* S Quantity 1. Subsequently, Porsche announces an all-electric sports car meant to rival the Tesla Model S. How would this affect the demand for Tesla Model S cars? Illustrate on the graph above. 926e1oni bratani yan 2. How will this change affect the equilibrium price and quantity (i.e. increase, decrease, or stay the same)? Illustrate the new equilibrium price and quantity on the graph above. Describe the market forces that move the price and quantity back into equilibrium after the change in demand f (27nlog A) Sounsven sd bloow terlw

A.  Diagram 1- Which of the following area (A-F, select 1), represents the additional surplus fromnew consumers as a results of pricedecreasing from P1 to P2? B.  Diagram 1- Which of the following area (A-F, select 1), represents the additional surplus fromthe original consumers as a results of price decreasing from P1 to P2?

This table gives the demand and supply schedule for gadgets The equilibrium price in this market is $ The equilirium price  in this market is Units if the price in this market is $20 there would be a (shortage or surplus) or ___ units Price Quantity demanded Quantity Supplied 25 163 220 20 167 205 15 171 190 10 175 175 5 179 160

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12 Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are as follows. Ds = demand for the Sky Eagle Ps= selling price of the Sky Eagle DH = demand for the Horizon PH = selling price of the Horizon = 223 - 0.60P + 0.35PH DH=270+ 0.10P - 0.64PH Revenue Ds The store wishes to determine the selling price that maximizes revenue for these two products. Develop the revenue function R (in terms of Ps and PH only) for these two models, and find the revenue maximizing prices (in dollars). (Round your answers to two decimal places.) Price for Sky Eagle Price for Horizon Optimal revenue R = PS = $| PH = $ R = $

PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate some