P $6 $4 $2 0 3 6 9 S D Based on the graph above, at $2, there would be a in this market:

2) The diagram below represents the market for battery packs. If the price were currently at $28/pack there would be a: Group of answer choices surplus of 4 battery packs surplus of 20 battery packs shortage of 4 battery packs shortage of of 20 battery packs

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The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A. PRICE (Dollars per unit) 20 18 16 14 O ∞ 4 2 0 ┫ 0 O N M E * A L B M N O + 2 + 4 + cxxo 6 10 12 14 8 QUANTITY (Units) 16 Đ 18 20

$400 Assume 320 has been implemented. What is the quantity of lawn mowers that will be sold in the market with a price floor of $320? Hint: enter a number only with no units Example: if the answer is 8,000 lawn mowers, enter 800 O 320- 220- 160- 80- 40- a price floor of $ 400 Lawn Mowers D 900 1200 1600 1800 2000 2800 Q S

BN7.3 (a) (b) Survivor 1 & Survivor 2 are lost in the Woods. The Quantities of Good A & Good B are in Fixed Supply. The Edgeworth Box below shows all the possible allocations of these 2 Goods & can be used to answer the following Questions: For each statement below, note whether the Statement is True or False & Why? Good B Survivor 2 B Good A Survivor 1 a) If Survivor 2's Quantity of Good A increases, Survivor I's Quantity of Good A must decrease. True or False? b) Survivor I's Utility decreases as you move towards the bottom left corner of the Edgewood Box. True or False?

Refer to the figure. Price (dollars) 10 9 8 7 5 a 3 2 1 0 Market for Artichokes 50 100 D 150 3 200 Quantity (pounds of artichokes) 250 Tools ES O The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph determine how much economic surplus is generated in the market each week. Economic surplus: $

K Assume the figure to the right illustrates the market for houses for sale in a small city. Suppose the market price of houses is $175,000. How large will the resulting surplus be? At a price of $175,000, there will be (Enter your response as a whole number.) What is the equilibrium price of houses? The equilibrium price is $ whole number.) surplus houses. (Enter your response as a C... Price ($1000s) 300- 275- 250- 225- 200- 175- 150- 125- 100- 75- 50- 25- 0- 0 200 600 400 800 Quantity (houses) Supply Deman 1000 1

amaldong no Nowboy 2) Suppose that a furniture manufacturer is willing to supply x tablets at a tounding P = S(x) = 2x² - 30x + 300 dollars each, and has found that consumers are willing to purchase x tablets at a price of p = D(x) = -10x +1050 dollars each. Put units on all of your solutions. a.) Sketch the graphs of the supply and demand functions on the same axis. Label your y intercepts, the units on the axis, and your functions clearly. Find Equilibrium price and quantity and label it on your graph. LONGAT pub Gen Equilibrium Price = Equilibrium Quantity = b.) Shade in the region that represents Producers' Surplus at equilibrium Write the expression (with the definite integral) that represents the amount of producers' surplus and find it 8.01 NOHA c) Write the expression (with the definite integral) that represents the Consumers' surplus and find it.