suppose a consumer is offered a clud card allowing purchase of good x at a 20% discount. Then the consumers maximum willingness to pay for that card is equal to an increase Marshallian Consumer Surplus that the lower price could create
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- a. Assume that the elasticity of demand for Fanta is -0.5 while the elasticity of supply is 0.7. Assuming further that a tax of K10 is applied on each bottle of Fanta sold, how much of this will be borne by producers. b. Assume that the price of good X is K10 while that of good Y is K20. A consumer has allocated consumption between the two goods in such a way that the marginal utility of X is 15 utils and that of Y is 25 utils. Is this an optimal consumption bundle? If not, what should the consumer do to reach the optimum?Total surplus is maximized at the equilibriumprice and quantity. When demand increases,price increases. Explain how total surplus is stillmaximized if price increases due to an increase indemandThe table Consumer Surplus and Phantom Tickets shows each student's willingness to pay for a Phantom of the Opera ticket. Assume that each student wants to buy one ticket. If the price of a ticket to see Phantom of the Opera is $50, then the total consumer surplus for the five students is: Willingness Student to pay Jessicat 150 Jackeling 125 Bradx 105 Roberta 60 Gweng 25% tudent Willingness to pay Jessica 150 Jackelin 125 Brad 105 Robert 60 Gwen 25 A 175 В 240 Cc) 230 100
- What would consumer surplus be?A recent study found that the demand and supply schedules for financial calculators are as follows: Price/calculators Quantity Demanded Quantity Supplied 20 160 40 40 140 60 60 120 80 80 100 100 100 80 120 120 100 Co an Coll 80 60 40 D. 20 40 60 80 100 120 140 160 a) Determine: Price of Equilibrium_ and Quantity of Equilibrium b) Determine the effect of $60 Price Ceiling. Is it binding? Why? Will it cause Shortage or Surplus? And by how much? c) Determine the effect of $120 Price Floor. Is it binding? Why? Will it cause Shortage or Surplus? And by how much?Bookmarks ory Profiles Help Tab Window O 令 ntent + wku.blackboard.com/ultra/courses/_165411_1/cl/outline Updat oard P pearson/MyLab M. W WordCounter O Quizlet 国 Readin * Question Completion Status: Figure 7-4 ↑Price F B P2 Demand Q1 Q2 Quantity Refer to Figure 7-4. Which area represents the increase in consumer surplus when the price falls from P1 to P2? O a. ABDG О Б. АВС OC. AFG O d. BDF Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save and Submit OCT 19 tv w MacBook Pro %23 24 % 3. 4 6. 7 8. 9.
- I don't understand the difference of the impact on the indifference curve for when there is a subsidy on energy price vs when there is a decrease in energy prices. what is the difference in change of both of these from an original indifference curve where there is no change in price or no subsidy implemented. i have also done energy on x axis and food on the y axis so could you draw me to separate graphs of first the impact of an energy subsidy and then a second one with the impact of energy prices decreasing once the subsidy is removed.Say in a market we haveDemand is P = 5 – 0.005QSupply is P = 0.00125Qa-you will have a graph with price on the vertical axis and quantity on the horizontal axis formost parts of this problem. You will want to show intercept values and equilibrium values withthe specific values from the problem (when you graph the supply show it go out at least to thesame level of Q as the Q intercept for the demand curve).b-what are the equilibrium price and quantity traded in the market?c-say the government levies an excise tax in the market of 50 cents that renders the supply tonow be P = .00125Q + 0.5 (essentially the supply curve shifts up by 50 cents at each quantity).What are the new equilibrium price and quantity traded in the market with this excise tax?d-did the market price increase by as much as the 50 cent tax? (compare the market priceincrease with the amount of the tax of 50 cents)e-what is then loss in consumer surplus from the tax? Do consumers like excise taxes?f-what is the elasticity…only typed answer A consumer has inverse demand of p=15−1q for a good and the market price is $4.00. Calculate consumer surplus and the total value of the good for the corresponding quantity consumed. Consumer surplus is $enter your response here. (Enter your response rounded to two decimal places.) The consumer's expenditure for the good is $enter your response here. (Enter your response rounded to two decimal places.)
- Suppose you are at a flea market and are considering buying a box of vintage records. You are tryingto bargain down the price, but the seller overhearsyou telling a friend that you are willing to pay upto $50. Why is your consumer surplus now likelyto be lower than it would have been if the sellerhadn’t overheard you?Lewis University + F3 X Problem 2 Student X -us-east-1-prod-fleet02-xythos.content.blackboardcdn.com/5dfaf8e708673/1358081?X-Blackboard-Expiration= + //c a C. If the price of donuts rose to $0.40, how many donuts would she purchase now? What would happen to Tammy's consumer surplus? Content You are an advisor to the Indian government. Until now, government policy in India has been to severely limit imports into India, resulting also in a low level of hidian exports. The government is considering a policy shift to much freer trade. 1/1 CD A [T Based on what you have learned so far about the benefits of international trade, give at least three arguments to support free trade. C ra X LP A Bb 1358081 FO P F10 0:- F11Joe's demand for spring water can be represented as Q 10-P He recently discovered a spring where water can be obtained free of charge. The equilibrium quantity of water available is 10 units of His consumer surplus from this water is tion Select one: Oa $50 Ob $10 Oc S0 Od. $100 a
