The table below shows four buyers' willingness to pay for a ticket to a Liverpool football match. Buyer Paul John Ringo George Willingness to pay $100 $80 $60 $40 How much total consumer surplus will the four of them receive if the price of a ticket to a Liverpool football match is $50? $

What is the value of deadweight loss if the market price is $15? Group of answer choices: $20 $5 $15 $10

Suppose Home is a small exporter of wheat. At the world price of 100 US dollars per tonne, Home growers export 20 tons of wheat. Now suppose the Home government decides to support its domestic producers with an specific export subsidy of 40 US dollars per tonne. Use Figure 1 to answer the following questions: Figure 1: Supply and Demand for Wheat at Home Home price 140 100 X 10 20 40 50 Supply Demand Quantity (a) Explain why consumer and producer surplus can be used to gauge the change in welfare caused by the export subsidy on individuals and firms.

Multiple Choice   $1,562.5   $6,250   $4,687.5   $3,125

1.2 Consider the following customers of a Japanese sushi restaurant. Their total benefit (TB) measured in terms of the maximum amount of money they are willing to pay for n dishes are given below. Dish of sushi 0 1 2 3 4 5 6 7 8 Customer A 0 60 90 Total Benefit ($) 115 125 120 110 95 70 Customer B 0 30 50 60 55 50 40 25 5 As postulated in economics, customers are maximizing their economic surpluses. One can decide not to dine in this Japanese restaurant and can get zero economic surplus. (a) The sushi restaurant is now charging customers $20 per dish. How many dishes do these two customers choose to buy under this pricing arrangement respectively? Use both total and marginal approach to solve the problem. Show your steps. (b) Now, the sushi restaurant changes its pricing policy. Now they charge each customer $100 and let them order as many as they want. Will the customers continue to dine in this restaurant? If so, how many dishes would they choose to buy? Again, solve this using both…

Suppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green point (triangle symbol) to fill the area representing consumers' surplus, and use the purple point (diamond symbol) to fill the area representing producers' surplus. MONTHLY RENT (Dollars per apartment) 2800 2600 2400 2200 2000 1800 0 Demand Supply 0.8 3.2 QUANTITY OF APARTMENTS (Millions per month) 1.6 2.4 4.0 Equilibrium A CS PS ?

Which of the following pairs of company profits and consumer surplus maximize welfare (or efficiency)?   Question 8 options:   Producer surplus = 90, Consumer surplus = 30   Producer surplus = 70, Consumer surplus = 70   Producer surplus = 100, Consumer surplus = 10   Producer surplus = 80, Consumer surplus = 50

Matthew and Victoria are shopping for a new pair of running shoes. Victoria is willing to pay $200 and Matthew is willing to pay $110 for a new pair of shoes. What is the total gain in surplus when the price of then shoes decreases from $160 to $100?

Illustrate using an appropriate diagram [see sample below] where the Crocs online store in  Australia [https://www.crocsaustralia.com.au/] sets the average price of a pair of Classic Clog to maximise profit. And within that diagram, explain ‘Gains from trade’ and ‘Deadweight Loss’.  In your diagram, assume at the profit-maximising point, the average price of the Classic  Clog is $60, and the unit cost is $35.   Determine whether the PED is more elastic or inelastic  Use hypothetical values (rough guesses) relying on intuition for quantities sold (Q) per  month Once your diagram is complete (and properly labelled), explain ‘Gains from trade’ and  ‘Deadweight Loss’ associated with your diagram.