(This question refers to the MRU video 'Exploring Equilibrium'.) At quantities lower than the equilibrium quantity, which of the following is true? Select one: a. There are wasteful trades because buyers are willing to pay more than sellers require for another unit. b. There are unexploited gains from trade because buyers are willing to pay more than sellers require for another unit. c. There are unexploited gains from trade because sellers reqiure more than buyers are willing to pay for another unit. d. There are wasteful trades because sellers require more than buyers are willing to pay for another unit.

In the following figure, how many pounds of sugar are sellers willing to sell at a price of $20? How much is demanded at this price? What is the buyer's willingness to pay when the quantity is 20 pounds? Is this combination of $20 per pound and a quantity of 20 pounds an equilibrium? If not, graphically identify the unexploited gains from trade. Price of sugar per pound $45 20 20 30 Supply Demand 40 Quantity of sugar (pounds)

Assume that the markets for sugar cane, rum, and whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume further that a good harvest impacts the world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is not an ingredient in whiskey. Rum and whiskey are substitutes for consumption.  1. Discuss the effect on the markets for each of the three products if the government implements a price restriction (price floor) in the sugarcane market with the aim of protecting the farmers. 2. How will this impact the revenues for sugar growers, rum producers, and whiskey producers?

udy Tools Tips ss Tips Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Alex, green (triangle symbols) for Becky, purple (diamond symbols) for Clancy, tan (dash symbols) for Elleen, and blue (circle symbols) for Hubert. Use the rectangles to shade the areas representing consumer surplus for each person who is willing and able to purchase a motor scooter at a market price of $135. (Note: If a person will not purchase a motor scooter at the market price, indicate this by leaving his or her rectangle in its original position on the palette) 22# # 3 = = PRICE (Dulars per 100 H Nex Becky Clancy Elen Market Price Huber QUANTITY Motor scooters) Based on the information on the previous graph, you can tell that consumer surplus in this market will be Alex Becky Clancy Elen Hubert will buy motor scooters at the given market price, and total

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B. Let’s consider the market for flour in a different town. Assume that it is efficient (i.e. that there are not external costs to producing flour, and no external benefits from consuming it). Price ($/lb) Quantity Supplied (thousands of lbs per day) Quantity Demanded (thousands of lbs per day) 1.5 8 14 2 9 13 2.5 10 12 3 11 11 3.5 12 10 4 13 9 What is the price and quantity of flour sold without government intervention. Graph this equilibrium. XXXX   2. Suppose that, alarmed by the inability of many poorer consumers to buy flour, the government institutes a $2/lb price ceiling. How much flour will suppliers wish to sell, and how much will buyers demand?  How much flour will actually be sold? Show this outcome on the same graph you drew for question 1. XXXX 3. Describe, in one sentence each, three problems that this policy might create? Please do not simply copy down phrases from the textbook, but instead describe ways that…

S₁ S₂ XX D Quantity (per period) Panel A Panel C D₂ D₁ Quantity (per period) panel A panel B panel C panel D Panel B S₂ D Quantity (per period) Panel D S₁ S D₁ D₂ Quantity (per period) The figure shows how supply and demand for rental cars during the Thanksgiving holiday might shift in response to specific events. Suppose a late season hurricane in the Gulf of Mexico destroys gasoline refineries in Louisiana. Which panel best describes how this will affect the market for rental cars?

Below is the market demand and supply graph for toilet paper (in thousands) during the Covid-19 pandemic If the state of Texas imposes a price cap of $3 per roll of toilet paper. What is the highest price that could be charged in a black market? Toilet Paper Market $11.00 510.00 18.00 S600 57 00 500 35.00 5400 5300 52.00 SLO 3000 Multiple Choice Almost $10 Almost $5 Almost 57 Almost 53 $ * F St *

Assume that a price floor of $320 has been implemented and there are no wasteful quality improvements. What are the total gains from trade (total surplus) with a price floor of $320? Hint: enter your answer as a number only with no $ sign Example: if the answer is $10,000, enter 10,000 2,400

Consider the diagram, which depicts the market for Oranges. Suppose that consumer incomes decrease and that Oranges are a normal good. Which movement between labelled points best describes the impact on the market? a b с d Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. A to B E to A C to D Price A to E E A D₂ Quantity Do AD₁