Total economic surplus is represented by?

Suppose demand is governed by: Qd -3P 24 and supply is governed by: Qs 2P 4, find the 8. equilibrium price and quantity and draw this on the demand and supply graph labeling all the parts of your graph

Which of the following is the total demand for goods? A. YB. C+I+GC. C+I+G-TD. G-T

Why is it importat to determine the determinants of supply?

Which of the following events can create the most significant shift in the demand curve? Supply increases or decreases. O Price of the good changes. O Government subsidies Population grows in a particular market area.

The blue curve on the following graph represents the demand curve facing a fires that can set its own prices. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph Note: Once you enter a value is a white field, the graph and any corresponding amounts in each grey field will change accordingly. und sa Saar2. TOTAL REVENUE D Demand REBEK 4** QUANTITY() WLAN LATVC A QUANTITY (bertu Graph Input Tool Market for Goods Quantity Demanded (Un) Demand Price (Dollars per unt) On the graph input tool, change the number found in the Quanty Demended field to determine the prices that correspond to the production of 0, 2, 4, 5, 6, 8, and 10 units of output. Cakulate the total revenue for each of these production levels. Thers or the following grach, use the green ponts (triangle symbel) to plot the results. Tal Revenu 5 Calculate the total revenue of the firm produces 4 versue 3 ans. Then, calculate the may The marginal…

In 2020 the UK government introduced a sales tax on all products bought online from overseas. Please note this is not a tariff – it is a tax. The tax will be 2% of the value of the products sold in the UK. This tax is collected from online sellers such as Amazon or ebay. Source: BBC (2019). See link: https://www.bbc.com/news/business-50656106   Consider the market for online products. The initial market equilibrium is at 10 million products sold per year at an average price of $500 each. Then, the UK government imposes a tax on the market, collected from sellers (for example Amazon and ebay). The tax is 2% per item (each item has an average price of $500).   Show the effect of this on the market for online products. Show the effect on consumers of online products, on the online sellers and on the government. Does the UK economy gain or lose as a result of the tax? Explain why. Use a diagram to support your answer.

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The annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: ii. the amount of revenues collected

As oil prices rose during 2006, the demand for alternative fuels increase. Ethanol, onealternative for fuel is made from corn. According to an article in the Wall Street Journal, theprice of tortillas, which are made from corn, also rose during 2006. “The price spike [intortillas] is part of a ripple effect from the ethanol boom”a. Draw a demand and supply graph for the corn market and use it to show the effect onthis market of an increase in the demand for ethanol. Be sure to indicate theequilibrium price and quantity before and after the increase in the demand for ethanol.b. Draw a demand and supply graph for the tortilla market and use it to show the effect onthis market of an increase in the price of corn. Once again, be sure to indicate theequilibrium price and quantity before and after the increase in the demand for ethanol.c. By 2015, the price of oil had fallen, which reduced the price of gasoline. The demandfor ethanol fell along with the price of gasoline. What impact would…