Use the diagram to answer the following few questions. From orders entered for an opening auction, an exchange constructs the following demand and supply schedules. The price increment is $1 and fractional quantities are not allowed. Sophia Brian $39 Max $38 $37 Betty Chris $36 Will Bev $35 Belle $34 Amy $33 Cathy $32 Sally $31 Anina $30 01 2 345 6 7 8 Emma 9 10 11 12 13 14 15 16 17 18 19 20 From this diagram, Betty's limit order is buy/sell (circle one). _ units, limit $ ;

Use the diagram to answer the following few questions. From orders entered for an opening auction, an exchange constructs the following demand and supply schedules. The price increment is $1 and fractional quantities are not allowed. Sophia Brian $39 Max $38 $37 Betty Chris $36 Will Bev $35 Belle $34 Amy $33 Cathy $32 Sally $31 Anina $30 01 2 345 6 7 8 Emma 9 10 11 12 13 14 15 16 17 18 19 20 From this diagram, Betty's limit order is buy/sell (circle one). _ units, limit $ ;

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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Use the diagram to answer the following few questions. From orders entered for an opening auction, an exchange constructs the following demand and supply schedules. The price increment is $1 and fractional quantities are not allowed. Brian $39 Max $38 Betty Chris $37 $36 Will Bev $35 Belle $34 Amy $33 Cathy $32 Sally $31 Anna $30 0 1 2 345 6 7 8 00 Sophia Emma 9 10 11 12 13 14 15 16 17 18 19 20 From this diagram, Betty's limit order is buy/sell (circle one). _units, limit $ OA. sell, 3, $37 O B. buy, 3, $37 OC. sell, 7, $37 O D. buy, 7, $37
A company is considering building a bridge across ariver. The bridge would cost $2 million to build andnothing to maintain. The following table shows thecompany’s anticipated demand over the lifetime ofthe bridge:Price per CrossingNumber of Crossings,in Thousands$8 07 1006 2005 3004 4003 5002 6001 7000 800a. If the company were to build the bridge, whatwould be its profit-maximizing price? Would thatlevel of output be efficient? Why or why not?b. If the company is interested in maximizing profit,should it build the bridge? What would be itsprofit or loss?c. If the government were to build the bridge, whatprice should it charge?d. Should the government build the bridge?Explain.
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.
O Question 4 - Test 3 - Connect ezto.mheducation.com/ext/map/index.html?_con3con&external browser=0&launchurl=https%253A%252F%252Fangelo.blackboard.com%252Fwebapps%252Fport Saved Help Save & Exit Refer to the figure below. 10 0:50:54 4. 8 12 16 20 Quantity If a price ceiling were imposed at $4, total economic surplus would be unregulated market. which is less than when the market is Multiple Choice $24; $16 acer Cc -> 8. %23 く 6 90 %24 Price ($)
Figure 4-4 Yasmine Mercedes Tprice 30 27 21 24 18 21 18 15 15 12 12 9. 9. 6. 6. 3- 3 D. 369 12 15 18 21 24 369 12 15 18 21 24 27 quantity Refer to Figure 4-4. If Yasmine and Mercedes are the only two consumers in the market, then the market quantity demanded at a price of $12 is Select one: O a. 3 units. Ob. 6 units. O c. 9 units. 12 unite REDMI NOTE 8 AI QUAD CAMERA
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…
What is the relationship between total surplus and economic efficiency?
DATE 4.1 The demand equation por a product is : 0.01g* - 19 t 100 t 83 and the supply equation is: P 0.049? t is al Determine consumers surplus under marret equilibirium b.) Graph the equilibirium using www.desmos.com of your own graph c.) C-) Give an explanation based on answer a b.
Refer to the figure below. If the government sets a price ceiling of $6, 18 16 14 12 10 8 6 4 2 D₁ 24 6 8 10 12 14 16 18 there would be a shortage of 14 units. O there would be an excess supply of 6 units. O There would be a shortage of 4 units. consur ers would demand 14 units.
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An alternative way of thinking about the forces that cause markets to equlibrate in the real world is to think of markets reallocating the good from low to high valued use. Or to think of how the action of buyers and sellers engaging in mutually beneficial voluntary exchange (market forces) reallocates legal ownership or the physical location of the good from low to high valued used. Consider the demand at a price of $9. 12 10 8 6 4 2 0 02 units 10 20 30 40 Price 10 9 8 7 6 5 4 3 2 Price 10 9 1 8 7 6 5 4 3 2 1 Ying 0 0 0 0 1 1 Boom 1 0 0 0 0 0 0 0 0 0 1 1 1 1 Som 0 0 0 0 3 3 3 5 5 7 Oiy 7 5 5 3 3 0 0 0 0 0 Quantity Demanded Fon Nam 0 0 0 0 1 2 3 5 0 0 0 4 6 7 8 10 12 7 9 11 Quantity Supplied Cartoon Apple 6 11 5 9 4 7 3 5 2 3 1 2 0 1 0 0 0 0 0 0 Gob 0 1 2 4 6 8 8 10 10 10 Kai 10 10 10 8 8 6 4 2 Yam 0 1 2 4 5 5 5 Market Supply ➡Market Demand 1 0 5 5 7 Mint 7 5 5 5 5 5 4 2 Market Demand 0 2 4 9 21 26 29 36 40 48 1 0 Market Supply 42 34 31 24 21 14 9 4 2 0 2 units of the good are demanded…
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