Using the previous graph, you can determine that Kenji is willing to supply his 6th weekly pastry for $ the producer surplus earned from supplying the 6th pastry is $ . Since he receives $2.25 per pastry, Suppose the price of pastries were to rise to $3.00 per pastry. At this higher price, Kenji would receive a producer surplus of $ pastry he sells. from the 6th

Using the previous graph, you can determine that Kenji is willing to supply his 6th weekly pastry for $ the producer surplus earned from supplying the 6th pastry is $ . Since he receives $2.25 per pastry, Suppose the price of pastries were to rise to $3.00 per pastry. At this higher price, Kenji would receive a producer surplus of $ pastry he sells. from the 6th

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 31RQ: What is consumer surplus? How is it illustrated on a demand and supply diagram?

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The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…
Veek 2 Test Ch. 3-4 PRICE (Dollars per mac 5.25 4.50 3.75 3.00 2.25 1.50 0.75 0 + Price Supply 02 4 6 A 8 10 12 14 16 18 20 22 24 QUANTITY (Macaroons) Using the previous graph, you can determine that Antonio is willing to supply his 6th weekly macaroon for $ macaroon, the producer surplus earned from supplying the 6th macaroon is $ Since he receives $2.25 per Suppose the price of macaroons were to rise to $3.00 per macaroon. At this higher price, Antonio would receive a producer surplus of $ from the 6th macaroon he sells.
11:13 AM Mon 22 Mar @ 62% McGraw-Hill ConnectEd Question 4 Section 1: 4/30 A Surplus $12 10 | 4 demanded At $9 there is a surplus of burritos 44 supplied 8. 2 4 12 20 28 36 44 52 60 Quantity The graph indicates a surplus of burritos at a price of $9. Why did this surplus occur? 200 words remaining Save & Continue » Price 4.
The figure given below shows the demand and supply curves in the market for bread. Figure 6 10 ↑ Price 94 8 1 1 2 3 Quantity (Attention: If you can't see the Eigure, please click here to download and view the image. Thank you.) & Refer to Figure 6. At a price of O $2, there is a surplus of 6 units. O $5, there is a surplus of 5 units. O $8, there is a surplus of 6 units. O $7, there is a shortage of 4 units. O $5, there is a shortage of 5 units.
What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…
What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…
5. Individual and market supply Suppose that Eric and Ginny are the only suppliers of pieces of cake in some hypothetical market. Their annual supply schedules are given by the following table: Price (Dollars per piece) 1 2 3 4 5 Eric's Quantity Supplied Ginny's Quantity Supplied (Pieces) (Pieces) 0 20 15 40 25 55 30 65 35 70 On the following graph, plot Eric's supply of pieces of cake using the green points (triangle symbol). Next, plot Ginny's supply of pieces of cake using the purple points (diamond symbol). Finally, plot the market supply of pieces of cake using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. ?
Ernie owns a water pump. Because pumping largeamounts of water is harder than pumping smallamounts, the cost of producing a bottle of waterrises as he pumps more. Here is the cost he incurs toproduce each bottle of water:Cost of first bottle $1Cost of second bottle $3Cost of third bottle $5Cost of fourth bottle $7a. From this information, derive Ernie’s supplyschedule. Graph his supply curve for bottledwater.b. If the price of a bottle of water is $4, how manybottles does Ernie produce and sell? How muchproducer surplus does Ernie get from thesesales? Show Ernie’s producer surplus in yourgraph.c. If the price rises to $6, how does quantity suppliedchange? How does Ernie’s producer surpluschange? Show these changes in your graph
Suppose that Gilberto and Juanita are the only suppliers of collectible action figures in a particular market. The following table shows th supply schedules: Price Gilberto's Quantity Supplied Juanita's Quantity Supplied (Dollars per action figure) (Action figures) (Action figures) 2 10 4 8 18 6 12 24 8 14 28 10 16 30 On the following graph, plot Gilberto's supply of collectible action figures using the green points (triangle symbol). Next, plot Juanita's supply collectible action figures using the purple points (diamond symbol). Finally, plot the market supply of collectible action figures using the orang (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 12 10 Gilberto's Supply Juanita's Supply Market Supply MacBook Pro CE (Dollars per action figure)
6. Individual and market supply Suppose that Kevin and Maria are the only suppliers of shoes in a particular market. The following table shows their annual supply schedules: Price Kevin's Quantity Supplied Maria's Quantity Supplied (Dollars per pair) (Pairs) (Pairs) 10 0 16 20 16 28 30 24 36 40 28 40 50 32 44 On the following graph, plot Kevin's supply of shoes using the green points (triangle symbol). Next, plot Maria's supply of shoes using the purple points (diamond symbol). Finally, plot the market supply of shoes using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.( the graph is attached as an image)
6. Individual and market supply Suppose that Carlos and Deborah are the only suppliers of pizza slices in a particular market. The following table shows their weekly supply schedules: Price Carlos's Quantity Supplied Deborah's Quantity Supplied (Dollars per slice) (Slices) (Slices) 1. 4. 6 4. 10 11 On the following graph, plot Carlos's supply of pizza slices using the green points (triangle symbol). Next, plot Deborah's supply of pizza slices using the purple points (diamond symbol). Finally, plot the market supply of pizza slices using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. Carlos's Supply Deborah's Supply Market Supply 12 16 20 24 QUANTITY (Slices) PRICE (Dollars per slice)