Josel owns two fields: Green . Joint PPF and quantity restriction field and Blue field. He can produce corn and wheat. Green field has 80 acres, and it takes 10 acres to produce 1 bushel of corn and 20 acres to produce 1 bushel of wheat. Blue field has 100 acres, and it takes 20 acres to produce 1 bushel of corn and 10 acres to produce 1 bushel of wheat. Suppose that the government imposes a quantity restriction on only corn. Specifically, (a) A quantity restriction of 4 bushels of corn in Green field. That is, Green field is allowed to produce at most 4 bushels of corn, and A quantity restriction of 2 bushels of corn in Blue field. That is, Blue field is allowed to produce at most 2 bushels of corn. Sketch the joint PPF. Clearly label your graph (i.e., indicate values

The following graph plots the demand curve (blue line) for several consumers in the market for motor scooters in Meadville, a small town located in Pennsylvania. The Meadville market price of a motor scooter is given by the horizontal black line at $60. Each rectangle you can place on the following graph corresponds to a particular buyer in this market: orange (square symbols) for Gilberto, green (triangle symbols) for Juanita, purple (diamond symbols) for Lorenzo, tan (dash symbols) for Neha, and blue (circle symbols) for Sam. 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 $60. (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.) 160 140 PRICE (Dollars per motor scooter) 120 100 60 20 0 0 Gilberto 1 Juanita 2 Lorenzo Neha Sam 4 QUANTITY (Motor scooters) 5 Market Price 6…

New York has historically imposed several kinds of price control. For instance, rent control began as a wartime emergency measure to protect renters amid a housing shortage but has long endured. Draw and label a demand curve and a supply curve in the market for rental units in New York City. Use the graph to explain why a price ceiling would result in a shortage of rental units.  Refer to the graph you drew to answer the previous question. Describe the area in the graph that represents the deadweight loss caused by the ceiling on the price of rental units.

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)

Complete the table by calculating the "New Market Quantity Supplied" if Bob decided to stop tutoring, and then answer one question. Instructions: Enter your responses as a whole number. Price (per Hour) $35 30 25 20 15 10 5 Quantity Supplied by Ann 50 45 40 35 20 15 2 Quantity Supplied by Bob 100 80 70 60 40 20 10 Quantity Supplied by Carlos 65 55 45 35 25 15 5 Market Quantity Supplied (= Ann + Bob +Carlos 215 180 155 130 85 50 17 New Market Quantity Supplied Market Quantity Demanded 20 40 65 70 85 110 130 What would the new equilibrium price of tutoring services be if Bob decided to stop tutoring? $ per hour

Price si S2 C D2 D1 Quantity Which of the following would result in equilibrium shifting from point C to point A?

Alice, Amber, and Andi make and sell pottery. Alice is willing to sell a 5 inch pot for $20, Amber is willing to sell a 5 inch pot for $22, and Andi is willing to sell a 5 inch pot for $46. If each of the ladies is able to sell one 5 inch pot for $50, what is their combined producer surplus? combined producer surplus: $ If the price of a 5 inch pot is $30, which of the ladies will sell their pots? Andi only Alice only Alice, Amber, and Andi Alice and Amber

The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. PRICE (Dollars per phone) 300 270 240 210 180 150 60 30 0 0 Demand Supply 20 80 100 120 140 160 180 200 40 60 QUANTITY (Millions of phones) Total surplus in this market is $ million. Equilibrium Consumer Surplus Producer Surplus ?

The Orlando Sentinel newspaper had an August 30, 2019 story titled “Hurricane Dorian: Florida activates price-gouging hotline.”  Florida has a “Price Gouging Statute” which makes it illegal to raise prices on essential commodities when an official State of Emergency has been declared.  This is, essentially, a price ceiling at the pre-emergency levels.  While no one can argue with a law that tries to limit exploitation of people in times of emergency, we can as economists analyze the impact of this government intervention. Consider the market for some essential commodity, such as ice.  Assume the demand curve slopes down and the supply curve slopes up.  Depict the equilibrium before the emergency.  On the same graph show the impact of the emergency, clearly identifying any shifts in the curves and any changes in the market equilibrium in the market for ice, keeping in mind the following two outcomes of the hurricane:  Electricity is not operating, refrigerators are useless, and people…

show on the graph where is the opportunity cost is measured