You are given the following market data for Venus automobiles in Saturnia. Demand: P = 35,000 - 0.50 Supply: P = 8,000 + 0.25Q where P = Price and Q = Quantity. a. b. C. Calculate the equilibrium price and quantity. Calculate the consumer surplus in this market. Calculate the producer surplus in this market.

The market for disposal digital cameras has the following demand and supply schedules: a. Graph the demand and supply curves. What are the equilibrium price and quantity in this market?   b. Explain what would happen if the market price is set at $30, and show this on the graph.   c. Explain what would happen if the market price is set at $15, and show this on the graph.

Suppose the Hong Kong government imposes a price ceiling above the equilibrium price of flour. How does this price ceiling affect the price and the quantity sold of flour? Explain.

Suppose the government sets a price ceiling above the equilibrium price for milk. Which of the following will be the result?

There is a price ceiling below the equilibrium price. The new equilibrium quantity sold in this market is-

ng.cengage.com CENGAGE MINDTAP Chapter 08 Homework First, use the black point (plus symbol) to indicate the equilibrium price and quantity of electric scooters in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per scooter) 300 270 Demand 240 210 180 150 120 90 Supply 60 30 Before Tax 0 0 140 280 420 560 700 840 980 QUANTITY (Scooters) 1120 1260 1400 Equilibrium A Consumer Surplus Producer Surplus Suppose the government imposes an excise tax on electric scooters. The black line on the following graph shows the tax wedge created by a tax of $120 per scooter. First, use the tan quadrilateral (dash symbols) to shade the area representing tax revenue. Next, use the green point (triangle symbol) to shade the area representing total consumer surplus…

In a competitive market, if price is higher than the equilibrium price then the quantity demanded will be lower than the quantity supplied. True or False

When the price is above the equilibrium, explain how market forces move the market price to equilibrium. Do the same when the price is below the equilibrium.

The market for peanut butter in Winnipeg has the following supply and demand curves: Demand: P = 30 - 0.5Q Supply: P = 6 + 1.5Q What is the equilibrium price in this market?

Use the following information to answer Questions 1 - 3 In a competitive market for whole milk, the market demand is QD = 1000 – 50P and the market supply is QS = 150P, where Q denotes the quantity in gallons and P denotes the price in dollars. [1] Calculate the competitive market equilibrium price? [2] Calculate the competitive market equilibrium quantity? [3] At the competitive market equilibrium price and quantity, calculate the value for consumer surplus? Hint: it might be helpful to construct a graph.