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- Not yet 16 Marked out of 1.00 14 S- MSC 12 lag question 10 8. 6. 4. D-MSB 8. 9 10 Quantity (millions of CDs per month) Using the above figure, which of the following quantities of CDs has the largest deadweight loss? Select one: Oa. The deadweight losses associated with the three quantities given above are all equal. Ob.3 million CDs O c4million CDs 00 HUAWEI Nov 3 Al CAMERA Type nere Price (dollars per CD jirRemaining Time: S Suppose the demand for Apples is given by QA = 240 - 8 PA and the current market price is 25. %3D Calculate consumer surplus. 100 Correct response: 100 If the market price increases to 29 calculate consumer surplus. 4 Correct response: 4 What is the compensating variation assocated with a loss of access to the apple market at the initial price of 25? Assume demand remains constam What is the compensating variation associated with the increase in price from 25 to 29? Assume demand remains constant. Section Attempt 1 of 1 Verity4. Assume that gasoline is od in competive marke in which demand is relaively inelatic and sup is relatively elsi. (a) Draw a comeclylabeled graph ofthe asoline market. On you graph show the quilibrumprce and quantity of gsoine, labeled P, ndQ. E (b) Suppose the goverment imposes a $2 per uni ax on he roducers of gasoline. On your graph from par (a),show each of he folowingaftr he tax imposed. (1) The price paid by buyer,labeled P, (i) The after-ax price eceied b sellr, abele P, (i) The quanity, abeled (c) Using the labeling on your graph, explain how tocalulae the total tax revenue collected by the government. (d) Will the tax burden fall enirely on buyers, entrely on eles, more on buyers and less on seler,more on seller and es on buyers, or eqully on buyers and seller? Explain.
- C .Plz explain this Questionwere.34.7 0 W e denerg esteyf demand for pood 12 O00012LGjjfiV9KIUa7A14QC7gvvPrKFtW6ZwP60WrVE/edit AP 100% PRICE Dolars perp Answer Price ($) 10. Using the graph below, determine the equilibrium price and quantity of pens. 0000 5000- 3000 2000- Normal text Answer: RUBRIC Worksheet 2 Scenario 11. Using the graph below, determine the approximate equilibrium price and quantity of soap. Supety 3 QUANTITY ons of pens) Demand Curve Arial Supply Curve Cartoon P Quantity Supplied Price determination AND PRICE 11 Demand + B I UA A
- 20 Demand Supply 18 16 14 さ12 10 8. 12 14. 16 20 QUANTITY Which of the following statements is not correct? When the price is 510.quantity supplied equala quantity demanded. DWhen the price is 512.shere is a surplus of 4 units. 0When the price is S16.quantity supplled exceecs ouantity demanded by 1 units. When.the price ls S6 there is a surplus of8units. PRICEA customer has purchased one pack of 100 pairs of disposable face masks. The price of the second pack is $45, and the burer estitnated its net benefit from buying this second pack to exceed $50 What should the buyer do? Select one O a The buyer should not buy the second pack as buying the second packiwitl increase total benetts by less than total costs b. The buyer should not buy the second pack as buying the second pack will increase total benefits by more than total costs OC The buyer should buy the second pack because the marginal beneft of the second packit so igh that ts marginat cost does not mater umy more d. The buyer should buy the second pack because the marginal benefit of the second pack exceeds the marginal costANS: B DIF: 2 46. A firm has invented a new beverage called Slops. It doesn't taste very good, but it gives people a craving for Lawrence Welk's music and Professor Johnson's jokes. Some people are willing to pay money for this effect, so the demand for Slops is given by the equation q 14-p. Slops can be made at zero marginal cost from old-fashioned macroeconomics books dissolved in bathwater. But before any Slops can be produced, the firm must undertake a fixed cost of $54. Since the inventor has a patent on Slops, it can be a monopolist in this new industry. a. The firm will produce 7 units of Slops. b. A Pareto improvement could be achieved by having the government pay the firm a subsidy of $59 and insisting that the firm offer Slops at zero price. C. d. e. From the point of view of social efficiency, it is best that no Slops be produced. The firm will produce 14 units of Slops. None of the above. ANS: B DIF: 3
- AsapCBS is selling advertising for its broadeast of the AFC championship game. The station's demand for minutes of commercial advertising time is the demand it faces from the companies to which it sells advertising tme: Pans= 100,000 - 500.CBS Las MC -S2000. Buyes pay CBS aprice Pens for cach minute of adNertising and add S1.000 for each ad to cover the tax they pay, so their MCans PeRs + 1000, No one has any fixed costts. Ihe price buyers will pay tor ads is (use dollar sign and any commns: no decimal places)Question 2h Gvem the folowing ndormation Q0-240-5P where QD is the quantity demanded, 05 is the quantity upplied and Pis the poo Suppose that the government decides to impose a tax of $12 per unit on sellers in tthe market Determne Deadwnght loss of the tax
