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- The graph shows the schedule for hours of tutoring in economics. If the price increases from equilibrium at $10 to $15, total surplus for the market will decrease by, in numerals, $_____. Please type the correct answer in the following input field, and then select the submit answer button or press the enter key when finished. Your answer:It may be helpful if you illustrated your own graphs on a piece of paper to help you answer this question. Please provide your answers to this question directly below in the space provided. Please number your answers according to the corresponding letter of each question. Qd Qs Price (Gas) (Gas) $.075 65 $1.50 60 15 $2.25 55 25 $3.00 50 35 $3.75 45 45 $4.50 40 55 $5.25 35 65 a. Using the information above, briefly describe how you would illustrate equilibrium? In other words how would you draw the equilibrium market for gas. b. Briefly describe the changes to supply and demand as a result of the government's decision to eliminate excise taxes imposed on gas production that pay for highway maintenance and environmental conservation, while simultaneously, in the market for electric vehicles, the price of electric vehicles significantly declines. Assume the effect due to the price of electric icles is greater. c. As a resut of the elimination of excise taxes only, the Qd of gas and Qs of…The supply and demand curves of a product are shown in Figure 6.13. Approximate the difference in the total gains from trade if the price is artificially increased from the equilibrium price of p = 95 to p*= 110. p(Sunit) 200 180 888888888 160 140 120 100 50 100 150 200 Figure 6.13 O(a) $137.50 Ⓒ (b) $3,250 O (c) $4,675 (quantity)
- Q2 solution needed i need in words not handwritten solution Q1: The October 30th, 2021 edition of The Economist included an article titled “As EnergyPrices Spike, Governments Reach for the Dirtiest Tool in the Box.” (It is not necessary foryou to read the article; we will provide all relevant information in the questions we ask).The “dirty tool” in question is fossil-fuel subsidies. For Question 1, consider the marketfor natural gas in January 2020, prior to the onset of the Covid pandemic and before anychanges described in The Economist article. Assume that in January 2020, natural gasprices were in a short-run equilibrium.• Draw a graph that shows supply and demand analysis for gas in January2020. This graph will serve as a starting point for your analysis inQuestions 2, 3, 4, and 5.• In drawing this graph, please assume that the demand curve is downwardsloping and the supply curve is upward sloping.• Clearly show the market equilibrium in January 2020.• Please remember to clearly…The supply and demand curves of a product are shown in Figure 6.13. Approximate the difference in the total gains from trade if the price is artificially increased from the equilibrium price of p* = 95 to p* = 110. p ($/unit) 200 180 160 140 120 100 80 60 40 20 XXX ☆ 50 100 (a) $137.50 O (b) $3,250 O (c) $4,675 O (d) $4,750 O (e) $7862.50 O (f) $8000 150 Figure 6.13 200 q (quantity) SUPPOR3) There are 4 people in the market and 5 potential outcomes as shown in the table below: Outcomes Person 1 Person 2 Person 3 Person 4 8125 $150 $75 $100 $99 $99 $99 8200 $125 $100 $150 $125 $100 $100 $125 $100 D $100 $200 $125 $150 a) Using pairwise comparisons (i.e. comparing only 2 outcomes at a time), which allocations are Pareto improvements over other allocations? b) Which allocations are efficient? Explain.
- Show transcribed image text Honda Motor Company is considering offering a $2,000 rebate on its minivan, lowering the vehicle's price from $30,100 to $28,100. The marketing group estimates that this rebate will increase sales over the next year from 42,000 to 54,400 vehicles. Suppose Honda's profit margin with the rebate is $5,260 per vehicle. If the change in sales is the only consequence of this decision, what are its costs and benefits? Is it a good idea? Hint: View this question in terms of incremental profits. The cost of the rebate will be $ ____ million. (Round to one decimal place.) The benefit of the rebate will be $ _____ million. (Round to one decimal place.) Is it a good idea? does or does not Offering the rebate ____ look attractive.Q2 The market equilibrium price and quantity of a good may be found by solving the simultaneous equations: Q + 3P = 48 (1) Q – 2P = 30 (2) (a) Explain which of these equations represents the supply curve and which represents the demand curve. (b) If the demand curve were to be drawn with Q on the horizontal axis and P on the vertical axis, state the values of the slope and vertical intercept. (c) Determine the equilibrium price and quantity algebraically.Consumers' Surplus It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = V361 - 7x dollars. Determine the consumers' surplus if the market price is set at $9/unit. (Round your answer to two decimal places.) %24 Need Help? Watch It Read It
- The figure below shows the demand curve for a U.S. farmer for irrigating his land. It costs $100 per acre to irrigate the land. Each acre of land irrigation generates salty runoff that winds up in the Colorado River. It costs $50 to desalinate this river water so Mexican farmers can irrigate their crops. Price ($) 275 250 225 200 175 150 125 100 75 50 25 0 DMBMB sed 10 20 30 40 50 60 70 80 90 100110120 Irrigation (acres) Tools (2) MCpvt MC socialThe lockdown around the world has caused the rapid growth in the electronic market as people have shifted from conventional methods to the new methods for imparting knowledge and staying connected. If demand and supply function are given as: Qd= 65 – 10P Qs= -35 + 15P Find the equilibrium price and quantity and show it on labeled D/S diagram. How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2? Show on the Demand-Supply diagramin (a), the graphical interpretation of your answer of (b).The lockdown around the world has caused the rapid growth in the electronic market as people have shifted from conventional methods to the new methods for imparting knowledge and staying connected. If demand and supply function are given as: Qd= 65 – 10P Qs= -35 + 15P Find the equilibrium price and quantity and show it on labeled D/S diagram. How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2? 3.Show on the Demand-Supply diagram in (a), the graphical interpretation of your answer of (b).