Based on the information on the previous graph, you can tell that consumer surplus in this market will be $ will buy motor scooters at the given market price, and total
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- What is the relationship between total surplus and economic efficiency?The graph below depicts Jacques's monthly demand for tuna. Suppose the price of tuna falls from $12 per pound to $8 per pound. On the diagram, use the area drawing tool to box in the changein Jacques's consumer surplus. To refer to the graphing tutorial for this question type, please click here. Jacques's Monthly Demand for Tuna Price per pound 16 15 14 13 12 11 10 9 7 4 3 2 1 るる る + SUBMIT ANSWER 4 VIEW SOLUTION 7 OF 14 QUESTIONS COMPLETED MacBook ProBased on the following graph, identify the loss in consumer surplus when price changes from 12 to 15. P 000000 A ao o oÔ - - ס - 15 12 8 A B D F 10 C E 20 S1 D1
- The following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used calculator. 300 250 Rosa 200 Area: 200 Nick 150 Latasha A O 100 Jake Frances 50 Dmitri 2 3 6 QUANTITY (Used calculators) PRICE (Dollars per used calculator) B.The graph below depicts Jacques monthly demand for tuna. Suppose the price of tuna falls from $12 per pound to $8 per pound. On the diagram, use the area drawing tool to box in the change in Jacques's consumer surplus. And what is Jacques's consumer surplus increase by $please draw the graph for question3, dont you respond me with chat gpt and dont give and writen solution Draw a correctly labelled demand and supply graph for the market for toilet paper in the US with an equilibrium price of $20 per pack: You should label your vertical axis as "Price" and the horizontal axis as "Quantity". Draw a downward-sloping demand curve and an upward-sloping supply curve. Label the point where they intersect as the equilibrium point, with a price of $20 per pack. During the pandemic, more people were buying toilet paper in fear that it would run out. On the same graph, show how this affects the market for toilet paper. Explain your answer: The increased fear would cause a shift to the right in the demand curve, indicating higher demand at each price level. This would move the equilibrium point up along the supply curve, indicating a higher price and quantity sold. Now impose a price ceiling at $15 per pack. What would be the impact of the price ceiling…
- The graph shows the market for hamburgers, and the consumer surplus and producer surplus. What is total surplus? Total surplus is $ If the quantity demanded of hamburgers decreases by 80 an hour at each price, the demand curve shifts leftward from D, to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and labelit PS. Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? Total surplus by $. 0 9.00 8.00- 7.00- 6.00- 5.00- 4.00- 3.00 2.00 1.00- 0.00 Price (dollars per hamburger) 0 20 9.00 8.00 7.00- 6.00- 5.00- 4.00- 3.00 2.00 S 1.00 0.00- Price (dollars per hamburger) 0 D₁ Do 40 60 80 100 120 140 160 180 Quantity (hamburgers per hour) S D 20 40 60 80 100 120 140 160 180 Quantity (hamburgers per hour) Q Q Q ✔ >>> Draw only the objects specified in the question.Suppose that you have information indicating that the price of steel (an important input ofproduction in the auto industry) has doubled during the past few months. Show howthis economicshock will influence the market for American made cars and give your predictions for equilibriumprice and sales change.The following graph represents supply and demand in the market for tanning sessions. Suppose that the government imposes a $15 excise tax on providers of tanning sessions. a. Using the graph below, demonstrate the effect of this tax on the market for tanning sessions. Instructions: Use the tool provided, 'New line,' to draw; either a new supply or demand curve that reflects the impact of this tax. Plot only the endpoints of the line. Then use the tool provided, 'New EQ,' to indicate the new equilibrium point. $50 Tools $45 $40 Supply, New EQ New line $35 $30 $25 $20 $15 $10 $5 Demand, 10 20 30 40 50 60 70 80 90 100 Quantity (number of tanning sessions) b. Who pays more of the tax incidence? O Consumers and producers split the tax. O Producers, because the price elasticity of supply exceeds the price elasticity of demand. O Consumers, because the price elasticity of supply exceeds the price elasticity of demand. O Consumers, because the price elasticity of supply is less than the price…
- The following graph represents supply and demand in the market for tanning sessions. Suppose that the government imposes a $15 excise tax on providers of tanning sessions. a. Using the graph below, demonstrate the effect of this tax on the market for tanning sessions. Instructions: Use the tool provided, 'New line,' to draw; either a new supply or demand curve that reflects the impact of this tax. Plot only the endpoints of the line. Then use the tool provided, 'New EQ,' to indicate the new equilibrium point. $50 Tools $45 $40 Supplyo New EQ New line $35 $30 $25 $20 $15 $10 $5 Demand, 10 20 30 40 50 60 70 80 90 100 Quantity (number of tanning sessions) b. Who pays more of the tax incidence? O Consumers, because the price elasticity of supply exceeds the price elasticity of demand. O Consumers and producers split the tax. O Consumers, because the price elasticity of supply is less than the price elasticity of demand. O Producers, because the price elasticity of supply exceeds the price…Suppose a tax is levied in the market for soda. Consider a $0.50 excise tax on producers for each soda sold. The graph illustrates the demand and supply curves for soda both before and after the tax is levied. Use the graph below to answer the remaining parts of this question. SEE GRAPH d. What is the consumer surplus generated after the imposition of the tax? Shade in this area on the graph. Instructions: Use the tool provided “CStax” to illustrate this area on the graph. Consumer surplus after the imposition of the tax is $ _____ thousand. e. What is the producer surplus generated after the imposition of the tax? Shade in this area on the graph. Instructions: Use the tool provided “PStax” to illustrate this area on the graph. Producer surplus after the imposition of the tax is $ _____ thousand. f. What is the total revenue generated from the tax? Shade in this area on the graph. Instructions: Use the tool provided “TR” to illustrate this area on the graph. Tax…Refer to the figure at right showing the market for nuts. The loss of consumer surplus associated with the tariff shown will be $ (Round your response to the nearest dollar.) Price of Nuts ($) Pw+t Md 40 31 Market for Nuts C D A B 6 15 26 38 Quantity of Nuts (thousand units) S Tarif D