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- What are the factors that caused the consumer surplus?nwob wobanog ovio brsmab art loded Jebey vlasue bee bnemobt ws iw dnove wod C. Draw the market for Hunt's Ketchup. There is a decrease in the price of tomatoes used by Hunt's and at the same time the price of Heinz Ketchup increases. Assume that Heinz Ketchup and Hunt's Ketchup are substitutes. ud to eahvork 4 Compatibility Mode Search ences Mailings Review View Help Text Box EAa A 而、前。 AaBbCcl AaBbCcI AaBbC AaB AaBbc 田。 1 Normal T No Spac... Heading 1 Title Subtit. Paragraph Styles 2. Suppose that the government determines that the price of high speed internet service is too high. In order to reduce the price, it proposes three alternative price ceilings: $20 a month, $40 a month, and $60 a month. The demand and supply schedules for high speed internet service are given below. Quantity demanded (millions of connections) 220 Quantity supplied (millions of connections) Price $15 $20 200 10 $25 180 20 $30 $35 $40 160 40 140 60 120 80 $45 100 100 $50 $55 80 130 60 170 $60 $65 40 210 20 250 a. In the absence of government intervention, i. What is the equilibrium price? 11. What is the equilibrium quantity? b. If the government enacts a price ceiling of $20 per month, i. What will be the price? What will be the quantity traded? What will be the excess demand? 11. 111 Focus hp 米 fs fg f9…
- Because bagels and cream cheese are often eatentogether, they are complements.a. We observe that both the equilibrium price ofcream cheese and the equilibrium quantity ofbagels have risen. What could be responsible forthis pattern: a fall in the price of flour or a fallin the price of milk? Illustrate and explain youranswer.b. Suppose instead that the equilibrium price ofcream cheese has risen but the equilibriumquantity of bagels has fallen. What could beresponsible for this pattern: a rise in the price offlour or a rise in the price of milk? Illustrate andexplain your answer.Consider the market for chicken burger. For each of the events listed here, identify whichof the determinants of demand or supply are affected. Also indicate whether demand orsupply increases or decreases. Then draw a diagram to show the effect on the equilibriumprice and equilibrium quantity of chicken burger.a. Nowadays grade IX-XII students throughout the country thinks that chicken burger is the mostconvenient meal for lunch time in schoolb. Price of chicken meat is now higherc. People expect 10% discount on chicken burger in December as a Christmas offerd. Price of hotdog fallse. A stock market crash lowers people’s wealth [Consider chicken burger is inferior good for e)]QUESTION 5 Using the table below, calculate total consumer surplus for Beanie, Mitch, and Frank if the price of the textbook is $110. TABLE 6.1 Willingness to Pay for a New Economics Textbook Buyer Willingness to pay Beanie $200 Mitch $150 Frank $100 Cick to view grachic. O $90 O $40 O$130 $120 Click Sae and Submit to nd
- Quantity Consider the figure shown. What is the total surplus at the equilibrium price and quantity?Saved Refer to the table below containing the market demand schedule for canoes. Price ($ per canoe) Quantity Demanded (canoes per month) $800 250 700 300 600 350 ok 500 400 nt a. Draw a graph showing the demand curve D. Plot only the endpoints of the curve, 2 points in total, in the graph below. ences Demand for Canoes 900 Tools 800 Demand 700 600 500 400 250 300 200 50 150 350 450 100 400 500 OuantituInaneee nor manth) Mc Graw Hill MacBook Air 888 DII F1 F2 F3 F4 F5 F6 F7 F8 F9 @ 23 $ % & 2 3 4 6. 7 8. E Y w/ Price ($ per canoe)What is the difference between the supply andthe quantity supplied of a product, say milk? Explainin words and show the difference on a graph with thesupply curve for milk.