Question 1 (15 marks) Please refer to the graph below and answer the questions. Price 170 160 150 140 130 120 110 100 90 80 70 60 50 40 30 20 10 Supply 2 456 + Demand + + + + 8 10 12 14 16 18 20 22 242526 28 a. What is the equilibrium price in this market? b. What is the equilibrium quantity in this market? c. What is the amount of consumer surplus? d. What is the amount of producer surplus? Quantity e. Suppose the government imposes a $50 per unit tax on the sales of the good. What would be the price paid by the consumers for the good? f. With a $50 per unit tax imposed, what would be the price received by the producers? g. With a $50 per unit tax imposed, what is the amount of consumer surplus? h. With a $50 per unit tax imposed, what is the amount of producer surplus? i. With a $50 per unit tax imposed, what is the amount of the tax revenue? j. What is the amount of deadweight loss?

Section 4.1: Page 186: 68 Supply and demand for com. At $2.13 per bushel, the annual supply for corn in the Midwest is 8.9 billion bushels and the annual demand Is 6.5 billion bushels. When the price falls to $1.50 per bushel, the annual supply decreases to 8.2 billion bushels and the annual demand increases to 7.4 billion bushels. Assume that the price-supply and price-demand equations are linear. A) Find the price-supply equation. B) Find the price-demand equation. C) Find the supply and demand if bushels of corn are $1.25 per bushel. Discuss the stability of the corn market at this price level. JAN 23 D) Find the equilibrium price and quantity and interpret the meaning. A

6 01:10:00 The table below shows the market demand and supply schedules for pumpkins. (1) Price ($ per pumpkin) $10.00 8.00 6.00 4.00 2.00 (2) (3) Quantity Demanded Quantity Supplied (pumpkins per (pumpkins per month) month) 55,000 49,000 43,000 37,000 31,000 23,000 33,000 43,000 53,000 63,000 (4) Surplus (+) or Shortage (-) 32,000 16,000 0 -16,000 -32,000 (5) New Quantity Supplied (pumpkins per month) 38,000 33,000 28,000 23,000 16,000 (6) New Surplus (+) or Shortage (-) 15,000 -15,000 -30,000 -47,000 a. Complete the column (3) in the accompanying table. b. Draw a graph showing the demand and supply curves D and So. Plot only the endpoints of the demand curve D, supply curve So, and demand curve D₁ for part (e). Plot 6 points in total in the graph.

15. Market equilibrium The following table presents the weekly demand and supply in the market for sweatpants in Philadelphia. Price (Dollars per pair of sweatpants) 6 12 18 24 30 Quantity Demanded (Pairs of sweatpants) 1,650 1,350 1,200 900 750 Quantity Supplied (Pairs of sweatpants) 300 600 750 1,350 1,800 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.   Note:-  Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.

PRICE (Dollars per box) 50 45 40 35 30 25 15 10 5 0 0 60 120 180 240 300 360 420 480 540 600 QUANTITY (Millions of boxes) In this market, the equilibrium price is $ Price (Dollars per box) 15 + 35 Demand True Supply O False Market for Michigan Blueberries Quantity Demanded (Millions of boxes) Price (Dollars per box) Quantity Demanded (Millions of boxes) For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. per box, and the equilibrium quantity of blueberries is Quantity Supplied (Millions of boxes) True or False: A price ceiling below $25 per box is a binding price ceiling in this market. 15 Pressure on Prices 348 Quantity Supplied (Millions of boxes) million boxes. 180 Because it takes six to eight years before newly planted blueberry plants reach full production, the supply curve in the short run is almost…

You have been given the following information about the housing market for two- bedroom rental units in Vancouver: Rent ($ per Quantity Demanded (per month) Quantity Supplied (per month) month) 1,100 20,000 1,200 15,000 5,000 1,300 10,000 10,000 1,400 5,000 15,000 1,500 2,500 20,000 1,600 1,500 25,000 a. Draw a supply and demand graph to illustrate the housing market above. Answer: b. What is the equilibrium rental price and the equilibrium quantity of housing? Answer: c. Suppose that a price ceiling of $1,200 rent per month is imposed in the Vancouver housing market, what will be the effect of this on housing market in Vancouver? Answer:

The following table contains information about the wheat market:   Price per Bushel (dollars) Quantity Demanded (bushels) Quantity Supplied (bushels) $2 40,000         0   4 34,000   4,000   6 28,000   8,000   8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16   6,000 40,000   Draw and label a graph representing this market (demand curve, supply curve, etc.) What is the market price of wheat in this market, and what is the total revenue to farmers at that price? If the farmers then band together and set a price floor of $14 per bushel, what will their total revenue be? Label these two revenue areas on your graph.

Question 12 Cecilia usually bought several pairs of designer shoes each year, but she lost her job this year. Which graph below shows what happens to her demand for designer shoes? P₁ Price Price P₂ P₁ D₂ Q₂ I I Q2 D₁ Q₁ S Q₁ Quantity Quantity

PRICE (Dollars per box) 50 45 40 35 20 15 10 5 0 + 0 Supply In this market, the equilibrium price is s Brico Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 per box, and the equilibrium quantity of blueberries is Quantity Supplied (Millions of boxes) million boxes. 210 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Quantity Domandod Quantity Supplied

SINGAPORE UNIVERSITY OF SOCIAL SCIENCES (SUSS) Page 4 of 4Question 1(a) For each of the incident occurred in the cigarette market, explain whether the demand curve or the supply curve is affected and the effects on the equilibrium price and quantity in the cigarettes market.Support your answers with suitable market diagrams. Your diagram should take into consideration the price elasticity of demand and supply for cigarettes.(i) Price of electronic vaporisers (vapes) increases(ii) Workers in the cigarettes industry have an increase in wages(iii) Research concludes that smoking will cause cancer