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With relevant examples distinguish between: (i) Producer's and
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- Define Consumer and Producer Surplus and illustrate them graphically.Consider the market for bus travel, where equilibrium price and quantity is determined by demand and supply. If bus travel is an inferior good and there is an increase in income and at the same time, the government subsidises bus travel, which of the following will occur? (a) The equilibrium price and quantity will be lower. (b) The equilibrium quantity will be higher, but the impact on price will be unknown. (c) The equilibrium price will be lower, but the equilibrium quantity will be higher. (d) The equilibrium price will be lower, but the impact on quantity will be unknown.At 10 million hours, what areas make up the total economic surplus in this market?
- At Price of $425 per XBOX unit, we would see: a excess supply b excess demand c consumer surplus d neither excess demand and excess supply.Define consumer and producer surplus and give a geometric interpretation of each.ng.cengage.com CENGAGE MINDTAP Chapter 08 Homework First, use the black point (plus symbol) to indicate the equilibrium price and quantity of electric scooters in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the area representing total producer surplus (PS) at the equilibrium price. PRICE (Dollars per scooter) 300 270 Demand 240 210 180 150 120 90 Supply 60 30 Before Tax 0 0 140 280 420 560 700 840 980 QUANTITY (Scooters) 1120 1260 1400 Equilibrium A Consumer Surplus Producer Surplus Suppose the government imposes an excise tax on electric scooters. The black line on the following graph shows the tax wedge created by a tax of $120 per scooter. First, use the tan quadrilateral (dash symbols) to shade the area representing tax revenue. Next, use the green point (triangle symbol) to shade the area representing total consumer surplus…
- Find the producer surplus1. The government wishes to encourage students to become more literate in economics and is therefore giving a S10 per unit subsidy to the purchasers of microeconomics textbooks. Given the following demand and supply, what are the economic effects of this subsidy? Illustrate with a diagram. Show work. P= 100 - Qa P= 20 + 3Q. (1) (2) Original Price Original Output New Price Consumer Pays New Output New Price Producer Receives Benefit to consumer Benefit to producer Cost to governmentHow much is total producer surplus in this market at the equilibrium price?
- Suppose the following demand and supply function:Qd = 750 – 25PQs = -300 + 20 Pi.Find equilibrium price and quantityii.Find consumer and producer surplusQd=120-3P Qs =30 At the equilibrium price and quantity, what is producer surplus?The demand and supply functions for Penn State ice hockey jerseys are: p=d(x)=x²-15x + 545 p=s(x) = 5x² + 3x + 17 where x is the number of hundreds of jerseys and p is the price in dollars. (a) Find the equilibrium quantity, Equilibrium quantity, x- (b) Compute the total surplus at the equilibrium point. Total surplus = which corresponds to dollars jerseys.
