A fellow student suggests that the increase in consumer surplus from a $1000 reduction in the...
Homework Answers
"C"
It is wrong because it overstates the consumer surplus, as the surplus will because to get the real value it should be divided by 2 as well.
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A
fellow student suggests that the increase in consumer surplus from
a $1000 reduction in the...
A political leader comes to you and wonders from whom she will get the most complaints...
A political leader comes to you and wonders from whom she will get the most complaints she Institutes a price ceiling when demand is inelastic and supply is elastic 1. How do you respond? O Producers will key complain the most because a price ceiling is an implicit tax on producers and an implicit subsidy to consumers. Some producer surplus is transferred to consumers. He ative elasticities don't matter Although consumers will pay a lower price with the price celing...
Match the following terms with their definition (some terms may be used more than once). A....
Match the following terms with their definition (some terms may be used more than once). A. Inelastic demand B. Consumer surplus C. Elastic demand D. Cross-price elasticity if demand E. Price elasticity of supply F. Deadweight loss G. Economic efficiency H. Producer surplus I. None of the above 1. The difference between the highest price a consumer is willing to pay for a good or service and the actual price the consumer pays 2. The difference between the price a...
Please answer 1-4. I am uncertain of my answers and I really need to do well...
Please answer 1-4. I am uncertain of my answers and I really
need to do well for this assignment.
Multiple Choice: Please choose the best answer among the following choices. 1. Consider the product of gasoline. Its PES is estimated at 1.6. Which of the following would be true? a) Gasoline's supply is inelastic b) Its supply curve is a steep, upward sloping line c) Its supply curve is a vertical line d) Its supply curve is a flat, upward...
1. Suppose you make silver jewelry. If the price of silver wire (a raw material) falls,...
1. Suppose you make silver jewelry. If the price of silver wire (a raw material) falls, we would expect you to: a. be willing and able to produce less jewelry than before at each possible price. b. be willing and able to produce more jewelry than before at each possible price. c. face a greater demand for your jewelry. d. face a weaker demand for your jewelry. _____ 2. Consider the market for portable air conditioners, initially in equilibrium. When...
ONLY ANSWER PLEASE! Assume you are told there is an increase in the demand for electric...
ONLY ANSWER PLEASE! Assume you are told there is an increase in the demand for electric cars. Based on this information, what would you predict in the market for electric cars? a) The equilibrium price will decrease, and the equilibrium quantity will decrease. b) The equilibrium price will increase, and the equilibrium quantity will increase. c) The equilibrium price will increase, and the equilibrium quantity will decrease. d) The equilibrium price will decrease, and the equilibrium quantity will increase. A...
All of the following statements are true about marginal cost except I. marginal cost increases as...
All of the following statements are true about marginal cost except I. marginal cost increases as production expands. II. when marginal cost is below average cost, average cost is falling. III. when marginal cost is above average cost, average cost is constant. IV. when marginal cost meets the average total cost, the average total cost is at its minimum point. II and III I only II only III only III and IV IV only Which of the following is an...
(67)Suppose that when the price of cherries is $10 per lb, the quantity supplied of cherries...
(67)Suppose that when the price of cherries is $10 per lb, the quantity supplied of cherries is 20 lbs. When price of cherries is $6 per lb, the quantity supplied of cherries is 12 lbs. The price elasticity of supply is: (a)1.7 (b)1.0 (c)2.5 (d)0.8 (68)If an excise tax is placed on the producer of a product that has a perfectly inelastic demand, given ceteris paribus then: (a)The entire tax will be paid by the producer (b)The consumer and producer...
Question 3 Three of the four events described below might reasonably be expected to increase or...
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In the market for televisions, the price of a television falls and nothing else changes. Price...
In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...
A political leader comes to you and wonders from whom she will get the most complaints she Institutes a price ceiling when demand is inelastic and supply is elastic 1. How do you respond? O Producers will key complain the most because a price ceiling is an implicit tax on producers and an implicit subsidy to consumers. Some producer surplus is transferred to consumers. He ative elasticities don't matter Although consumers will pay a lower price with the price celing...
Please answer 1-4. I am uncertain of my answers and I really
need to do well for this assignment.
Multiple Choice: Please choose the best answer among the following choices. 1. Consider the product of gasoline. Its PES is estimated at 1.6. Which of the following would be true? a) Gasoline's supply is inelastic b) Its supply curve is a steep, upward sloping line c) Its supply curve is a vertical line d) Its supply curve is a flat, upward...
In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...
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