Hurricane Dorian destroyed thousands of crawfish traps; explain and illustrate what would happen to the consumer surplus of crawfish men. What is the solution
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Hurricane Dorian destroyed thousands of crawfish traps; explain and illustrate what would happen to the
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- Assume that Hurricane Dorian destroyed thousands of crawfish traps. Explain and illustrate what would happen to the consumer surplus of crawfish consumers.At 8 million hours, what areas make up the total economic surplus in this market?Describe the market for smartphones and illustrate how equilibrium price and quantity determined in this industry.
- Consider the market for computers. The current price of dell computer is $1200.00. Two consumers, Jeff and Peter, are willing to 1,250 and 1,350, for a new computer. Two electronic stores are willing to sell the dell computers for as little as 1,150 and 1,000 each. What's the total surplus in this market?The federal government imposes a $5 tax per game on the manufacturers of the electronic games. Graphically show what will happen. Make sure you label the initial P and Q and the resulting P and Q.Label axes clearly. What happens to the equilibrium price of electronic games? What happens to the equilibrium quantity?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.
- The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $30, $29, $20, $16, and $12. Five buyers are willing to buy one widget at the following prices: $10, $12, $20, $24, and $29. What is the equilibrium price and quantity?What effect will each of the following have on the supply of auto tires? The granting of a 50-cent-per-unit subsidy for each auto tire produced.Before economic reforms were implemented in the countries of Eastern Europe, regulation held the price of bread substantially below equilibrium. When reforms were implemented, prices were deregulated and they rose dramatically. As a result, the quantity demanded for bread dramatically fell and the quantity supplied for supplied rose sharply. Change in demand? Change in supply? Change in market equilibrium price? Change in market equilibrium quantity? Graph?
- Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quality. In the market for airline tickets, airline carriers have drastically cut fares for international air trave resulting in 3% increase in ticket sales. meanwhile, recent health considerations due to COVID-19 have caused an 11% reduction in the demand for international travel Impact on supply impact on price impact on quantity impact on demandThe year is 2021, and the world has been fighting for hand sanitizer. For that reason, the cost of a 20 Oz bottle of hand sanitizer is now $120 rather than $60. In this case, what will be the producer surplus for the new producers? The ones that entered the market after the price change. Price 120 Supply 60 Quantity 80 160The table below shows the total demand and supply for bushels of wheat per month. Supply (*000) Demand Price per bushel (S) (*000) 85 3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 81 Required: There has been discussion being raised "Surpluses drives prices to go up meanwhile shortages drives the prices to go down". What is your perspective on this statement? Do you agree? (i)
