If a marketplace produces $40 in consumer surplus and $20 in producer surplus and has a deadweight loss of $15 then this products value to society with the price control is:
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If a marketplace produces $40 in
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- Refer to the above diagram of the market for corn. If the price in this market is set at $4 per bushel, this price control would be :If the product is $8, only 450 units will be exchanged. What is the consumer surplus, producer surplus, total surplus, and deadweight loss?18-19. In the competitive market for white sugar, consumer demand is given by P=100-0.050 and suppliers' behaviour is represented by the supply curve of P=1+0.005Q, where P is measured in dollars and Q is measured in kilos per month. Questions 17 through 19 refer to this market. 18. Imagine now that the government imposes a price ceiling of $5.00 per kilo on sugar, and that the ceiling is obeyed by all market participants. In the resulting equilibrium the total number of kilos of sugar exchanged in the market is equal to: A) 2100 G) 800 B) 2000 H) 600 A) $5 G) $70 C) 1900 I) 400 B) $10 H) $80 19. Suppose suppliers obey the price ceiling but consumers sell sugar on a black market. What will the black market price for sugar be? D) 1400 E) 1200 J) None of the above C) $10.50 I) $21 E) $50 F) 1000 D) $40 J) None of the above F) $60
- If a market produces a level of output below the competitive equilibrium, then social welfare might still be enhanced if a price ceiling keeps price below the competitive price total surplus is not maximized consumer surplus might still be maximized the actual price will be below the equilibrium priceIn a market, the consumer surplus is $30 and the maximum willingness to pay is $66 Calculate Market priceConsider the market for eggs in the diagram below. Before the price ceiling is introduced, what is producer surplus? Price P3 P₂ P₁₁ a b C d e f 6.0 g h a h b d Q₁ None of the above C e f Q₂ g D S Quantity
- Find the market price when the maximum willingness to pay is $56 and the consumer surplus is $32Consider the market for some product X that is represented in the accompanying demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity The total economic surplus is $ 120 per day (Round your response to the nearest cent as needed) b. Calculate the total economic surplus in this market when a price ceiling at $7 is in effect The total economic surplus is $90 per day. (Round your response to the nearest cent as needed) c. After imposition of the price ceiling at $7, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? unit(s) of this good are no longer being produced and consumed per day compared to the free-market equilibrium (Round your response to the nearest whole number as needed) Price ($) 19.00 17.00 15.00 13.00- 11.00- 9.00- 7.00- 5.00 3.00- 1.00- 0 10 15 20 25 Quantity (units per day) 30 S D 35 GThe demand curve for wheat is Q=140−10p Supply curve is Q=10p. Equilibrium quantity is 70. Equilibrium price is $7. The government imposes a price ceiling of p=$3 per unit. Equilibrium quantity with the price ceiling is 30. What effect does this ceiling have on consumer surplus, producer surplus, and deadweight loss?
- Explain the conditions under which price legislation is employed in an economy.Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. PRICE (Dollars per headset) 400 360 320 280 240 200 160 120 80 40 0 0 Demand Supply 100 200 300 400 500 600 700 800 900 QUANTITY (Millions of headsets) Total surplus in this market is $ 1000 million. Equilibrium Δ Consumer Surplus Producer SurplusDefine price control
