Refer to the Market for Good X above. Po-$5, P₁-$35, P2-$25, P-$15, Q₁-20, Q₂-50, and Q-40. The government imposes a price floor of Px $10. What is the price at which all exchanges take place? (Do not include the dollar sign $ in your answer)
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- Price ($) The hypothetical country of Crabby Island has imposed a production quota of 4,000 crabs per month. Use the line segment in the graph to show this production quota, then answer the question. Use the line segment to show a production quota of 4,000 crabs per month. Production quota What is the price of crab after the introduction of 10 the quota? 9. Supply price: $QUESTION 3 3A. Construct a market for cotton imported into the U.S. with an equilibrium price of $1/bale and a quantity exchanged of 100 million bales. 3B. Illustrate the effect on the market for cotton imported into the if the U.S. if the federal government imposes an import quota at 50 million bales.Suppose the market equilibrium wage is $11.00 an hour, and the minimum wage is currently $8.00 an hour. 2nd attempt (a) An increase in the minimum wage by $2.00 an hour to $10.00 an hour would result in an increase in the number of people looking for jobs. (b) The quantity of labor demanded would decrease (c) Overall, this increase in the minimum wage would result in 1st attempt a surplus ▼ See Hi in the labor market.
- The diagram below shows demand and supply curve for Kimchi. The government imposes per-unit of tax on the Kimchi and this is shown by the shift of the supply curve from 50 to S1. Answer the following questions based on the diagram. Price (RM) SO 10 8 4 Quantity 50 100 a. Define market equilibrium. Determine the equilibrium price and quantity of Kimchi before and after the tax. (4 marks) DO1) World market price= 1.5. In absence of trade price of wheat equals $1. D=80-20P S=40+20P ABC Problem 2 In the example of problem 1, suppose Foreign offers exporters a subsidy of 0.25 per unit. a. Determine and graph the effects of the export subsidy on the price of wheat and the quantity of wheat supplied and demanded in Foreign. b. Determine using a graph the effect of the export subsidy on the welfare of each of the following groups: (1) Foreign wheat producers; (2) Foreign consumers; (3) the Foreign government.2. Consider the Table below representing the number of 21-inch colour TV's individuals are willing to purchase in Ndola and Kitwe: Price Quantity Demanded-Kitwe Quantity Demanded- Ndola К350 100 75 К325 150 100 К300 200 125 K275 250 150 K250 300 175 a) Plot these data, with price (P) on the vertical axis and quantity (Q) on the horizontal axis. Connect the points for quantity demanded in Ndola and Kitwe. Lebel the Ndola line D1 and the Kitwe line D2). b) Find the increase in the quantity of TV units purchased in Ndola and Kitwe when the price of TV's is lowered from K300 to K275. c) Find the slope of the Demand lines D1 and D2 when the price is lowered from кз00 to K275. d) What does the difference in the slope of demand lines D1 and D2 indicate? e) Obtain the National demand schedule if Kitwe and Ndola were the only cities in the country. f) Explain what will happen to demand for TVs if one of the following happen i) ii) iii) Price of DSTV increases There is a wage freeze in the…
- Suppose Market for hotel rooms is at equilibrium. Determine the effects of a $120 price floor on quantity demanded, quantity supplied and quantity exchanged in the market. Show the effects on the graph. Show the deadweight loss of the price floor on your graphThe weekly supply and demand for cupcakes in a small town are given as OS = 30P- 20 and Q = 124 - 18P, where P is the price of a cupcake and Q is measured in thousands per %3D week. a. Find the equilibrjum price and quantity. b. Calculate the corsumer and producer surplus at the equilibrium price.b. The daily market demand and supply for chicken in Kuala Lumpur is given by: = 16,000 – 1,000P = 2,000 + 1,000P The quantity and price are measured in tonnes and RM, respectively. i. Determine the equilibrium quantity and price in the above market, ii. Explain what will happen if the government imposes a price ceiling of RM10 on the chicken.
- Consumer surplus is the difference between what a consumer is willing to pay and what they actually pay for a good or service. ... The producer surplus is the difference between the actual price of a good or service–the market price–and the lowest price a producer would be willing to accept for a good. Given the following information, calculate both the producer and consumer surplus a. P- 140 = - .5q b. MC = 10 + 4q show all working and draw graphRefer to the figure at right showing the market for olives. The loss of consumer surplus associated with the tariff shown will be $. (Round your response to the nearest dollar.) Price of Olives ($) Pw+y33 Pw 29 Market for Olives с D A 20 24 Quantity of Olives (thousand units) S Dducation.com/ext/map/index.html?_con%3Dcon&external_browser%-D0&launchUr Saved Refer to the figure below. 10 47 4+.. 0. 4 8. 12 16 20 Quantity if a price ceiling were imposed at $4, consume sup.ould. Multiple Choice $24 Price (5)
