The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. 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. 350 Demand PRICE (Dollars per camera) 105 E%2 140 210 175 245 200 315 70 Supply 0 40 120 100 200 240 250 320 360 400 QUANTITY (Millions of cameras) Total surplus in this market is S million. +. Equilibrium A Consumer Surplus Producer Surplus
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- The following graph plots the supply and demand curves in the market for motor scooters. Use the black point (plus symbol) to indicate the equilibrium price and quantity of motor scooters. 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 scooter) 300 270 240 210 180 150 120 60 30 0 0 Demand Supply 95 190 285 380 475 570 665 780 855 QUANTITY (Millions of scooters) Total surplus in this market is $ 950 million. Equilibrium A Consumer Surplus Producer SurplusThe table shows the demand and supply schedules for tacos. If the quantity demanded of tacos decreases by 140 per hour at each price, the new price of a taco is $ Total surplus by $ decreases increases C M Price (dollars per taco) 0 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 Quantity demanded (tacos per hour) 560 Quantity supplied 490 420 350 280 210 140 70 0 0 70 140 210 280 350 420 490 560 NextThe following data is about the market for alcohol spray during the COVID outbreak. Quantity Demanded (in Quantity Supplied (in mn) Price mn) 9. 120 160 8 148 174 7 150 150 6. 240 130 To control price gauging, the government is imposing a Price Ceiling on alcohol spray for $8 per bottle. With the Price Celling, will the market have a shortage or surplus of alcohol spray and what will be the surplus amount (positive indicates surplus, negative indicates shortage)?
- PRICE [Dolars per laptop) The following diagram shows supply and demand in the market for laptops. 150 Demand 135 120 105 90 75 60 45 30 15 Supply ° 1 0 35 70 105 140 175 210 245 280 QUANTITY (Millions of laptops) 315 350 Fill in the following blanks with integer values: The market price is The market quantity is The consumer surplus is 4200 The producer surplus is 4200 The total surplus is 8400 A price ceiling is imposed at $60. The market price is now There is now a (surplus/shortage/none) Is there deadweight loss (yes/no)? of what amount? How much if any? If a price floor is implemented at $65, would it be binding? (yes/no)The following graph shows the supply curve for a group of students looking to sell used graphing calculators. Each student has only one used calculator to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used calculator. 300 250 Rosa 200 Area: 200 Nick 150 Latasha A O 100 Jake Frances 50 Dmitri 2 3 6 QUANTITY (Used calculators) PRICE (Dollars per used calculator) B.Suppose that the price of materials used to produce computer hardware, such as graphics cards, is decreased. Show what occurs to price, quantity, consumer surplus, producer surplus, and total surplus in the market for computers graphic cards using a supply-and-demand diagram (draw a graph). Furthermore, provide five explanations for what occurred.
- Complete the table by calculating the "New Market Quantity Supplied" if Ann decided to stop tutoring, and then answer one question. Instructions: Enter your responses as a whole number. Price (per Hour) $50 45 40 35 30 25 20 15 10 Quantity Supplied by Ann 94 383882882 81 50 20 10 Quantity Supplied by Bob 35 38782TOO 33 30 20 12 Quantity Supplied by Carlos 19 14 10 6 2 0 0. 0 Market Quantity Suppiled (= Ann + Bob +Carlos) 148 140 130 114 90 62 39 20 10 New Market Quantity Supplied Market Quantity Demanded 5 4 8 11 16 22 30 39 47 57 What would the new equilibrium price of tutoring services be if Ann decided to stop tutoring? per hourSuppose the following graph shows the demand for, and supply of, apartments in New York City. Use the black point (plus symbol) to indicate the equilibrium monthly rent and quantity of apartments in the absence of price controls. Then use the green point (triangle symbol) to fill the area representing consumers' surplus, and use the purple point (diamond symbol) to fill the area representing producers' surplus. MONTHLY RENT (Dollars per apartment) 2800 2600 2400 2200 2000 1800 0 Demand Supply 0.8 3.2 QUANTITY OF APARTMENTS (Millions per month) 1.6 2.4 4.0 Equilibrium A CS PS ?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 $120 per scooter. First, use the tan quadrilateral (dash symbols) to shade the area representing tax revenue. Next, use the green point (triangle symbol) to shade the area representing total consumer surplus…
- The demand and supply curves for the pizza market are shown in the graph below. Calculate the daily producer surplus. Instructions: Enter your response as a whole number. Price ($/slice) 6 5 4 ო 2 1 Market for pizza S D 0 4 8 12 16 20 24 28 Quantity (1,000s of slices/day) Producer surplus: $ per day.Suppose that the smart-phone market has the demand equation of P = 1,200 – 3.5Q° and the supply equation of P = 450 + 2.5Q°. a). Find the equilibrium-price and equilibriu-quantity for this market? b. Draw a graph to show this market and compute for consumer surplus, producer surplus and market surplusThe table shows the demand and supply schedules for on-campus housing. If the college puts a rent ceiling on rooms of $600 a month, what is the rent, how many rooms are rented, and is the on-campus housing market efficient? CELEB If the college puts a rent ceiling on rooms of $600 a month, the rent is $ and the number of rooms rented is Rent (dollars per month) 500 550 600 650 700 750 Quantity demanded 5,000 4,500 4,000 3,500 3,000 2,500 (rooms) Quantity supplied 4,500 4,500 4,500 4,500 4,500 4,500