Imagine that you lease an apartment for $900 a month. The market price for that apartment has increased, but you will pay less than equilibrium price because you have seven months remaining on your lease. What is this phenomenon called? A. consumer surplus B. sticky prices C. producer surplus D. deadweight losses
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- 4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000 gallons. The Price Elasticity of Demand is determined to be 0.80 while the Price Elasticity of Supply is determined to be 1.20. A price floor is set at 20% above the current equilibrium price. (a) Determine the dollar amount of the price floor. (b) Determine the Qs after the price is imposed. (c) Determine the Qd after the price is imposed.Question 6 At the price of $5 per pack of batteries, Duracell sells 10,000 packs of batteries and Energizer sells 15,000 packs of batteries. When the price rises to $7.50, Duracell sells 12,000 packs of batteries and Energizer sells 16,000 packs of batteries. What is the market supply at a price of $7.50? 12,000 16,000 4,000 28,000 25,000 Question 7 Social welfare (i.e. the sum of producer and consumer surplus) is maximized when the government taxes most goods and services. very few consumers and producers exist within a market the market reaches its equilibrium price and quantity. supply and demand are perfectly inelastic. the government imposes price controls. Question 8 When demand is perfectly elastic, the demand curve is vertical. upward-sloping. U-shaped.…labeled): Pricel P Market T This is a standard supply and demand graph that represents what's happening in a specific market (the current market price and quantity are + U W Y > X N Q Market Supply Demand Quantity
- 10. Which of the following statements about OPEC and the oil market during the 1970s and 1980s is (are) correct? (x) Over the long run consumers responded to higher gasoline prices with greater conservation of gasoline and as a result the demand for OPEC products became less elastic. (y) OPEC successfully raised the world price of oil in the 1970s and early 1980s primarily due to an inelastic demand for oil and a reduction in the amount of oil supplied. (z) OPEC could not successfully keep the price of oil high over the long run, because producers of oil outside of OPEC responded to the high price by increasing oil exploration and extraction capacity. A. (x), (y) and (z) B. (x) and (y) only (x) and (z) only D (y) and (z) only Е. (y) onlyThe following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)What is the total surplus : Price 110 - Supply 100 a) 800 b) 1000 c) 1500 d) 2000 e) 2500 f) 3500 g) 5000 90 80 70 60- Demand 50 45 40 + 30 20 10 ++++++ 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 Duantity
- 5. The quantity demanded of a certain brand of TV is 3000 per week when the unit price is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any TVs if the unit price is $300 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market. Find (a) the demand function, (b) the supply function, (c) the equilibrium quantity and price.Price Blank 1 Add your answer $24 $22 $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 a. Calculate total surplus when demand is D₁. $ Blank 1 Blank 2 Add your answer 0 25 50 500 b. Calculate total surplus when demand decreases to D₂. $ Blank 2 75 02150 125 S₁ 1 175 Quantity 200 225 250 D₁ 275 ... 30004. The maximum that buyers are willing to pay for the 8-th unit of this product is (a) $4 (b) $12 (c) $18 (d) $22 (e) $24 05. The minimum that suppliers will accept for the twentieth unit of this product is (a) $2 (b) $8 (c) $12 (d) $18 (e) $22 06. Assuming that this market is at equilibrium, what is the "consumer's surplus" and producer's surplus? (a) consumer's surplus is $72; producer's surplus is $36 (b) consumer's surplus is $98; producer's surplus is $49 (c) consumer's surplus is $32; producer's surplus is $16 (d) consumer's surplus is $36; producer's surplus is $72 (e) consumer's surplus is $144; producer's surplus is $14
- 2. The price of U.S.-produced long grain rice fell by 40 percent from January 1999 to January 2000. In response to the price fall, growers of U.S. long grain rice planted 17 percent less on acreage in 2000. If the harvest also decreases by 17 percent. 2a. How would you describe the supply of U.S. long grain rice (Elastic, Inelastic, Unit Elastic)? 2b. Calculate the price elasticity of supply of U.S.-produced long grain rice? 2c. If the price of long grain rice remains the same, do you think the elasticity of supply will change over the coming years?1. What is meant by producer surplus? a It is the difference between a producer's minimum selling price and the actual price. b It is the total quantity of a good produced by the seller. c It is the difference between the producer's marginal cost and the price. d It is a measure of the total benefit to producers resulting from the purchase of an input.The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 167 132 $32 137 172 $56 Use this information to find the following. (b) the demand equation p (c) the supply equation p (d) the equilibrium quantity and price