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- Price per arginal Utility Fron Current Consumption Product Unit $ 10 20 20 30 The table shows the marginal utite derived trom curent consumpton leves of three new products. A B and C at are being sold in the maet at the prces isted The contumer can imniediately gan the most extra total utity by winching spending from Mnple Choce ANE4. Assume that gasoline is od in competive marke in which demand is relaively inelatic and sup is relatively elsi. (a) Draw a comeclylabeled graph ofthe asoline market. On you graph show the quilibrumprce and quantity of gsoine, labeled P, ndQ. E (b) Suppose the goverment imposes a $2 per uni ax on he roducers of gasoline. On your graph from par (a),show each of he folowingaftr he tax imposed. (1) The price paid by buyer,labeled P, (i) The after-ax price eceied b sellr, abele P, (i) The quanity, abeled (c) Using the labeling on your graph, explain how tocalulae the total tax revenue collected by the government. (d) Will the tax burden fall enirely on buyers, entrely on eles, more on buyers and less on seler,more on seller and es on buyers, or eqully on buyers and seller? Explain.20 Demand Supply 18 16 14 さ12 10 8. 12 14. 16 20 QUANTITY Which of the following statements is not correct? When the price is 510.quantity supplied equala quantity demanded. DWhen the price is 512.shere is a surplus of 4 units. 0When the price is S16.quantity supplled exceecs ouantity demanded by 1 units. When.the price ls S6 there is a surplus of8units. PRICE
- vivo Y20i anci ara Plot the collowng hpothenical morko dnnd cut supply cchedulerur commad t X Quantity Demanded mite Price fero 160 300 950 G00 200 Junits 2500 20.00 16 00 10 00 000 900 800 200 /000 400 13 200S ALGI ← Sign e-hal 1x. IXLI My/ 8 EdPi S Day S Day vbschools.schoology.com/common-assessment-delivery/start/596643342 S Schoology E Module 5: Credit an... My A S Test CD Tallwood Bookmarks End Of Year Assessment Relatively inelastic Demand Demand az ar as Which good would most likely be illustrated with this graph? O Toilet Paper O Jewelry O Antiques O LumberIm. aminmagmaycempany Cemsumens by Ht dagsand Hlambursens. The fived basbet. Cemsints oflo Hat dogs and 6 Homburgere A Ret dog cot $3 n 2o06 amd $5.pin 2007. A Homburcer cet 5 m 2006.omd $6in 2o07 Colulate CPTE +Th200615 relected he bove 2006 omd 2007. and what is the imeotion rote betweem 2006 amd 2007
- The rules of politics are not always the same as the rules of economics. In discussions of setting budgets for government agencies, there is a strategy called closing the Washington Monument. When an agency faces the unwelcome prospect of a budget cut, it may decide to close a high-visibility attraction enjoyed by many people (like the Washington Monument). Explain in terms of diminishing marginal utility why the Washington Monument strategy is So misleading. Hint: If you are really trying to make the best of a budget cut, should you cut the items in your budget with tile highest marginal utility or line lowest marginal utility? Does the Washington Monument strategy cut the items with the highest marginal utility or line lowest marginal utility?Question H a Siven the table below, Calculote the average physicol product and morginol physicol produCf Heput lotal physicol Prodoct Aueroge Physicol Pineluct Marginal Physzcol Procuct 4. 24 6)Assume that demand for a commodity Maize is repiesented by the equetion R Ps10-0.2QP ond supply bythe equotion P=a+Du2@s, where Qd and @s are quantity demonded (ng) and Sopploed by Chg),respectiwoly, ond Pis price (us Dolbras) 1 Using the equilibicum Condition Os= Ad, solue the equotions to determine equilibrium price and eqailibium quantity. iJNow,assume that the gover ament intervenes by imposong a morket puce of 18 tor maize. What will be-che market Sutuotion Creadedl la tit this now morhet 19) How can you aduise the with the market situction created in f) ebove?* Mind Tap - Cengage Learng ck here to access Mindtap E MINDTAP cer 3 S/D shifts ment: HWK 4 Chapter 3 S/D shifts Assignment Score: 0.00% Save Submit Assignment for Grading ns a2ec13r.03.084 Question 1 of 10 » An increase in the expected price of corn would likely do the following to the current supply and demand for corn: a. increase the demand, but decrease the supply. b. decrease both the demand and the supply. c. increase both the demand and the supply. d. increase the supply, but decrease the demand.
- Course dash The substitution effect of a decrease in the wage will Lutfen birini seçin O a mcrease leisure only if leisure is a normal good Ob decreaseleisure only if leisure is a normal good. 0o increaceleisure, regardless of whetherleisure is a nomal orinfernor good. Od.decrease lasure regardless of whether lesureis anormnal ormferior good. AYFA SONRAKI741 Ny 7:0 Mond Content X + ultra/courses/_99030_1/cl/outline manipic cempo me manipic accompis. INIU Force Completion. This test can be saved and resumed later. BILLETTE Your answers are saved automatically. * Question Completion Status: QUESTION 1 The goal of the consumer is to maximize the total utility or satisfaction derived from their purchase choices, given the unique budget constraint. To calculate total utility of a given combination of T-shirts and movies, one would use the following approach: O a. For a given combination of T-shirts and movies, survey a group of individuals to determine an average for utils to be assigned to the number of T-shirts and movies. O b. For a given combination of T-shirts and movies, use Google to identify the number of utils associated with the number of T-shirts and movies and thenlum them. O c. For a given combination of T-shirts and movies, assign a number of utils to that combination. O d. Use utils as a measure of utility, assigning a…Tane 1E Se.Fot Eamcation Tary notes that an electronics store is affenng a flat $20 off all prices in the store Tony reasons that he is better off if he buys something with a price of $S0 than sOmething with a price of $500 because it would represent a larger disCount as a percentage of the price. This Is: 35 Select one Oa Aabional ahoice because saviing 40% Is better than saving 48. O& Trug Tony would slso be better off f he didn't spend so much Oc False savng $20 is saving $20. Od The proper applicabon of Cost-Benefit Principle NEXT PAGE