(Figure: Price and Quantity I) The decrease in supply from S1 to S2 will cause consumer surplus to _____ and producer surplus to _____.

A) decrease by $10.50; decrease by $4.50 B) decrease by $5.50; increase by $3 C) increase by $6; decrease by $18 D) decrease by $10.50; decrease by $6.67 A) decrease by $10.50; decrease by $4.50 B) decrease by $5.50; increase by $3 C) increase by $6; decrease by $18 D) decrease by $10.50; decrease by $6.67

Suppose that the demand curve for brown rice is given P= 50,000 - 3Q2, and supply is P = -10,000 + 3Q2. The consumer surplus at the equilibrium price is ____.

A) $1,000,000 B) $200,000 C) $100,000 D) $2,000,000 A) $1,000,000 B) $200,000 C) $100,000 D) $2,000,000

(Figure: Price and Quantity VII) The area that represents consumer surplus with the demand curve D1 is _____, and the area that represents consumer surplus with the demand curve D2 is ____.

A) B; A + B B) A + B; B + C C) B + C; A + B + C + E D) B + C; A + B A) B; A + B B) A + B; B + C C) B + C; A + B + C + E D) B + C; A + B

Exam 3: Using Supply and Demand to Analyze Markets

Suppose that the demand curve for an advanced technology product for businesses is given by P = 10,000 - 4Q³ and supply is P = 2,000 + 4Q³. a. Find the equilibrium price and quantity. b. Calculate consumer surplus at the equilibrium price. c. Calculate producer surplus at the equilibrium price.

(Essay)

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Question 41

(Figure: Price and Quantity I) The decrease in supply from S₁ to S₂ will cause consumer surplus to _ and producer surplus to _.

(Multiple Choice)

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Question 42

(Figure: Price and Quantity III) An increase in demand caused consumer surplus to change from _ to _.

(Multiple Choice)

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Question 43

Assume that the demand for disposable digital cameras is Q^D = 6 - 0.33P. Supply is given as Q^S = 0.67P. The equilibrium price (P_B) and quantity (Q_B) once a tax of $1 per unit is applied will be _____. (Please round your answer to two decimal places.)

(Essay)

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Question 44

In the market for cotton, the quantity demanded and quantity supplied are expressed mathematically as Q^D = 400 - 250P and Q^S = 250P - 100, where P is the price per pound of cotton and Q measures pounds of cotton. Suppose the government sets a price ceiling of $0.50 per pound of cotton. As a result of the price ceiling, there is a shortage of:

(Multiple Choice)

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Question 45

(Figure: Market for Good X II) Before the subsidy, producer surplus is and after the subsidy, producer surplus is .

(Multiple Choice)

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Question 46

The first snow blower was sold in 1927. How did the sale of the snow blower affect the demand curve and the consumer surplus for snow shovels?

(Essay)

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Question 47

(Figure: Market for Tickets II) Refer to Figure: Market for Tickets II to answer the following question. Before the tax, consumer surplus is and after the tax, consumer surplus is .

(Multiple Choice)

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Question 48

Suppose that a local government has imposed a quota of 0.5 million gallons on water usage. Before the quota is enforced, the market demand curve is given by Q^D = 10 - 2.25P and the market supply curve is given by Q^S = -10 + 2.75P where the quantity is measured in millions of gallons per month and the price is in dollars per thousand gallons. a. How will the quota influence the market price of water? The quantity of water sold? b. Calculate the deadweight loss resulting from the quota.

(Essay)

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Question 49

Many states have minimum price laws for cigarettes. Assume that the demand equation for cigarettes is Q^D = 4,000 - 300P, while the supply equation is Q^S = -1,000 + 200P, with quantity in thousands of packs. Assume that state governments replace the $12 price floors with a tax of $5 per pack, resulting in the same number of packs sold as under the price floor. The price floor would lead to a deadweight loss of $_; the $5 tax would lead to a deadweight loss of $_.

(Essay)

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Question 50

The deadweight loss (owing to a price ceiling) increases as demand becomes more _ and supply becomes more _.

(Multiple Choice)

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Question 51

Suppose that the demand curve for brown rice is given P= 50,000 - 3Q², and supply is P = -10,000 + 3Q². The consumer surplus at the equilibrium price is ____.

(Multiple Choice)

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Question 52

(Figure: Market for Magazines I) The supply equation in the adult magazine market is given by Q^S = 2P - 4, where P is the price per magazine and Q measures the number of magazines in thousands. Which supply curve reflects a government quota of 6,000 magazines?

(Multiple Choice)

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Question 53

(Figure: Market for Snow Blowers I) The size of the tax is:

(Multiple Choice)

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Question 54

(Figure: Price and Quantity VII) The area that represents the deadweight loss from the change in demand from D₁ to D₂ is:

(Multiple Choice)

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Question 55

(Figure: Price and Quantity VII) The area that represents consumer surplus with the demand curve D₁ is _, and the area that represents consumer surplus with the demand curve D₂ is .

(Multiple Choice)

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Question 56

When demand and supply are linear, consumer surplus is equal to:

(Multiple Choice)

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Question 57

The demand and supply curves for a product are Q^D = 50 - 0.5P and Q^S = 2.5P + 5, where P is the price per unit and Q measures millions of units. If the government levies a $1.20 per unit tax on buyers, what is the size of the deadweight loss?

(Multiple Choice)

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Question 58

Suppose the demand and supply curves for units of university credits are given by Q^D = 5,000 - P Q^S = -1,000 + 4P Where Q^D is the quantity of credits demanded, Q^S is the quantity supplied, and P is the price in dollars for each unit. The producer surplus at the equilibrium price is ____.

(Multiple Choice)

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Question 59

The supply and demand for solar panels are given by Q^S = 5P - 5,000 and Q^D = 15,000 - 5P, where P is price per solar panel and Q measures the quantity of solar panels. Suppose the government provides a $500 subsidy per solar panel. Before the subsidy, consumers pay price and after the subsidy, consumers pay price .

(Multiple Choice)

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Question 60

Showing 41 - 60 of 146

Suppose that the demand curve for an advanced technology product for businesses is given by P = 10,000 - 4Q³ and supply is P = 2,000 + 4Q³. a. Find the equilibrium price and quantity. b. Calculate consumer surplus at the equilibrium price. c. Calculate producer surplus at the equilibrium price.

(Figure: Price and Quantity I) The decrease in supply from S₁ to S₂ will cause consumer surplus to _ and producer surplus to _.

(Figure: Price and Quantity III) An increase in demand caused consumer surplus to change from _ to _.

Assume that the demand for disposable digital cameras is Q^D = 6 - 0.33P. Supply is given as Q^S = 0.67P. The equilibrium price (P_B) and quantity (Q_B) once a tax of $1 per unit is applied will be _____. (Please round your answer to two decimal places.)

(Figure: Market for Good X II) Before the subsidy, producer surplus is and after the subsidy, producer surplus is .

The first snow blower was sold in 1927. How did the sale of the snow blower affect the demand curve and the consumer surplus for snow shovels?

(Figure: Market for Tickets II) Refer to Figure: Market for Tickets II to answer the following question. Before the tax, consumer surplus is and after the tax, consumer surplus is .

The deadweight loss (owing to a price ceiling) increases as demand becomes more _ and supply becomes more _.

Suppose that the demand curve for brown rice is given P= 50,000 - 3Q², and supply is P = -10,000 + 3Q². The consumer surplus at the equilibrium price is ____.

(Figure: Market for Magazines I) The supply equation in the adult magazine market is given by Q^S = 2P - 4, where P is the price per magazine and Q measures the number of magazines in thousands. Which supply curve reflects a government quota of 6,000 magazines?

(Figure: Market for Snow Blowers I) The size of the tax is:

(Figure: Price and Quantity VII) The area that represents the deadweight loss from the change in demand from D₁ to D₂ is:

(Figure: Price and Quantity VII) The area that represents consumer surplus with the demand curve D₁ is _, and the area that represents consumer surplus with the demand curve D₂ is .

When demand and supply are linear, consumer surplus is equal to:

The demand and supply curves for a product are Q^D = 50 - 0.5P and Q^S = 2.5P + 5, where P is the price per unit and Q measures millions of units. If the government levies a $1.20 per unit tax on buyers, what is the size of the deadweight loss?

Suppose the demand and supply curves for units of university credits are given by Q^D = 5,000 - P Q^S = -1,000 + 4P Where Q^D is the quantity of credits demanded, Q^S is the quantity supplied, and P is the price in dollars for each unit. The producer surplus at the equilibrium price is ____.

Adventures in Microeconomics

Supply and Demand

Consumer Behavior

Individual and Market Demand

Producer Behavior

Costs

Supply in a Competitive Market

Market Power and Monopoly

Market Power and Pricing Strategies

Imperfect Competition

Game Theory

Factor Markets

Investment, Time, and Insurance

General Equilibrium

Asymmetric Information

Externalities and Public Goods

Behavioral and Experimental Economics

Filters

Exam 3: Using Supply and Demand to Analyze Markets

Suppose that the demand curve for an advanced technology product for businesses is given by P = 10,000 - 4Q3 and supply is P = 2,000 + 4Q3. a. Find the equilibrium price and quantity. b. Calculate consumer surplus at the equilibrium price. c. Calculate producer surplus at the equilibrium price.

(Figure: Price and Quantity I) The decrease in supply from S1 to S2 will cause consumer surplus to _____ and producer surplus to _____.

(Figure: Price and Quantity III) An increase in demand caused consumer surplus to change from _____ to _____.

Assume that the demand for disposable digital cameras is QD = 6 - 0.33P. Supply is given as QS = 0.67P. The equilibrium price (PB) and quantity (QB) once a tax of $1 per unit is applied will be _____. (Please round your answer to two decimal places.)

(Figure: Market for Good X II) Before the subsidy, producer surplus is ____ and after the subsidy, producer surplus is ____.

The first snow blower was sold in 1927. How did the sale of the snow blower affect the demand curve and the consumer surplus for snow shovels?

(Figure: Market for Tickets II) Refer to Figure: Market for Tickets II to answer the following question. Before the tax, consumer surplus is ____ and after the tax, consumer surplus is ____.

The deadweight loss (owing to a price ceiling) increases as demand becomes more _____ and supply becomes more _____.

Suppose that the demand curve for brown rice is given P= 50,000 - 3Q2, and supply is P = -10,000 + 3Q2. The consumer surplus at the equilibrium price is ____.

(Figure: Market for Magazines I) The supply equation in the adult magazine market is given by QS = 2P - 4, where P is the price per magazine and Q measures the number of magazines in thousands. Which supply curve reflects a government quota of 6,000 magazines?

(Figure: Market for Snow Blowers I) The size of the tax is:

(Figure: Price and Quantity VII) The area that represents the deadweight loss from the change in demand from D1 to D2 is:

(Figure: Price and Quantity VII) The area that represents consumer surplus with the demand curve D1 is _____, and the area that represents consumer surplus with the demand curve D2 is ____.

When demand and supply are linear, consumer surplus is equal to:

The demand and supply curves for a product are QD = 50 - 0.5P and QS = 2.5P + 5, where P is the price per unit and Q measures millions of units. If the government levies a $1.20 per unit tax on buyers, what is the size of the deadweight loss?

Suppose the demand and supply curves for units of university credits are given by QD = 5,000 - P QS = -1,000 + 4P Where QD is the quantity of credits demanded, QS is the quantity supplied, and P is the price in dollars for each unit. The producer surplus at the equilibrium price is ____.

Adventures in Microeconomics

Supply and Demand

Consumer Behavior

Individual and Market Demand

Producer Behavior

Costs

Supply in a Competitive Market

Market Power and Monopoly

Market Power and Pricing Strategies

Imperfect Competition

Game Theory

Factor Markets

Investment, Time, and Insurance

General Equilibrium

Asymmetric Information

Externalities and Public Goods

Behavioral and Experimental Economics

Filters

Suppose that the demand curve for an advanced technology product for businesses is given by P = 10,000 - 4Q³ and supply is P = 2,000 + 4Q³. a. Find the equilibrium price and quantity. b. Calculate consumer surplus at the equilibrium price. c. Calculate producer surplus at the equilibrium price.

(Figure: Price and Quantity I) The decrease in supply from S₁ to S₂ will cause consumer surplus to _ and producer surplus to _.

(Figure: Price and Quantity III) An increase in demand caused consumer surplus to change from _ to _.

Assume that the demand for disposable digital cameras is Q^D = 6 - 0.33P. Supply is given as Q^S = 0.67P. The equilibrium price (P_B) and quantity (Q_B) once a tax of $1 per unit is applied will be _____. (Please round your answer to two decimal places.)

(Figure: Market for Good X II) Before the subsidy, producer surplus is and after the subsidy, producer surplus is .

(Figure: Market for Tickets II) Refer to Figure: Market for Tickets II to answer the following question. Before the tax, consumer surplus is and after the tax, consumer surplus is .

The deadweight loss (owing to a price ceiling) increases as demand becomes more _ and supply becomes more _.

Suppose that the demand curve for brown rice is given P= 50,000 - 3Q², and supply is P = -10,000 + 3Q². The consumer surplus at the equilibrium price is ____.

(Figure: Market for Magazines I) The supply equation in the adult magazine market is given by Q^S = 2P - 4, where P is the price per magazine and Q measures the number of magazines in thousands. Which supply curve reflects a government quota of 6,000 magazines?

(Figure: Price and Quantity VII) The area that represents the deadweight loss from the change in demand from D₁ to D₂ is:

(Figure: Price and Quantity VII) The area that represents consumer surplus with the demand curve D₁ is _, and the area that represents consumer surplus with the demand curve D₂ is .

The demand and supply curves for a product are Q^D = 50 - 0.5P and Q^S = 2.5P + 5, where P is the price per unit and Q measures millions of units. If the government levies a $1.20 per unit tax on buyers, what is the size of the deadweight loss?

Suppose the demand and supply curves for units of university credits are given by Q^D = 5,000 - P Q^S = -1,000 + 4P Where Q^D is the quantity of credits demanded, Q^S is the quantity supplied, and P is the price in dollars for each unit. The producer surplus at the equilibrium price is ____.