Exam 7: Consumers Producers and the Efficiency of Markets: Part A

Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.How much is total consumer surplus at the equilibrium price in this market?

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Question 41

Tammy loves donuts.The table shown reflects the value Tammy places on each donut she eats: a.Use this information to construct Tammy's demand curve for donuts. b.If the price of donuts is $0.20,how many donuts will Tammy buy? c.Show Tammy's consumer surplus on your graph.How much consumer surplus would she have at a price of $0.20? d.If the price of donuts rose to $0.40,how many donuts would she purchase now? What would happen to Tammy's consumer surplus? Show this change on your graph.

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Question 42

Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.How much is total surplus at the equilibrium price in this market?

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Question 43

Figure 7-30 -Refer to Figure 7-30.If the market equilibrium price falls from $120 to $80,how much consumer surplus do consumers entering the market after the price drop receive?

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Question 44

Figure 7-34 -Refer to Figure 7-34.Suppose there is initially a price floor set at $10 in this market.If the government removed the price floor,by how much would total consumer surplus increase for those consumers who were purchasing the good when the price floor was in place?

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Question 45

Figure 7-30 -Refer to Figure 7-30.If the market equilibrium price is $120,how much is total consumer surplus?

(Short Answer)

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Question 46

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Exam 7: Consumers Producers and the Efficiency of Markets: Part A

Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.How much is total consumer surplus at the equilibrium price in this market?

Scenario 7-2 Suppose market demand and market supply are given by the equations: -Refer to Scenario 7-2.How much is total surplus at the equilibrium price in this market?

Figure 7-30 -Refer to Figure 7-30.If the market equilibrium price falls from $120 to $80,how much consumer surplus do consumers entering the market after the price drop receive?

Figure 7-34 -Refer to Figure 7-34.Suppose there is initially a price floor set at $10 in this market.If the government removed the price floor,by how much would total consumer surplus increase for those consumers who were purchasing the good when the price floor was in place?

Figure 7-30 -Refer to Figure 7-30.If the market equilibrium price is $120,how much is total consumer surplus?

Ten Principles of Economics

Ten Principles of Economics: How People Make Decisions

Ten Principles of Economics: How People Interact

Ten Principles of Economics: How the Economy As a Whole Works

Ten Principles of Economics: Part A

Ten Principles of Economics: Part B

Thinking Like an Economist

Thinking Like an Economist: The Economist As Scientist

Thinking Like an Economist: The Economist As Policy Adviser

Thinking Like an Economist: Why Economists Disagree

Thinking Like an Economist: Lets Get Going

Thinking Like an Economist: Graphing a Brief Review

Thinking Like an Economist: Part A

Thinking Like an Economist: Part B

Interdependence and the Gains From Trade

Interdependence and the Gains From Trade: A Parable for the Modern Economy

Interdependence and the Gains From Trade: Comparative Advantage the Driving Force of Specialization

Interdependence and the Gains From Trade: Applications of Comparative Advantage

Interdependence and the Gains From Trade: Conclusion

Interdependence and the Gains From Trade: Part A

Interdependence and the Gains From Trade: Part B

The Market Forces of Supply and Demand

The Market Forces of Supply and Demand:Markets and Competition

The Market Forces of Supply and Demand: Demand

The Market Forces of Supply and Demand: Supply

The Market Forces of Supply and Demand: Supply and Demand Together

The Market Forces of Supply and DemandConclusion How Prices Allocate Resources

The Market Forces of Supply and Demand: Part A

The Market Forces of Supply and Demand: Part B

Elasticity and Its Applications

Elasticity and Its Applications: The Elasticity of Demand

Elasticity and Its Applications: The Elasticity of Supply

Elasticity and Its Applications: Three Applications of Supply,demand,and Elasticity

Elasticity and Its Applications: Part A

Elasticity and Its Applications: Part B

Supply Demand and Government Policies

Supply Demand and Government Policies: Controls on Prices

Supply Demand and Government Policies: Taxes

Supply Demand and Government Policies: Part A

Supply Demand and Government Policies: Part B

Consumers Producers and the Efficiency of Markets

Consumers Producers and the Efficiency of Markets: Consumer Surplus

Consumers Producers and the Efficiency of Markets: Producer Surplus

Consumers Producers and the Efficiency of Markets: Market Efficiency

Consumers Producers and the Efficiency of Markets: Conclusion Market Efficiency and Market Failure

Consumers Producers and the Efficiency of Markets: Part B

Application the Cost of Taxation

Application the Cost of Taxation: The Deadweight Loss of Taxation

Application the Cost of Taxation: The Determinants of the Deadweight Loss

Application the Cost of Taxation: Deadweight Loss and Tax Revenue As Taxes Vary

Application the Cost of Taxation: Conclusion

Application the Cost of Taxation: Part A

Application the Cost of Taxation: Part B

Application International Trade

Application International Trade: The Determinants of Trade

Application International Trade: The Winners and Losers From Trade

Application International Trade: The Arguments for Restricting Trade

Application International Trade: Conclusion

Application International Trade: Part A

Application International Trade: Part B

Measuring a Nations Income

Measuring a Nations Income: The Economy's Income and Expenditure

Measuring a Nations Income: The Measurement of GDP

Measuring a Nations Income: The Components of GDP

Measuring a Nations Income: Real Versus Nominal GDP

Measuring a Nations Income: Is GDP a Good Measure of Economic Well-Being

Measuring a Nations Income: Part A

Measuring a Nations Income: Part B

Measuring the Cost of Living

Measuring the Cost of Living: The Consumer Price Index

Measuring the Cost of Living: Correcting Economic Variables for the Effects of Inflation

Measuring the Cost of Living: Part A

Measuring the Cost of Living: Part B

Production and Growth