Question Details

(solution) 1. Which of the following supply curves (where P is price per


1. Which of the following supply curves (where P is price per bushel and QS measures number of bushels) generates $64 of producer surplus at a market price of $10 per bushel?

a. QS = 6P - 8

b. QS = 10P - 3

c. QS = 7.5P - 1.5

d. QS = 2P - 4


2. (Figure 3.3) The decrease in supply from S1 to S2 will cause consumer surplus to ______ and producer surplus to ______.

a. increase by $8.75; increase by $6.67

b. decrease by $5.50; increase by $3

c. increase by $6; decrease by $18

d. decrease by $10.50; decrease by $4.50


3. (Figure 3.7) Suppose the government mandates a price ceiling of $8 per pound. What happens to consumer surplus?

a. Consumer surplus increases from $400 to $1,200.

b. Consumer surplus decreases from $600 to $450.

c. Consumer surplus increases from $900 to $1,600.

d. Consumer surplus increases from $1,800 to $2,100.

 


Solution details:
STATUS
Answered
QUALITY
Approved
ANSWER RATING

This question was answered on: Jan 30, 2021

PRICE: $15

Solution~0001017547.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Jan 30, 2021

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now