Prin Econ: Microeconomics
Question 1 (1 point)
Calculate consumer surplus for the market in equilibrium above. (Note: to calculate the area of a right triangle, multiply the base times the height, then divide the product by 2. Give your answer as a whole number.)
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Calculate producer surplus for the market in equilibrium above. (Give your answer as a whole number)
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Refer to the graph above. Given a tax of t on suppliers, revenue collected by the government is
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A and B. Suppliers pay A. Consumers pay B |
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A, B, C. Suppliers pay A and B. Consumers pay C |
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A, B, C. Suppliers pay B and C. Consumers pay A |
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A and B. Suppliers pay B. Consumers pay A |
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According to the standard market model and neoclassical welfare analysis, a tax levied against a consumer good will necessarily come mostly out of consumer surplus if...
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Consumer are directly responsible for paying the tax |
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Demand is relatively elastic |
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Demand is relatively inelastic |
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Producers are directly responsible for paying the tax |
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In the market depicted above, suppose a price floor holds the price at $8.15. Calculate consumer surplus for this situation. (Show your answer as a decimal - e.g. 12.1)
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In the market depicted above, suppose a price floor holds the price at $8.15. Calculate producer surplus for this situation. (Show your answer as a decimal - e.g. 12.1)
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In the market depicted above, suppose a price floor holds the price at $8.15. Calculate deadweight loss for this situation. (Show your answer as a whole number)
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What English economist likened supply and demand to the blades of a pair of scissors?
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