1. For this assignment you will need to first build a graph to these specifications: Draw...

1. For this assignment you will need to first build a graph to these specifications: Draw a downward sloping demand curve with vertical intercept (0,150) and horizontal intercept (25,0). Draw a supply curve with vertical intercept (0,50) and with slope=4 i.e. the market equilibrium occurs at (10, 90).

a. Compute consumer, producer, and total surplus at the market equilibrium.

b. Label consumer surplus and producer surplus if the government imposes a price floor of $120, then compute deadweight loss.

c. Compute deadweight loss when the government imposes a price floor of $70.

2.) Good weather in Florida creates a bumper crop of oranges. As a result of the good weather, what happens to the consumer surplus in the market for oranges and to the consumer surplus in the market for orange juice? Draw the necessary graphs to represent this scenario and then write a sentence or two with your answer.

Expert Solution

1) a) consumer surplus = 0.5* (150-90) (10)= 300

Producer surplus =0.5(90-60)10= 150

Total surplus = consumer surplus + producer surplus = 300+ 150= 450

b) Quantity demanded with price floor= (150- 120)/6 = 5

Consumer surplus = 0.5(150-120)5 = 75

Producer surplus = (120-70)5 + 0.5(70-50)5 = 250+ 50= 300

Deadweight loss= 0.5(120-70)(10-5) = 125

C) price floor below the equilibrium market price is non binding.

Rahul Sunny answered 1 year ago

Assignment Specifications Task Criteria: There are two parts to this assignment. Part 1 – Analysis of...

Assignment Specifications Task Criteria: There are two parts to this assignment. Part 1 – Analysis of Mini Case (must demonstrate understanding of the theories or concepts in the case and their applications. Part 2 – Critical Thinking. Must demonstrate critical thinking skills to develop a valid discussion and with supporting evidence to your chosen product and target markets. Details of task requirements: Part 1: Mini Case (video) Analysis of Market Segmentation, watch “Grilled Burger” ad and answer 2 questions below....

Use the data below to answer the questions in this assignment. You will first need to...

Use the data below to answer the questions in this assignment. You will first need to enter the following data in SPSS with “age” and “hours” as your variable names. Age and Hours on Computer Data Age (X): 24, 23, 23,25,27, 21,21,30,21,29 Number of hours on spent on computer per week (Y): 14,24,18,23,19,23,16,10,6,15 This question is only being used to describe the data set. In the box below you only need to enter 0. Run a correlation analysis in SPSS...

For this assignment, you can build on the 9th exercise that you made for the Assignment...

For this assignment, you can build on the 9th exercise that you made for the Assignment 1. So, you have a file named “band.html”. Create 2 more web pages besides band.html. All have to be in the same folder. You can redesign your band.html web page. Name each file as you wish (e.g., album names, tour, contact). They should also appear in the navigation bar. You can name your home page as Home in the navigation bar. Create an external...

Explain the following concepts (draw a graph if need) 1) Marginal benefit equal marginal cost in...

Explain the following concepts (draw a graph if need) 1) Marginal benefit equal marginal cost in competitive equilibrium. 2) Deadweight Loss, Economic surplus and economic efficiency 3) Government Intervention by way of a price floor and a price ceiling.

C++ Simple Programming Assignment you need to build off of the code below: #include using namespace...

C++ Simple Programming Assignment you need to build off of the code below: #include using namespace std; // class definition class Fraction { // two data members // one representing numerator int numerator; // other, representing denominator int denominator; public: void set (int numerator, int denominator); Fraction addedTo (Fraction f); Fraction subtract (Fraction f); Fraction multipliedBy (Fraction f); Fraction dividedBy (Fraction f); bool isEqualTo (Fraction f); void print (); }; void Fraction :: set (int numerator, int denominator) { this...

In this assignment, you will be selecting a product of interestand you will build a...

In this assignment, you will be selecting a product of interest and you will build a sales strategy to improve the sales performance for that product. A product is only one of the four pillars of a marketing strategy, and so you will need to build a thorough understanding of how the price of this product is set, what channels are available for the physical housing and distribution of the product, and how this product will be promoted (commonly referred...

You need to draw a 1-page chart with the 3 muscle fiber types. You need to...

You need to draw a 1-page chart with the 3 muscle fiber types. You need to include the type and size of that neuron that innervates that muscle. The predominant way ATP is produced for that muscle fiber type and 3 activities that are associate with that muscle fiber type.

Draw a 1). position graph, 2). velocity graph, and 3). acceleration graph of a person standing...

Draw a 1). position graph, 2). velocity graph, and 3). acceleration graph of a person standing one second, then goes down into a squat for three seconds, back up for one second and then a one second stand for the first rep. 2nd rep- this person goes back down for three seconds, and then has a one second pause at the bottom of the squat, and then back up for one second.

In this assignment, which continues to build on last week's assignment, you will create a mind...

In this assignment, which continues to build on last week's assignment, you will create a mind map identifying the steps in the training process for a CRM program to help you understand the important role training plays in an organization. It further helps you understand the importance of training as you explore how training is designed, delivered, and measured for success I need more info on what a CRM is and Which training evaluation methods would you recommend to assess...

For the following two questions you need to provide a code in C 1. Build a...

For the following two questions you need to provide a code in C 1. Build a double linked list with 5 in the first node following the instructions: Insert a node with 3 at the top of the list Insert a node with 10 at the bottom of the list Insert a node with 7 between nodes with 5 and 10 2. Start deleting nodes from the list in the following order; Delete the node with 7 Delete the node...

Question