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Question 1 Why is consumer surplus never negative Question 2 What is consumer surplus Question 3 Consider a market with a demand curve of P24 Q and a supply curve of

Question 1. Why is consumer surplus never negative?

Question 2. What is consumer surplus?

Question 3. Consider a market with a demand curve of P=24-2Q and a supply curve of P=3+Q. Calculate equilibrium quantity. (Format: Answers must within 0.1 of the true value to counted as correct. Do not include dollar signs, plus signs, or spaces.)

Question 4. Consider a market with a demand curve of P=24-2Q and a supply curve of P=3+Q. Calculate equilibrium price. (Format: Answers must within 0.1 of the true value to counted as correct. Do not include dollar signs, plus signs, or spaces.)

Question 5. Consider a market with a demand curve of P=24-2Q and a supply curve of P=3+Q. Calculate Consumer Surplus. (Format: Answers must within 0.1 of the true value to counted as correct. Do not include dollar signs, plus signs, or spaces.)

Question 6. Consider a market with a demand curve of P=24-2Q and a supply curve of P=3+Q. Calculate Producer Surplus. (Format: Answers must within 0.1 of the true value to counted as correct. Do not include dollar signs, plus signs, or spaces.)

Question 7. Consider a market with a demand curve of P=24-2Q and a supply curve of P=3+Q. Calculate Total Surplus. (Format: Answers must within 0.1 of the true value to counted as correct. Do not include dollar signs, plus signs, or spaces.)

Question 8. TRUE OR FALSE To raise a tax while simultaneously minimizing the creation of deadweight loss, a policy maker should impose the tax on a market with small elasticites of demand and supply.

Question 9. Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls to 2.5 units. What is the tax revenue generated? (Do not include dollar signs, enter a number only.)

Question 10. Consider a market with a demand curve of P=10-Q and a supply curve of P=Q. Before the imposition of a tax, equilibrium quantity is 5, and equilibrium price is $5 (verify this). If a tax of $5 per unit is placed on this market, quantity traded falls to 2.5 units. Calculate the deadweight loss created by the imposition of this tax. Hint: a carefully drawn diagram will help you a lot.

May 16 2020 View more View Less

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