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Find the free market equilibrium and illustrate it geometrically. Calculate the efficient (i.e. socially optimal) level of production.
Do you slow down other people by driving? Is this an externality, given that you yourself are suffering from slow traffic?
How would you represent this intervention in a supply and demand for tobacco diagram? Did this intervention correct the existing market demand?
Illustrate the market geometrically. Calculate the equilibrium amount of labour supplied, and the supplier surplus.
What do you note about the relative magnitudes of the DWL and tax revenue estimates here, relative to the previous question?
Illustrate the market geometrically, and compute the equilibrium quantity. Calculate the tax revenue generated, and also the deadweight loss.
Draw the implied supply and demand curves as step functions. Compute the maximum possible sum for the consumer and supplier surpluses.
The supply of Henry's hamburgers is given by P = 2+0.5Q; demand is given by Q = 20. Illustrate and compute the market equilibrium.
Solve again for the price that the consumer pays, the price that the supplier receives and the tax revenue generated.
Draw the supply and demand curves to scale and compute the equilibrium price and quantity in this market.
The demand for bags of candy is given by P = 48-0.2Q, and the supply by P = Q. Illustrate the resulting market equilibrium in a diagram.
Draw each of these supply curves to scale, and check that, at P = $18, the quantity supplied in each case is the same.
You are responsible for running the Speedy Bus Company and have information about the elasticity. Would your price decision have any impact on train ridership?
What will be the percentage reduction in power demanded in the short run? What will be the percentage reduction in power demanded in the long run?
Plot the supply and demand curves to scale, and estimate the equilibrium price.
Draw a supply curve and two demand curves to represent the two equilibria described.
Draw a supply and demand diagram illustrating the market equilibrium price and quantity.
At the equilibrium admission price how much revenue comes in from ticket sales for each game?
Draw the demands (approximately to scale) and label the intercepts on both the price and quantity axes.
Calculate the amount that would be demanded and supplied and then calculate the excess demand.
Draw a supply-demand equilibrium for each of the cigarette and chewing tobacco markets before and after the introduction of the regulations.
Compute the percentage change in consumption and the percentage change in income for each pair of adjoining years between 2006 and 2013.
How many workers are needed to produce this output of cakes and shirts? What percentage of the 100 worker labour force is unemployed?
Illustrate graphically how this impacts the aggregate PPF and compute the three new sets of coordinates.
In a new diagram draw the PPF for each individual. Draw the new PPF for the whole economy, labelling the intercepts and kink point coordinates.