01 Jun Question 1. award: 10 out of 10.00 points Question and Exercise 7-1
Question
1.
award:
10 out of
10.00 points
Question and Exercise 7-1
Why isn’t the combination of consumer and producer surplus maximized if there is either excess demand or supply?
2.
award:
10 out of
10.00 points
Question and Exercise 7-2
Why does nearly every purchase you make provide you with consumer surplus?
3.
award:
10 out of
10.00 points
Question and Exercise 7-3
How is elasticity related to the revenue from a sales tax?
.
4.
award:
10 out of
10.00 points
Question and Exercise 7-5
Demonstrate the welfare loss of:
a. A restriction on output when supply is perfectly elastic. Graph the welfare loss of a quantity restriction equal to a maximum of Q = 6.
Instructions: Use the 3-point tool ‘Loss’ to identify the welfare loss. Click and drag each of the endpoints of the shaded area until the triangle highlights the desired region.
b. A tax t placed on suppliers (t = $4).
Instructions: Use the 3-point tool ‘Loss’ to identify the welfare loss. Click and drag each of the endpoints of the shaded area until the triangle highlights the desired region.
Part c not included in this question.
d. A restriction on output when demand is perfectly elastic. Graph the welfare loss of a quantity restriction equal to a maximum of Q = 4.
Instructions: Use the 3-point tool ‘Loss’ to identify the welfare loss. Click and drag each of the endpoints of the shaded area until the triangle highlights the desired region.
5.award:
10 out of
10.00 pointsQuestion and Exercise 7-6
Use the graph below that shows the effect of a $4 per-unit tax on suppliers to answer the following questions:
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