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Principles of Microeconomics
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*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
The diagram below shows demand for roses.
Suppose at first the price is B, but then the price decreases to C. As a result, consumer surplus for those consumers who enter the market will increase by area EFG.
In the market for Kung Pao Chicken demand is:
P = 28 - 0.025Q
Originally the price per unit is $8, but then the price increases to $9.
Calculate the decrease in consumer surplus, but only for the consumers who exit the market when the price changes.
The following diagrams show shifts in demand and supply, and changes in surplus are outlined in red.
Which diagram correctly shows a loss of total surplus.
The table below shows the demand and supply for a good.
If the government adds a tax of $24 per unit, what will be the equilibrium quantity in the market?
| Price | Qd | Qs |
| 96 | 0 | 96 |
| 88 | 4 | 88 |
| 80 | 8 | 80 |
| 72 | 12 | 72 |
| 64 | 16 | 64 |
| 56 | 20 | 56 |
| 48 | 24 | 48 |
| 40 | 28 | 40 |
| 32 | 32 | 32 |
| 24 | 36 | 24 |
| 16 | 40 | 16 |
| 8 | 44 | 8 |
| 0 | 48 | 0 |
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
*** Correct answers will receive 1 mark. Incorrect answers will receive -0.75 mark. An answer left blank will receive 0 marks. So decide carefully before you answer.***
At a price of $10: