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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.
*** 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 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 |
At a price of $10:
*** 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.***