Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer all mc 43. What is the producer surplus under the subsidy? (A) $9,890. (B) $9,460. (C) $8,750. (D) $6,050. 44. Suppose that instead of

Answer all mc

image text in transcribed
43. What is the producer surplus under the subsidy? (A) $9,890. (B) $9,460. (C) $8,750. (D) $6,050. 44. Suppose that instead of a subsidy of $10 per unit for producers, this had been a subsidy of $10 per unit for consumers. What would the deadweight loss be in this case? (A) $100. (B) $200. (C) $300. (D) Impossible to determine without more information. 45. Consider the market for Olympic-style barbells, which the true Chads use to deadlift. The price of these barbells drops by 30% during Cyber Monday, causing the quantity sold to increase by 50%. What is the elasticity of demand of Olympicstyle barbells? (A) -1.67. (B) -1.063. (C) -0.6. (D) -0.0756. 46. Within the Marvel universe, the nation of Wakanda controls the world's supply of Vibranium, a metal with extraordinary abilities, costing $10,000 per gram. Currently, Wakanda does not trade the metal with other countrieS, preferring to remain in a state of autarky. However, if Wakanda subsequently decides to export Vibranium, what would happen to the price, assuming demand stays constant? (A) It would go up. (B) It would go down. (C) It would stay the same. (D) Impossible to determine without more information. 17

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mostly Harmless Econometrics An Empiricist's Companion

Authors: Joshua Angrist

1st Edition

1400829828, 9781400829828

More Books

Students also viewed these Economics questions

Question

a sin(2x) x Let f(x)=2x+1 In(be)

Answered: 1 week ago