Could you mark the answers of the following questions? (Note: This is a hw assignment, and I have most of the answers, but am lacking on a few questions, so you are not violating integrity)

IDzA IDA . Suppose the United States removes the current sugar quotas and the market price of sugar drops. In the candy _ 8. (Figure 49-2: Consumer Surplus II) If the price falls from P1 to Fr, consumer surplus increases by the area: bar market, we would expect: . ABPZ. fewer candy bars to be consumed, . AFP,. the consumer surplus to decrease. . 861\". the consumer surplus to be unchanged. . PerI\". the deadweigh! loss to increase. . OPIFQI. the consumer surplus to increase. . Which of the following is true ifthere is a decrease in the supply of ice cream? \"5\"\" \"'3' \"mm" s\"""\"' 1" There is an increase in consumer surplus. Price There is a decrease in consumer surplus. There is no change as consumer surplus. 5 \" It's impossible to tell what will happen to consumer surplus There is an increase in deadweighl loss. Figure 49-2: Consumer Surplus II D I 10 20 30 40 50 so Quantity . (Figure 49-3: Consumer Surplus Ill) If the price of the good is $2, consumer surplus will equal: D . $30 02 O1 03 . $15. Quamity . $60. . $90 . (Figure 49-2: Consumer Surplus II) At a price of Pr, consumer surplus equals the area: . $45, ABP . AFP: , (Figure 49-3: Consumer Surplus III) If the price of the good increases from $3 to $4, consumer surplus ago. Will decrease by: PerBF. $5. $10. 0P.FQ1. $15. . (Figure 49-2: Consumer Surplus II) If the good is free, consumer surplus equals the area: ' $2 Asp, ~ ~ AFPr. BGF. A 9,0. 0P.FQ,. Figure 49-5: Wireless Mouse Market Student Willingness to Sell Tim $1 \"'09 Laura 30 Whitney 50 Ralph 100 Rick 150 20 Table 49-5: Producer Surplus and Phantom Tickets SID 15 1D . (Table 496: Producer Surplus and Phantom Tickets) Given the information in the table, if the price for Phantom tickets is $55, which student has the highest individual producer surplus? 2 . Tim ,_l_l_l um zoo we . Lam Quantity . Rick . Ralph . (Figure 49-5: Wireless Mouse Market) Use the graph to calculate consumer surplus when the market is at _ Whitney equilibrium. . $4,000 . (Tahle 496: Producer Surplus and Phantom Tickets) Given the information in the table, if the price for $5,000 Phantom tickets is $140, and there is no other market for tickets, total producer surplus for these five students $2.500 is: $3,000 . S 139. $2,000 . $1 10. . S40. . (Figure 49-5: Wireless Mouse Market) Use the graph to calculate producer surplus when the market is at _ $379. equilibrium. _ $560. $4,000 $5,000 . The total producer surplus in the Wisconsin milk market represents: $2,500 . the sum of the individual producer surpluses in this market. $3,000 . the sum of all prices paid multiplied by the number of gallons of milk sold, $1,300 . the total revenue of the milk producers in Wisconsin. . . I . . . the total cost of selling milk in Wisconsin. . Along a given supply curve, an increase in the pnce of a good Will: . the total economic prot from selling milk in Wisconsin. increase producer surplus. decrease producer surplus. . Peanut butter and jelly are complementary goods. Ifthere is a decrease in the price of jelly, producer surplus increase consumer surplus. in the peanut butter market: decrease producer surplus and increase consumer surplus, . will increase have no impact on producer surplus, but will decrease consumer surplus. . will decrease will not change. may change, but it is impossible to tell if it will increase or decrease will fall to zero, , Equilibrium in the market for peanut butter is disturbed by an increase in the price orpeanuts, Producer surplus in the peanut butter market: will increase vu'll decrease, will not change. may change, but we cannot determine the change without more information will fall to zero, Figure 498: Producer Surplus ll 010: Quantity . (Figure 49-8: Producer Surplus I!) At a price of Pr, producer surplus equals the area: LMK. PlKDr PZMO. PZPIKM 0P.KQ.. . (Figure 49-8: Producer Surplus II) If the price falls from P1 to Pl, producer surplus decreases by the area: LMK. PlKDr PM). PZPIKM Q: KMQJr Figure 49-14: Market for Sandwiches Price s 10 Quantity . (Figure 49-\": Market for Sandwiches) The market for sandwiches during the lunch hour at a local deli is illustrated in the graph. At the competitive price of SS, 10 sandwiches are exchanged during the lunch hour. At this competitive price, consumer surplus equsls and produeer surplus equals . a. $50; :50 b, $100; $50 c. 550; 325 d $100; 325 e 825; $50 . Suppose the government decides to fight obesity in America by imposing an excise tax on the saturated fat content of food such as ice cream, The effect of this tax would be to: lower the prots or ice cream suppliers. decrease revenue for the government. decrease black market activity raise the prots of ice cream suppliers. decrease the price of ice cream. . Recently, the government considered adding an excise tax on CDs that can be used to record music. If this tax is enacted, how would it affect the price consiuners pay, the price producers receive, and the quantity of CDs exchanged? Price consumers pay Price producers receive Quantity of CDs Exchanged A Hi er Lower Fewer (B) Higher Higher Fewer C) Lower Lower Fewer (D) Higher Lower More (E) Lower Higher More Name: ID: A Name: _ ID: A 24. If an excise tax is imposed on automobiles and collected from consumers,: 29. price a. the demand curve will shift downward by the amount of the tax. of b. the supply curve will shift upward by the amount of the tax. good C. the equilibrium quantity supplied will increase relative to the pre-tax level. the equilibrium quantity demanded will increase relative to the pre-tax level. $5.00 . the after-tax price paid by consumers will decrease. 4.33 -- 25. The incidence of a tax: 3.50 3.00 ... . . . . ... a. is a measure of the revenue the government receives from the tax. 2.40 -.. . .... b. refers to who writes the c eck to the government. 1.40 -. C. refers to the share of the tax paid by consumers and the share paid by sellers. 0.60 d. is a measure of the deadweight loss 100 225 300 750 is the price elasticity of demand after the tax is paid. Quantity 26. An excise tax creates inefficiency in that the number of transactions in a market is reduced. Because the tax The figure shows the supply and demand curves for a good. If an excise tax equal to $1.10 is imposed on this discourages mutually beneficial transactions, there is from a tax. good, then the price paid by consumers will: a. quota rent a. rise by $1.10. b. deadweight loss b. rise by $1.33 C. surplus C. not rise. d both a shortage and a surplus rise by $0.50 e. a shortage . rise by $1.00. 27. State governments place excise taxes on cigarettes because: 30. Price a. they want to subsidize tobacco farming. of b. they want to discourage cigarette smuggling. good C. it is an easy way to raise tax revenue while discouraging smoking. d. they want to reduce deadweight loss. $5.00 e. they want to decrease the price of cigarettes. 4.33 3.50 28. As part of an anti-obesity program, the government places an excise tax on high-fat foods. We would expect 3.00 -...:.... consumers to pay almost all of this tax if demand is: 2.40 -...:.. a. inelastic and supply is inelastic. 1.40 b . inelastic and supply is elastic. 0.60 elastic and supply is elastic. D 225 300 750 elastic and supply is inelastic Quantity horizontal and supply is upward sloping. The figure shows the supply and demand curves for a good. If an excise tax equal to $1.10 is imposed on this good, then the price received by sellers will: a. falls by $1.10 b. fall by $0.60 not rise. d. fall by $0.50 fall by $1.00. 8Name: ID: A Name: _ ID: A 31. Figure 50-2: Tax Incidence Price of Panel A Panel B good Price Price (per unit) (per unit) $5.0 4.33 so -. ..... P2 P. 2 2.40 -.... 1.40 0.60 100 225 300 750 Quantity Q2 Q1 Q2Q1 The figure shows the supply and demand curves for a good. If an excise tax equal to $1.10 is imposed on this Quantity (per period) Quantity (per period) good, then the total government tax revenue is equal to: a. $900 Panel C Panel D b. $110 Price Price $247.50 (per unit) (per unit) S1 C. d. SO $330 P2 P. 2 . . . . . . . .. tax Q2Q Quantity (per period) Quantity (per period) 32. (Figure 50-2: Tax Incidence) All other things unchanged, when a good or service is characterized by a relatively elastic supply, as shown in Panel the greater share of the burden of an excise tax imposed on it is borne by a. A; buyers b. B; sellers C. B; buyers d. A; seller . D; sellers 33. (Figure 50-2: Tax Incidence) All other things unchanged, when a good or service is characterized by a relatively inelastic demand, as shown in panel , the greater share of the burden of an excise tax imposed on it is borne by a. C; buyers b. C; sellers C. D; sellers d. D; buyers e. B; sellers 10 11