Econ 3 931 Fall 2022 Elly Oo 10/17/22 10:42 PM ? Test: exam II chapters ( 6,7, 8 , 9, and 10) Question 27 of 65 This test: 65 point(s) possible This question: 1 point(s) possible Resume later Submit test The table shows the demand and supply schedules for strawberries. Quantity Quantity Suppose that the government introduces a production quota for strawberries and sets it at 1,500 pounds per week. Price demanded supplied (dollars per pound) pounds per week O What are the market price of strawberries, the producer surplus, and the deadweight loss created? 1.50 2,250 0 3.00 2,000 500 4.50 1,750 1,000 6.00 1,500 1,500 7.50 1,250 2,000 9.00 1.000 2.50 The market price of strawberries is $ 6 a pound. The producer surplus is $ > >> Answer to two decimal places. The deadweight loss is $ 0 O NextTest: exam ll chapters ( 6.7, 8 , 9, and 10) Question 33 of 65 I 9 The data describes the market for luxury boats. Now the government puts 10 percent tax on luxury boats. With the tax imposed, the price of a luxury boat is $4.40 million . $4 million . $4.20 million . $0.40 million . $490 million With the 10 percent tax on luxury boats, (:1 A. the tax reduces the quantity of luxury boats sold to zero, so there is no tax, B. the buyer pays all of the tax. (:l C. it is impossible to say how the tax is split between the buyer and seller. (:1 D. the buyer and the seller split the tax evenly. (:1 E. the seller pays all of the tax. The government raises tax revenue of$ 75.6 million. >>> Answer to 1 decimal place. The graph shows the market for luxury boats before and after the 10 percent Lax is put on luxury boats. 0 Editing: Triangle tool 1?) This test: 65 point(s) possible This question: 1 point(s) possible Resume later Submit test The supply of luxury boats is perfectly elastic, the demand for luxury boats is unit elastic, and with no tax on luxury boats the price is $4 million and 490 luxury boats a week are bought. Price (millions of dollars per boat) Q 6 40 5,60 '3 4.80- + tax 4 00:- v; D 3.20 196 294 392 490 588 Quantily (boats per week) >>> Draw only the objects specied in the question. Econ 3 931 Fall 2022 Elly 00 10/17/2211:09 PM This test: 65 point(s) possible This question: 1 point(s) possible Test: exam ll chapters ( 6,7, 8 . 9, and 10) Question 40 of 65 I 9 The graph illustrates the unregulated market for pesticide. The factories dump their waste in Price and cost (dollars per ton) Q a lake on the outskirts of a small town. 1080 The marginal external cost of the dumped waste is equal to the marginal private cost of producing the pesticide (that 950 Q is. the marginal social cost of producing the pesticide is double the marginal private cost). Suppose that no one owns the lake and that the government levies a pollution tax. 840 L1\" 720 500 F Draw a point to show marginal social cost if production is 160 tons Draw the MSC curve and label it. 480 Draw an arrow at the efficient quantity that shows the marginal external cost. D 360 The tax per ton of pesticide that achieves the efcient quantity of pollution is $ . 2 0 ; 4 120 0 l o 40 30 120 160 200 Quantity (tons per week) >>> Draw only the objects specied in the question. $30 a week boost to minimum wage Y The government has increased the minimum wage by $30 a week to $570 a 590- week. Unions wanted a $35 a week increase, but employers argued that that level of increase was unaffordable and would send smaller firms to the wall. 580- Source: ABC Australia, February 11, 2 570- On a graph of the market for low-skilled labor, show the effect of the $30 a week increase in the minimum wage on employment of low-skilled labor. 560- The graph shows the market for low-skilled labor. 550- The y-axis label is Price (dollars per good produced) and the x-axis label is Workers per week 540- Draw a point on the market supply curve and label it S. 530- Draw a point on the market demand curve and label it D. 520- Draw a point to show the wage rate and workers employed if the minimum wage is set at: 510- 1) $540 a week. Label the point 1. 980 990 1000 1010 1020 X 2) $570 a week. Label the point 2. Draw an arrow to show the change in employment from the increase in the > >> Draw only the objects specified in the question. minimum wage.This test: 65 point(s) possible exam II chapters ( 6,7, and 10) Question 4 of 65 This Resum question: 1 point(s) Submit possible In Pioneer Ville, the price elasticity of demand for bus rides is 0.5, the income elasticity of demand for bus 0.1, and the cross elasticity of demand for bus rides with respect to gasoline is 0.2 The demand for bus rides is with respect to the price of a bus ride because the elasticity is less than 1. A. elastic; price B. inelastic; cross O C. inelastic; income O D. elastic; income OF. inelastic; price An increase in bus fares will the bus company's total revenue. O A. decrease O B. not change O C. increase