Larry is a salesman who works at a used-car showroom. A customer, Harold, who wants to buy a Ford Fiesta, walks in to the showroom. After taking one of the cars for a test drive, Harold decides to buy it. While $11,000 was the least that Larry would have been willing to accept for that car, he quotes a price of $15,000. After some bargaining, the car is sold for $12,000. The producer surplus is $...

2.)The demand for ice cream is Q_D = 70 4P, and the supply of ice cream is Q_S = 10 + 2P, where P is the price of ice cream.

The equilibrium price is $___.

3.)

The following figure shows the demand curve, D, and supply curve, 8, for milk in Caixia. 0 10 20 30 40 50 60 70 00 90100 Quantity (quart) If the world price of milk is $4 per quart, what is the change in consumer surplus if Caixia participates in free trade? Consider the following graph, which shows the equilibrium price and quantity in the plastic boxes market in country X. Suppose the government imposes a tax of 5% on the production of plastic boxes. p 5 D 2 4 6 8 10 12 Q (millions of pieces) The deadweight loss of the tax is $_ million