Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help 6-11 H.W Problems : For questions 1 to 14 use the information below. The Shiny Soccer Cards is made up of 50 identical

Please help 6-11

image text in transcribed
H.W Problems : For questions 1 to 14 use the information below. The Shiny Soccer Cards is made up of 50 identical rms, each having short-run total costs given by short-run total costs = 0.5q2 + 25q + 5 And shortrun marginal costs given by shortrun marginal costs = q + 25 Where q is the output of Shiny Soccer Cards of each rm and Q is the output of Shiny Soccer Cards for the industry per day. 6. Total producer surplus is A) $250 B) $2250 C) $6250 D) $2500 E) Some other answer or cannot be determined. 7. ) Total economic prots for the industry are A) $2250 B) $6250 C) $2500 D) $250 E) Some other answer or cannot be determined. 8. Total consumer surplus is A) $250 B) $2250 C) $6250 D) $2500 E) Some other answer or cannot be determined. 9. Total consumer spending is A) $6250)B) $2500 C) $250 D) $2250 E) Some other answer or cannot be determined. 10. Suppose the government now imposes a $10 tax on digital cellpad utensils. The new equilibrium quantity for the industry would be to the nearest unit A) 275 B) 447 C) 500 0) 357 E) Some other answer or cannot be determined. 11. The new equilibrium price for consumers would be to the nearest cent A) $42.14 B) $45 C) $32.14 D) $35 E) Some other answer or cannot be determined

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

Step: 3

blur-text-image

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

Energy, Foresight And Strategy

Authors: Thomas J Sargent

1st Edition

1317329686, 9781317329688

More Books

Students also viewed these Economics questions

Question

How easy the information is to remember

Answered: 1 week ago

Question

The personal characteristics of the sender

Answered: 1 week ago