How much is the APS at disposable income of 6000?
.33
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Use Figure 9-6 to answer questions a-i
a. Following the imposition of the tariff, what is the price that domestic consumers must now pay and what is the quantity purchased? b. Calculate the value of consumer surplus with the tariff in place. c. What is the quantity supplied by domestic sugar producers with the tariff in place? d. Calculate the value of producer surplus received by U.S. sugar producers with the tariff in place. e. What is the quantity of sugar imported with the tariff in place? f. What is the amount of tariff revenue collected by the government? g. The tariff has reduced consumer surplus. Calculate the loss in consumer surplus due to the tariff. h. What portion of the consumer surplus loss is redistributed to domestic producers? To the government? i. Calculate the deadweight loss due to the tariff.
When a firm leaves a perfectly competitive industry,
A. the individual demand curves facing remaining firms shift toward the point of minimum average cost in the long run. B. short-run industry equilibrium is reestablished at a new point along the original short-run industry supply curve. C. the short-run industry supply curve shifts to the right. D. at the new long-run equilibrium, the remaining firms in the industry will each receive a higher profit.
Suppose you are the marketing manager for Fruit of the Loom. An individual's inverse demand for Fruit of the Loom women's underwear is estimated to be P = 25 ? 3Q (in cents). If the cost to Fruit of the Loom to produce an item of women's underwear is C(Q) = 1 + 4Q (in cents), compute the number of women's underwear items that should be packaged together.
A. 7 B. 1 C. 4 D. 3
The issuing of tradeable pollution permits is a government-involved approach to dealing with pollution.
Answer the following statement true (T) or false (F)