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ECO 365T Assignment Week 2 Apply Market Dynamics and Efficiency Homework
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ECO 365T Assignment Week 2 Apply Market Dynamics and Efficiency Homework

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ECO 365 Assignment Week 2 Apply Market Dynamics and Efficiency Homework Note: You have only one attempt available to complete assignments. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after the due date. The demand and supply schedules for sunscreen at a small beach are shown below. Market for Sunscreen Price (dollars per bottle) Quantity of Sunscreen Demanded (bottles) Quantity of Sunscreen Supplied (bottles) $35 1,000 8,500 30 2,000 7,000 25 3,000 5,500 20 4,000 4,000 15 5,000 2,500 10 6,000 1,000 Instructions: Enter your answers as a whole number. If the price is $15 per bottle, how many bottles of sunscreen are demanded and supplied? Qd = bottles Qs = bottles In this case, there would be upward pressure on the price. What is the equilibrium price and quantity in the market for sunscreen? P = Q = bottles The market for ice cream bars on a hot day at the local beach is summarized in the table below. Market for Ice Cream Bars Price (dollars) Quantity of Ice Cream Bars Demanded Quantity of Ice Cream Bars Supplied $1.40 310 100 1.60 280 140 1.80 250 180 2.00 220 220 2.20 190 260 2.40 160 300 2.60 130 340 Instructions: Enter your answer as a whole number. Determine whether there is a surplus or a shortage at a price of $1.80 per ice cream bar, and determine the size of the surplus or shortage. There is a shortage in a market for a product when Multiple Choice the current price is lower than the equilibrium price. quantity demanded is lower than quantity supplied. demand is less than supply. supply is less than demand. Assume that the graphs show a competitive market for the product stated in the question. Select the graph above that best shows the change in the market for leather coats when leather coats become more fashionable among young consumers. Multiple Choice graph (1) graph (2) graph (3) graph (4) Use the following graph for the milk market to answer the question below. There would be excess production of milk whenever the price is Multiple Choice greater than $1.50 per gallon. greater but not less than $2.00 per gallon. less but not greater than $2.00 per gallon. less than $1.50 per gallon. There is a surplus in a market for a product when Multiple Choice quantity demanded is greater than quantity supplied. demand is less than supply. quantity demanded is less than quantity supplied. the current price is lower than the equilibrium price. Use the following graph for the milk market to answer the question below. In this market, the equilibrium price is ____ and equilibrium quantity is ___ Multiple Choice $1.50 per gallon; 30 million gallons. $1.50 per gallon; 28 million gallons. $1.00 per gallon; 35 million gallons. $28 per gallon; 150 million gallons. In competitive markets, a surplus or shortage will Multiple Choice cause changes in the quantities demanded and supplied that tend to intensify the surplus or shortage. cause changes in the quantities demanded and supplied that tend to eliminate the surplus or shortage. cause shifts in the demand and supply curves that tend to eliminate the surplus or shortage. never exist because the markets are always at equilibrium. Use the following table to answer the question below. Price per Unit Quantity Demanded per Year Quantity Supplied per Year $5 2,000 0 10 1,800 300 15 1,600 600 20 1,400 900 25 1,200 1,200 30 1,000 1,500 In this competitive market, the price and quantity will settle at Multiple Choice $25 and 1,200 units. $15 and 1,600 units. $10 and 1,800 units. $20 and 900 units. There is an excess demand in a market for a product when Multiple Choice quantity demanded is greater than quantity supplied. quantity demanded is less than quantity supplied. the current price is higher than the equilibrium price. supply is less than demand. The marginal benefit of an additional beach towel is $12. The marginal cost of producing an additional beach towel is $8. If producers are minimizing the average costs of production, then we can conclude: beach towel production is allocatively efficient but not productively efficient. beach towel production is neither allocatively nor productively efficient. beach towel production is both allocatively and productively efficient. beach towel production is not allocatively efficient but is productively efficient. The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is called Multiple Choice utility. consumer demand. consumer surplus. market failure. Consumer surplus arises in a market because Multiple Choice at the current market price, quantity supplied is greater than quantity demanded. at the current market price, quantity demanded is greater than quantity supplied. the market price is below what some consumers are willing to pay for the product. the market price is higher than what some consumers are willing to pay for the product. If the equilibrium wage for fast-food restaurants is $8 and the government enforces a minimum wage of $15 Multiple Choice overall, society will be better off. workers will get paid less. fast-food restaurants will hire fewer workers. workers will be able to find more jobs. In the market for a particular pair of shoes, Jena is willing to pay $75 for a pair while Jane is willing to pay $85 for a pair. The actual price that each has to pay for a pair of shoes is $65. What is the combined amount of consumer surplus for Jena and Jane? Multiple Choice $215. $10. $130. $30. A producer’s minimum acceptable price for a particular unit of a good Multiple Choice will, for most units produced, equal the maximum that consumers are willing to pay for the good. must cover the wages, rent, and interest payments necessary to produce the good but need not include profit. is the same for all units of the good. equals the marginal cost of producing that particular unit. Charlie is willing to pay $10 for a T-shirt that is priced at $9. If Charlie buys the T-shirt, then his consumer surplus is Multiple Choice $19. $0.90. $90. $1. Graphically, producer surplus is measured as the area Multiple Choice above the supply curve and above the actual price. above the supply curve and below the actual price. under the demand curve and below the actual price. under the demand curve and above the actual price. Productive efficiency occurs at the point where Multiple Choice marginal benefit exceeds marginal cost by the greatest amount. the production technique minimizes economic surplus. the production technique minimizes cost. consumer surplus exceeds producer surplus by the greatest amount. The market supply curve indicates the Multiple Choice total revenues that sellers would receive from selling various quantities of the product. total amount that buyers will pay in buying a given quantity of the product. maximum prices that buyers are willing and able to pay for the product. minimum acceptable prices that sellers are willing to accept for the product. Which of the following goods is both nonrival and nonexcludable? A hot dog at a hot dog stand A tuna in the ocean A soccer match in a stadium The light from a lighthouse at a harbor entrance Which of the following goods is nonrival? A soccer match in a stadium A visit to the doctor at her office A pizza at a pizza parlor A tuna in the ocean The production of paper often creates a waste product that pollutes waterways. Assume the producer of paper does not directly pay to dispose of the waste in the water. In this case, the price of paper will be the socially efficient price and the amount of paper produced will be the socially efficient amount. If one person’s consumption of a good does not preclude another’s consumption, the good is said to be Multiple Choice nonexcludable. rival in consumption. nonrival in consumption. excludable. If there are external benefits associated with the consumption of a good or service Multiple Choice the private demand curve will overestimate the true demand curve. consumers will be willing to pay for all these benefits in private markets. the market demand curve will be the vertical summation of the individual demand costs. the private demand curve will underestimate the true demand curve. If a good that generates negative externalities were priced to take these negative externalities into account, its Multiple Choice price would decrease, and its output would increase. price would remain constant and output would increase. price would increase but its output would remain constant. price would increase, and its output would decrease. What are the two characteristics that differentiate private goods from public goods? Multiple Choice ownership and usage negative externality and positive externality rivalry and excludability marginal cost and marginal benefit A negative externality or spillover cost (additional social cost) occurs when Multiple Choice the price of the good exceeds the marginal cost of producing it. firms fail to achieve allocative efficiency. the total cost of producing a good exceeds the costs borne by the producer. firms fail to achieve productive efficiency. Where there are spillover (or external) benefits from having a particular product in a society, the government can make the quantity of the product approach the socially optimal level by doing the following except Multiple Choice providing the product itself. taxing the sellers of the product. subsidizing the buyers of the product. subsidizing the sellers of the product. If some activity creates external benefits as well as private benefits, then economic theory suggests that the activity ought to be Multiple Choice subsidized. prohibited. taxed. left alone.

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