If the supply of a good declines, what happens to consumers surplus? Explain your answer and represent
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 46% (13 reviews)
Initially consumer surplus is equal to the ...View the full answer
Answered By
Muhammad Khurram
I have strong General Management skills to apply in your projects. Over last 3 years, I have acquired great knowledge of Accounting, Auditing, Microsoft Excel, Microsoft PowerPoint, Finance, Microsoft Project, Taxation, Strategic Management, Human Resource, Financial Planning, Business Planning, Microsoft Word, International Business, Entrepreneurship, General Management, Business Mathematics, Advertising, Marketing, Supply Chain, and E-commerce. I can guarantee professional services with accuracy.
4.80+
249+ Reviews
407+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Suppose the supply of a good declines. Will total revenue after the decline in supply be greater than, less than, or equal to total revenue before the decline in supply? Explain your answer.
-
Assume the following information for the demand and supply curves for good Z. a. Draw the corresponding supply and demand curves. b. What are the equilibrium price and quantity traded? c. Would a...
-
"If the supply of real loan able funds rises, the real money supply must rise." Explain whether you agree or disagree with this statement.
-
What categories of conflict occurred in this project? At what stage was the project?
-
Eli Lilly, a major pharmaceutical company, includes the following in its December 31, 2011, balance sheet ($ amounts in millions): Accounts receivable, net of allowances of $110.1......$3,597.7 1....
-
The following table contains a partial master budget performance report for Decadent Chocolates. Fill in the missing amounts. Be sure to indicate whether variances are favorable (F) or unfavorable...
-
Consider an economy as described at the beginning of Sect. 8.3, under the additional assumptions that \(a^{i}=a>0\) and \(\sigma_{\varepsilon^{i}}^{2}=1\), for all \(i=1, \ldots, I\). Assume...
-
Palermo Company estimates that unit sales will be 10,000 in quarter 1; 12,000 in quarter 2; 14,000 in quarter 3; and 18,000 in quarter 4. Using a sales price of $80 per unit, prepare the sales budget...
-
This is a major activity - The learners discuss with the trainer whether they will complete it during class or in their own time. Individually, complete the following and present it as a portfolio....
-
$850 borrowed on January 7 was repaid with interest at an annual rate of 7% on July 1 of the same calendar year. What was the amount of interest? Assume February has 28 days.
-
What is the difference between a change in demand and a change in quantity demanded? Between a change in supply and a change in quantity supplied?
-
Suppose demand increases more than supply increases. Represent diagrammatically what happens to equilibrium price and quantity.
-
Our entire tax system depends upon the vast majority of taxpayers who attempt to pay the taxes they owe having confidence that theyre being treated fairly and that their competitors and neighbors are...
-
NOTE :Referencing & Acknowledgement of sources is important. 1) Identify areas of law addressed in the media report, and explain how they are relevant to the matters outlined in the media report. 2...
-
You most likely would review a system or application audit trail because? Question 6 options: 1) An audit trail begins with the general journal. 2) An audit trail provides the means to check the...
-
If management reviews the financial statements due to subsequently discovered facts, auditors should ____________. issue a scope limitation, even if they are able to audit the changes; always issue a...
-
Discussion Forum12:Lesson12-MediauseinLawEnforcement(2%) ThisassignmentrelatestothefollowingCourseLearningRequirements: CLR 5 - Record investigative notes in compliance with legal and ethical...
-
Comment on the situations where the company being analyzed uses the following methods to reduce risk: Certified cheques Purchase Money Security Interests (PMSIs) Third party guarantees Financial...
-
The cable will fail when subjected to a tension of 2 kN. Determine the largest vertical load P the frame will and calculate the normal force, shear force, and moment at point C for this loading. P...
-
C- Consider the following scenario:- A supermarket needs to develop the following software to encourage regular customers. For this, the customer needs to supply his/her residence address, telephone...
-
What is exclusive dealing? What are tying contracts?
-
Total industry sales are $105 million. The top four firms account for sales of $10 million, $9 million, $8 million and $5 million, respectively. What is the four-firm concentration ratio?
-
How can a farmer protect himself against price variability using a futures contract?
-
If the future value of an ordinary, 7-year annuity is $9,000 and interest rates are 9.0 percent, what's the future value of the same annuity due? (Round your answer to 2 decimal places.)
-
You are responsible for maintaining a mutant strain of E. coll. You observe that its doubling time is twice as long as wild type. You check incubator temperature, nutrient broth components, and pH....
-
2) Family Fun reported credit sales of $800,000, cash collections of $550,000 and bad debt expense of $15,000 for last year. Accounts receivable had a balance of $1,000,000 at the beginning of the...
Study smarter with the SolutionInn App