\fQuestion 6 A market has a demand function given by the equation Qd = 180 - 2P, and a supply function given by the equation Qs = -15 + P. The market is government-regulated with a price support per unit and production quotas. (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? Answer: Question 23 Not yet answeredNot yet answered Marked out of 1.00 Flag question Considering the price support and the quota, calculate (i) the consumer surplus, Answer: Question 24 Not yet answeredDue to good weather, there is an increase in the demand for the good. The new demand equation is Qd = 190 2P. The government is trying to decide between two options: 0 Maintain the number of quotas and let the market adjust, or 0 Maintain the price support and increase the number of quotas. Suppose that the government decides to maintain the number of quotas and let the market adjust. (c) Calculate the (i) price observed in the market, \f9w Classify the following as microeconomics or macroeconomics and provide a justification for your choice. A firm's decision about how many workers to hire. Susan's decision about how much income to save The Statistical Institution in your country projects a 22.5% increase in the number of workers in the I, , ,ILL , ,,,, 9,, ,L,,L,,,, 1",", Anna 1, Choose... Choose... Choose... 0 0 0 The Statistical Institution in your country projects a 22.5% increase in the number of workers in the healthcare industry from 2008 to 2018. Parliament is debating the option of implementing a Value Added Tax (VAT) as a means to cut the government deficit. Choose... Choose... 0 0 Next page 9% Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies] Select one or more: 0 attainable O unattainable O efficient f\" :nn\":ninn+ Person 1 can allocate her 8-hour day between the production of two goods: A and B. Each hour devoted to Good B yields 2 units whereas each hour devoted to Good A produces 4 units. (a) State whether 9 units of Good B and 12 units of Good A are attainable, unattainable, efficient or inefficient. [State all that applies] Select one or more: 0 attainable O unattainable O efficient O inefficient (v) Who has the comparative advantage in the production of Good B? (vi) Who has the comparative advantage in the production of Good A? (v) Who has the comparative advantage in the production of Good B? (vi) Who has the comparative advantage in the production of Good A? Choose... Choose... 0 0 (c) A tropical storm creates a shortage of the items needed in the production of Good B. Explain how this would affect the production possibilities curve. Select one: Q PPF shifts inwards PPF shifts outwards Move to a point inside the PPF Move outwards on Good A axis only Move outwards on Good B axis only Move inwards on Good A axis only OOOOOO Move inwards on Good B axis only Question 4 Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity Scenario 1: Market for 21 ft Ladders \fImpact on demand Impact on supply Impact on price Impact on quantity Question 11 Choose... Choose... Choose... Choose... 4! 4b 4} (b Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity cgnario : Market for lemonade Impact on demand Impact on supply Impact on price Impact on quantity Previous page Choose... Choose... Choose... Choose... 4) 0 1} {D Suppose that the government imposes a tax on cigarettes. Use the diagram below to answer the questions. D is the demand curve before tax, Sis the supply curve before tax and S1- is the supply curve after the tax. Price Sr 13 5 12 10 B 7 3 D 10 12 Qua (a) For the market for cigarettes without the tax. Indicate: (i) Price paid by consumers \fSeller's reservation price Choose... + Price paid by consumers Choose... + Quantity of cigarettes sold Choose... + Buyer's reservation price Choose... + Price paid by producers Choose... +Incoming video call... (d) For the market for cigarettes W. Indicate: (i) the tax (ii) Price paid by consumers (iii) Price received by producers (iv) Quantity of cigarettes sold Price received by producers Choose... - V Quantity of cigarettes sold impo 4:15 .II Question 16 Not yet answered Marked out of 4.00 \\V Flag question (d) For the market for cigarettes with the ta_x. Indicate: (i) the tax (ii) Price paid by consumers (iii) Price received by producers (iv) Quantity of cigarettes sold Price received by producers Quantity of cigarettes sold Choose... Price paid by consumers Choose... the tax Choose... Question 17 Not yet answered Marked out of 2.00 \\'7 Flag question Choose... 0 0 0 0 B 2021 .tle.courses.open.uwi.edu