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Question 8

1. Welfare analysis: Basic concepts Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Consumer Producer Statement Surplus Surplus Neither Even though I would have paid up to $67 for a used record and despite the fact that the seller was willing to go as low as $63 in order to sell it, we couldn't agree to a deal because the government O O O instituted a tax of $13 on all sales of records. I sold a swimsuit for $62, even though I was willing to accept as little as $53 in exchange for it. O O O Even though I was willing to pay as much as $132 for a polaroid camera, I bought a polaroid camera for just $126. O O O8. Total economic surplus The following graph plots the supply and demand curves in the market for motor scooters. Use the black point (plus symbol) to indicate the equilibrium price and quantity of motor scooters. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. 250 225 Demand Equilibrium 200 A 175 150 Consumer Surplus 125 PRICE (Dollars per scooter 100 Producer Surplus 30 25 Supply 25 50 75 100 125 150 175 200 225 250 QUANTITY (Millions of scooters) Total surplus in this market is |S million.9. Market efficiency and market failure The following graph shows equilibrium in a free market, with equilibrium quantity of QE. ? Supply PRICE Demand QUANTITY For any level of output below QE, a buyer values a unit of goods in this market the unit will cost a seller. Suppose now that a firm that produces for this market is able to emit particulate matter into the air surrounding its production facility, harming wildlife and negatively affecting the breathing of nearby residents. This is an example of due to1st blank option a. less than b. more than c. the same amount as 2nd blank option a. market failure b. consumer surplus 3rd blank option a. market power b. an externality