微观经济学作业答案4.docVIP

Managerial Economics HOMEWOEK SET#4 Name: Class: Student #: (Due day: Next class) Part 1: 1. Price ceiling are inefficient because: both producers and consumers lose. Producers lose, consumers may gain or lose, but a loss occurs on net. Producers lose, consumer gain, but a loss occurs on net. Producers and consumer may gain or lose, but a loss occurs on net. None of the above is correct. Choose: b) Consumers gain from a lower price, but lose because they are able to buy less. Produces clearly lose from the regulated price. There is always a welfare loss from price ceilings ( assuming that the price ceiling is binding). Figure 1 2. Refer to Figure 1. At price 0E and quantity Q*, consumer surplus is the area 0FCQ*. AFC. EFC. AEC. none of the above. Choose: c) Refer to Figure 1. At price 0E and quantity Q*, producer surplus is the area 0ACQ*. 0ECQ*. 0FCQ*. EFC. none of the above. Choose: e) Producer surplus is the area ECA. Refer to Figure 1. At price 0E and quantity Q*, the deadweight loss is 0ACQ*. 0ECQ*. 0FCQ*. EFC. none of the above. Choose: e) The deadweight loss is 0. 5. Refer to Figure 1. At price 0H and quantity Q1, consumer surplus is the area EDGF. 0FGQ1. HFGB. EFC. none of the above. Choose: c) 6. Refer to Figure 1. At price 0H and quantity Q1, producer surplus is the area 0ABQ1. 0EDQ1. AHB. 0FGQ1. none of the above. Choose: c) 7. Refer to Figure 1. At price 0H and quantity Q1, the deadweight loss is DGC. BDC. BGC. 0FGQ1. none of the above. Choose: c) If the supply of basketball is perfectly elastic, a tax of $3 per basketball will increase the consumer price by: $3. More than $1.50, but less than $3. $1.50. Less than $1.50. $0 (the price to consumers will not change) Choose: a) All of the tax is passed on to consumers with perfectly elastic supply. 9. For a monopolist, changes in demand will lead to changes in price with no change in output. output with no change in