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Quiz III Consumer and Producer Surplus

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Page 1: Quiz III Consumer and Producer Surplus. 1. Determine the consumer surplus at the equilibrium price shown below. 0 10 20 30 40 50 60 70 80 90 100 110 120

Quiz III

Consumer and Producer Surplus

Page 2: Quiz III Consumer and Producer Surplus. 1. Determine the consumer surplus at the equilibrium price shown below. 0 10 20 30 40 50 60 70 80 90 100 110 120

1. Determine the consumer surplus at the equilibrium price shown below.

0 10 20 30 40 50 60 70 80 90 100 110 120 130

1

2

3

4

5

6

7

8P

Q

S

D

Page 3: Quiz III Consumer and Producer Surplus. 1. Determine the consumer surplus at the equilibrium price shown below. 0 10 20 30 40 50 60 70 80 90 100 110 120

2. Determine the total (consumer and producer) surplus at the equilibrium price shown below.

0 10 20 30 40 50 60 70 80 90 100 110 120 130

1

2

3

4

5

6

7

8P

Q

S

D

Page 4: Quiz III Consumer and Producer Surplus. 1. Determine the consumer surplus at the equilibrium price shown below. 0 10 20 30 40 50 60 70 80 90 100 110 120

3. The deadweight loss resulting from an excise (consumption tax) is greater when:

• A. Demand and supply are inelastic

• B. Demand is less elastic

• C. Demand is more elastic

• D. Supply is inelastic elastic

• E. Demand is more inelastic

Page 5: Quiz III Consumer and Producer Surplus. 1. Determine the consumer surplus at the equilibrium price shown below. 0 10 20 30 40 50 60 70 80 90 100 110 120

4. An excise (consumption) tax will generate more tax revenue when the demand for the good it is imposed on :

• A. is elastic

• B. is inelastic

• C. is vertical

• D. is more sensitive to a price change

• E. has a high income elasticity

Page 6: Quiz III Consumer and Producer Surplus. 1. Determine the consumer surplus at the equilibrium price shown below. 0 10 20 30 40 50 60 70 80 90 100 110 120

5. You go to the mall with the intention of buying a certain sweater for $50. (You would not buy it if it were sold at a higher price.) The sweater is on sale; if you buy one at the full price of $50 you will get a second one for free. Your purchase will likely result in a consumer surplus:

• A. equal to $50 because you are getting a $50 sweater for free

• B. equal to zero because $50 was the maximum price you were willing to pay

• C. less than $50• D. more than $50 but less than $100• E. $100 because that is how much they are really

worth

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