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Suppose that in a competitive market for ukuleles, three buyers (Peter, Paul, and Mary) have the marginal benefit (MB) schedules below. QuantityMB—PeterMB—PaulMB—Mary 11501401302120110100390807046050405302010If the equilibrium price is $80, calculate the following:The quantity purchased by each buyer. The consumer surplus for each buyer. The consumer surplus for the market as a whole. In the same market, three sellers (John, George, and Ringo) have the marginal cost (MC) schedules shown below.QuantityMC—JohnMC—GeorgeMC—Ringo13020102605040390807041201101005150140130If the equilibrium price is $80, calculate the following:The quantity produced by each seller.The producer surplus for each seller. The producer surplus for the market as a whole. Using the answers you provided above for Problems 1 and 2, verify that the three efficiency conditions are satisfied for the ukulele market.Firm A and firm B both produce the same product with the following total costs:Firm AFirm BQuantity ProducedTotal CostsQuantity ProducedTotal Costs150226153829411314515420Consider a situation in which the market price is $3 and four units are produced in total: Firm A produces two units, and firm B produces two units.Explain why this situation is not Pareto efficient.Come up with two different production allocations for the two firms that allow the four items to be produced at a lower overall total cost.Which of these two allocations would be the outcome in a competitive market in which both firms maximized profits?How would the actions of the two firms be coordinated in a competitive market to achieve this outcome?Suppose that in the ukulele market described in Problem 2, the government imposes a $40 sales tax, which causes the equilibrium price to go up to $100. Calculate the following:The quantity purchased by each buyer, the consumer surplus for each buyer, and the consumer surplus for the market as a whole.The quantity produced by each seller, the producer surplus for each seller, and the producer surplus for the market as a whole.The amount of revenue collected by the government.The deadweight loss for the economy resulting from the tax.Consider the following supply and demand schedule for candy bars:PriceSupply (millions of candy bars)Demand (millions of candy bars)$0.25214$0.50612$0.751010$1.00148$1.25186$1.50224$1.75262Sketch the market supply and demand curves. Show the equilibrium quantity and price.Graphically show the producer surplus and consumer surplus in the market for candy bars.What would happen to the price of this product if a tax of $0.75 per candy bar sold were enacted by the government? Show your answer graphically.Show the deadweight loss due to the tax on your diagram. Suppose that an unanticipated bout of good weather results in almost ideal growing conditions, leading to a substantial increase in the supply of wheat in the United States.Draw a supply and demand diagram to show what will happen to the equilibrium price and quantity of wheat in the United States, assuming that the demand curve does not shift.Suppose the U.S. government observes that the price of wheat is likely to fall rapidly and imposes a price floor equal to the original equilibrium price. What effect does the price floor have on the quantity supplied and demanded of wheat?How are consumer and producer surplus affected by the price floor?Graphically show the deadweight loss created by the price floor.High international prices for soybeans in recent years
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