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Sauron [17]
3 years ago
14

Identify the equilibrium price and quantity of blueberries before the introduction of a price ceiling. Identify and quantify the

effect of imposing a price ceiling at $5 per gallon on: 1) the quantity of blueberries that get bought and sold, 2) any existing shortage or surplus of blueberries, 3) consumer surplus, 4) producer surplus, and 5) total surplus. Be careful to put your answers in the correct units.

Business
1 answer:
Setler79 [48]3 years ago
7 0

Answer: See attached file

Explanation:

a) At equilibrium, demand equals supply where the price is $6 and quantity traded is 80 units.

Consumer surplus before price ceiling is area of triangle of A6E whose area is (1/2) * (80 - 0) * (14 - 6) = 320

Producer surplus before price ceiling is area of triangle of 26E whose area is (1/2) * (80 - 0) * (6 - 2) = 160

Total surplus before price ceiling = consumer surplus + producer surplus = 320 + 160 = 480

b) At a price of $5 (price ceiling) where demand = 90 units while supply = 60 units causes shortage of 90 - 60 = 30 units in the market.

Consumer surplus after price ceiling is area of triangle A8G + area of rectangle 85DG whose sum is (1/2) * (14 - 8) * (60 - 0) + (60 - 0) * (8 - 5) = 180 + 180 = 360

Producer surplus after price ceiling is area of triangle 5DC whose sum is (1/2) * (60 - 0) * (5 - 2) = 90

Deadweight loss after price ceiling of triangle GDE whose sum is (1/2) * (80 - 60) * (8 - 5) = 30

Total surplus is consumer surplus + producer surplus after price ceiling = 360 + 90 = 450

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Answer:

There is a​ 10% chance of the mean​ oil-change time of 20.53 minutes

Explanation:

Given that:

There are 45 oil changes between 10 a.m. and 12 p.m. treating this as a random​ sample, n = 45 and  there would be a​ 10% chance of the mean​ oil-change time, therefore P = 10% = 0.1

A probability of 0.1 gives a corresponding z score of -1.28, this is gotten from the z table. z = -1.28

z score (z) = (x - mean) / (standard deviation / √n)

Let us assume mean = 21.2 minutes and standard deviation = 3.5 minutes. substituting values:

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5 0
4 years ago
. Unique Games, a not-for-profit entity organized to provide athletic competition opportunities for high school students, utiliz
eimsori [14]

Answer:

The answer is $0.

Explanation:

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So in this question, the work from the volunteers and the film from CPA can be all accounted for contributed service revenue.

If we calculate them;

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But since Unique Games are a non-profit entity, the amount they should recognize as contributed service revenue is $0.

I hope this answer helps.

8 0
3 years ago
One of the biggest non-monetary costs for hospitality customers is ____________.
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One of the biggest non-monetary costs for hospitality customers is time.

<h3>What is  non-monetary costs?</h3>
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Arthur is 10 years old. Tuition for one year at a public two-year college is $3,125. In 8 years, tuition is expected to increase
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Answer: Yes, they could save about $5 less per month and still have enough money.

Explanation: Arthur is 10 years old. Tuition for one year at a public two-year college is $3,125. In 8 years, tuition is expected to increase 32%. Arthur’s family plans to save for his college costs for 5 years. If the family saves $75 per month, will there be enough money to pay for the expected cost of one year at the college when he is 18?

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