Question

For questions 10 through 12, refer to the graph below. This graph illustrates the supply and demand for \"Good X.\" price 45.20 27.75 17.75 Supply Demand 4.90 0 0 quantity 5,040 9,660 14,280 10. In this market there would be at a price of $15.00. A. excess demand B. excess supply C. both excess demand and excess supply D. neither excess demand nor excess supply 11. Focusing on the 7,500$^{th}$ unit, the buyer of this unit has a reservation price A. less than $4.90 B. greater than $4.90 but less than $17.75 C. greater than $17.75 but less than $27.75 D. greater than $27.75 but less than $45.20 12. Imposing a per unit tax of $5 on sellers in this market would generate tax revenue of A. exactly $25,200 B. more than $25,200 but less than $48,300 C. exactly $48,300 D. more than $48,300 but less than $71,400

          For questions 10 through 12, refer to the graph below. This graph illustrates the supply and demand for \"Good X.\"
price
45.20
27.75
17.75
Supply
Demand
4.90
0
0
quantity
5,040
9,660
14,280
10.
In this market there would be 
 at a price of $15.00.
A.
excess demand
B.
excess supply
C.
both excess demand and excess supply
D.
neither excess demand nor excess supply
11.
Focusing on the 7,500$^{th}$ unit, the buyer of this unit has a reservation price
A.
less than $4.90
B.
greater than $4.90 but less than $17.75
C.
greater than $17.75 but less than $27.75
D.
greater than $27.75 but less than $45.20
12.
Imposing a per unit tax of $5 on sellers in this market would generate tax revenue of
A.
exactly $25,200
B.
more than $25,200 but less than $48,300
C.
exactly $48,300
D.
more than $48,300 but less than $71,400

For questions 10 through 12, refer to the graph below. This graph illustrates the supply and demand for G̈ood X.p̈rice
45.20
27.75
17.75
Supply
Demand
4.90
0
0
quantity
5,040
9,660
14,280
10.
In this market there would be
at a price of 15.00.
A.
excess demand
B.
excess supply
C.
both excess demand and excess supply
D.
neither excess demand nor excess supply
11.
Focusing on the 7,500^thunit, the buyer of this unit has a reservation price
A.
less than4.90
B.
greater than 4.90 but less than17.75
C.
greater than 17.75 but less than27.75
D.
greater than 27.75 but less than45.20
12.
Imposing a per unit tax of 5 on sellers in this market would generate tax revenue of
A.
exactly25,200
B.
more than 25,200 but less than48,300
C.
exactly 48,300
D.
more than48,300 but less than 71,400

Added by James S.

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