ANTH 1003 Chapter : Presentation9 7STS
Document Summary
Refer to the graph. (note that the vertical intercept of the demand curve is. If the price is , then the producer surplus is: 50, 100, 125, 225, 450. Using the same graph, what is the economic surplus: 150, 200, 225, 450, 600, 900. If the price of a good is , then the consumer surplus is: 100, 125, 200, 225, 300. Everything else held constant, consumer surplus in the market for automobiles will: increase, decrease, remain unchanged, be ambiguous. Everything else held constant, producer surplus in the market for automobiles will: increase, decrease, remain unchanged, be ambiguous. Everything else held constant, economic surplus in the market for automobiles will: increase, decrease, remain unchanged, be ambiguous. ___ will bear none of the burden of an excise tax if ___ is perfectly ___: buyers; demand; inelastic, buyers; supply; elastic, sellers; demand; elastic, sellers; supply; elastic.
