# 6) Consumer surplus is the red area in the following graph. It is 0.5*5*5=12.5. The answer is C.

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2 7) Producer surplus is the red area in the following graph. It is 0.5*3*5=7.5. The answer is A.

3 8) For an \$8 tax, we can draw a tax wedge like in the graph above. Here quantity will be zero. No one produces and no one consumes. Therefore consumer surplus is zero. The answer is A. 9) Since no one produces, nothing can be taxed on. Government receives zero tax revenue. The answer is A. 10) An \$8 tax gives zero CS and zero PS, so TS=0. Compare to the free market allocation, the DWL is the entire triangle on the left. Area of this triangle is

4 (1/2)*(9 1)*5=20. Or you could add up your answers in Question 6 and 7 to get the TS in free market. The answer is D. 11) When there is a price floor that is above the equilibrium price (such as in this case), we see that we will have a binding price floor. A binding price floor will cause the quantity supplied to be higher than the quantity demanded in this market. In other words, there are more suppliers (10 of them) that want to sell than there are buyers (2 of them) who want to buy. We know that the quantity in the market will be 2, since at a price of \$7, only 2 people would want to buy. Those two people will be the two that values a widget at the highest and they will be D1 and D2. Because of this, we know that the consumer surplus will be based on the consumer surplus of these two consumers. The area of their consumer surplus is the red triangle in the diagram above. The area of this triangle is 2 (base is 2, height is 2, so ½ x base x height = 2). The answer is B. 12) As mentioned above, there are 10 producers who want to sell but only 2 consumers who want to buy. Because of this, only 2 out of the 10 producers will get to sell the widget. Because no rule for rationing is given, we don t know which two of the ten suppliers will be selling widgets in this market. Because of that, we do not have enough information to know what producer surplus is. The answer is E.

7 27) Looking at the graph below, we see that the only difference in terms of surplus between an \$8 tax and a quota of 1 is who receives the green area, while the size of the deadweight loss is the same between them. Under a tax, the government gets the green area, but under the quota, suppliers who sell the quote get the green area. In either one, the red area is the deadweight loss. The answer is B. 28) Because the price ceiling is binding, we know that there will be a shortage of goods in the market, meaning that marginal reservation price will not equal marginal cost. We also know that perfectly efficient rationing means that consumers with the highest reservation price consume first, so if rationing is not perfectly efficient then principle (1) cannot hold. So we know (1) and (3) hold. Since there s no artificial rules placed on producers, we know that the producers with the lowest marginal costs will be

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