What is the change in Malta’s producer surplus from opening up to trade with the rest of the world?

Refer to the following table for questions 9-10. Reservation Prices and Costs in a small market for AI Chips Name of Consumer Reservation Price for 1 AI Chip (dollars)   Name of Seller Reservation Price for 1 AI Chip (dollars)  Alice 9   Apples 1 Ben 8   Bell 2 Carol 7   Chrome 3 Daniel 6   Dell 4 Ellen 5   Envy 5 Francis 4   Frost 6 Gwen 3   Groove 7 Hugo 2   HP 8 Ivonne 1   Intel 9 Jaimie 0   Jolt 10

Consider that a new technology is developed that makes the AI chips production twice as efficient. AI chips are used to produce computers. What will be the effect to the equilibrium quantity and price of computers?

Suppose that at the same time that Malta begins trading with the rest of the world, a tariff of $1 per pencil is imposed on imports in Malta. The total tariff revenue collected will equal:

The opportunity cost for Hermione to make one more Spell equals ____ , and this equals the slope of the _______.

What is the deadweight loss in the taxed market?

What is the change in the amount of total surplus when the government intervenes with the policy that gets the market quantity to be the same as the socially efficient quantity?

Suppose that a tax of $4 is imposed in the market.

In an industry, (1) demand is inelastic and (2) supply is perfectly elastic. If a tax is imposed in this industry, ________ bear the entire burden of the tax and equilibrium quantity ________. (Pick an answer to fill in the blanks.)

Two things happen: 1) A technology is developed that makes the AI chips production twice as efficient and 2) the same shock as in question 1 where consumers are afraid they will not have enough AI chips in the near future.