Table: Supply and DemandPriceQuantity DemandedQuantity Supplied$102,0001,200$121,9001,300$141,8001,400$161,7001,500$181,6001,600$201,5001,700If the price in the free market were $10, then a:

The accompanying diagram represents the market for violins. Suppose that the price of wood increases sharply driving up the marginal cost of production of violins for a given level of quality. This causes the market supply curve to decrease from S2 to S1. Screenshot 2025-09-03 123113.png a. How much does this change consumer surplus? Round to the nearest integer (e.g., 10000) and indicate decreases with a negative sign.     Increase in consumer surplus: $ [BLANK-1] b. How much does this change producer surplus? Round to the nearest integer (e.g., 10000) and indicate decreases with a negative sign.      Increase in producer surplus: $ [BLANK-2] c. How much does this change total surplus? Round to the nearest integer (e.g., 10000) and indicate decreases with a negative sign.      Increase in total surplus: $ [BLANK-3]

Given that shoes and sandals are substitutes, the cross-price elasticity between them is

If a price ceiling on gasoline results in long lines at the gas station and the parents of young children and an elderly retiree both need gasoline, who would have the higher-valued use for gasoline, and who would have the lower opportunity cost of waiting in line?

Which commodity would you recommend to tax in order to raise the most revenue?

The table below shows how studying more raises Gabe’s GPA. What is the marginal effect of the third hour of studying?    Hours of studying per weekGPA   02.00   12.50   22.75   32.95   43.10  

The movement from point a to point b might have been caused by: Screenshot 2025-09-02 170913.png

At what quantity would the sum of producer and consumer surplus be maximized?  Screenshot 2025-09-02 170641.png

Figure: Losses from Price Ceilings A price ceiling of $1 causes lost consumer surplus equal to area _____ and lost producer surplus equal to area _____.

Rhode Island refused to send delegates to the Constitutional Convention.