QUESTION 8 Figure: Piano Lessons Piano Lessons Price 50 Quantity (hours of instr

Question

QUESTION 8 Figure: Piano Lessons Piano Lessons Price 50 Quantity (hours of instruction) 10 20 30 40 Which event would shift the demand curve for piano lessons from D 1 to D2, as shown in the diagram? A an increase in the price of pianos B.an increase in the price of piano lessons C.a decrease in the price of pianos D. a decrease in the price of piano lessons QUESTION Weather forecasters predict that a major winter storm will strike your town within the next few days. Which would occur today based upon the expected storm? A. a decrease in peoples' wilingness to pay for bottled water B. an increase in people's willingness to pay for electric generatorS C.a shift to the left of the demand curve for snow tires D. a decrease in demand for batteries QUESTION 10 Table: Barrels of Oil Minimum willingness to sell barrel of oil Country A Country B Country C $32.00 6.00 17.25 56.99 Refer to the table. What is the total amount of producer surplus (per barrel of oil) earned by all four producers if the market price per barrel of oil is $51? A. $93.74 B.$87.75 C.$81.7 D.$65.25

Explanation / Answer

First four are answered below-

8) c is correct

Piano and piano lessons are complements. So decrease in price of piano leads to increase in the demand for piano lessons.

9) B is correct

Storm often results in power cut , then electric generators are used. Therefore demand for or willingness to pay for electric generators increase.

10) B is correct

Country D will not sell because price is below is willingness to sell.

Total producer surplus= (51-32) + (51-16) + (51-17.25) = 87.75

11) B is correct

Decrease in cost leads to increase in supply, that is supply shifts down to the right.

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