2.3 Competitive market equilibrium

Using a supply and demand diagram and data from the text, explain how a “disequilibrium in the domestic US tinplate steel market” would occur if there were no imports (paragraph [3]).

Using a demand and supply diagram, explain how modern farming practices could affect the market for rice (Text E, paragraph [3]).

Using a demand and supply diagram, explain how modern farming practices could affect the market for rice (Text E, paragraph [3]).

Using a demand and supply diagram, explain how modern farming practices could affect the market for rice (Text E, paragraph [3]).

Using a supply and demand diagram and data from the text, explain how a “disequilibrium in the domestic US tinplate steel market” would occur if there were no imports (paragraph [3]).

Using a supply and demand diagram and data from the text, explain how a “disequilibrium in the domestic US tinplate steel market” would occur if there were no imports (paragraph [3]).

Define the term excess demand indicated in bold in the text (paragraph [3]).

Using a demand and supply diagram, explain how the “imposition of the preliminary tariff” may have affected the market for new homes built in Canada (paragraph [4]).

Sketch a demand and supply diagram to show the effect on revenue earned by Vietnamese farmers with improved access to the Japanese market (Text B, paragraph [1]).

Sketch a demand and supply diagram to show the effect on revenue earned by Vietnamese farmers with improved access to the Japanese market (Text B, paragraph [1]).

Sketch a demand and supply diagram to show the effect on revenue earned by Vietnamese farmers with improved access to the Japanese market (Text B, paragraph [1]).

Define the term excess demand indicated in bold in the text (paragraph [3]).

Define the term excess demand indicated in bold in the text (paragraph [3]).

Using a demand and supply diagram, explain how the “imposition of the preliminary tariff” may have affected the market for new homes built in Canada (paragraph [4]).

Using a demand and supply diagram, explain how the “imposition of the preliminary tariff” may have affected the market for new homes built in Canada (paragraph [4]).

Calculate the social (community) surplus in the market for cotton in San Marcus.

Calculate the resulting change in producer surplus following the introduction of the subsidy to cotton producers in San Marcus.

Calculate the change in the consumer surplus resulting from the subsidy.

Calculate the change in consumer surplus in Country Z as a result of the increase in demand for oranges.

Using Figure 2 and your answer to part (a)(ii), calculate the loss in consumer surplus which results from the imposition of indirect taxes on petrol in New Delhi.

Calculate the loss in consumer surplus resulting from the increase in the price of capsicums from NZ$18 per kg to NZ$24 per kg.

Calculate the change in consumer surplus in Country Z as a result of the increase in demand for oranges.

Calculate the change in consumer surplus in Country Z as a result of the increase in demand for oranges.

Using Figure 2 and your answer to part (a)(ii), calculate the loss in consumer surplus which results from the imposition of indirect taxes on petrol in New Delhi.

Using Figure 2 and your answer to part (a)(ii), calculate the loss in consumer surplus which results from the imposition of indirect taxes on petrol in New Delhi.

Using Figure 2 and your answer to part (a)(ii), calculate the loss in consumer surplus which results from the imposition of indirect taxes on petrol in New Delhi.

Calculate the loss in consumer surplus resulting from the increase in the price of capsicums from NZ$18 per kg to NZ$24 per kg.

Calculate the loss in consumer surplus resulting from the increase in the price of capsicums from NZ$18 per kg to NZ$24 per kg.

Calculate the social (community) surplus in the market for cotton in San Marcus.

Calculate the resulting change in producer surplus following the introduction of the subsidy to cotton producers in San Marcus.

Calculate the change in the consumer surplus resulting from the subsidy.

Calculate the social (community) surplus in the market for cotton in San Marcus.

Calculate the resulting change in producer surplus following the introduction of the subsidy to cotton producers in San Marcus.

Calculate the change in the consumer surplus resulting from the subsidy.

Define the term social (community) surplus.

Calculate the social (community) surplus in the market for cotton in San Marcus.

Calculate the change in social (community) surplus as a result of the increase in demand for oranges.

Using Figure 1, calculate the change in the consumer surplus resulting from this government intervention.

Calculate the change in social (community) surplus as a result of the increase in demand for oranges.

Calculate the change in social (community) surplus as a result of the increase in demand for oranges.

Using Figure 1, calculate the change in the consumer surplus resulting from this government intervention.

Using Figure 1, calculate the change in the consumer surplus resulting from this government intervention.

Define the term social (community) surplus.

Calculate the social (community) surplus in the market for cotton in San Marcus.

Define the term social (community) surplus.

Calculate the social (community) surplus in the market for cotton in San Marcus.

Discuss the view that competitive markets will always achieve allocative efficiency.

Examine the view that the best allocation of resources, from society’s point of view, occurs where the marginal private benefit equals the marginal private cost.

Discuss the view that competitive markets will always achieve allocative efficiency.

Discuss the view that competitive markets will always achieve allocative efficiency.

Examine the view that the best allocation of resources, from society’s point of view, occurs where the marginal private benefit equals the marginal private cost.

Examine the view that the best allocation of resources, from society’s point of view, occurs where the marginal private benefit equals the marginal private cost.