Consider the accompanying demand schedule for diamonds. The marginal cost of producing diamonds is constant at $100. There is no fixed cost.

Price of Demand Quantity of diamonds demanded
$500 0
400 1
300 2
200 3
100 4
0 5

a. If De Beers charges $300 for a diamond, calculate total consumer surplus by summing individual consumer surpluses. How large is producer surplus?
b. What is the perfectly competitive price? What quantity will be sold in this perfectly competitive market?
c. At the competitive price and quantity. how large is total consumer surplus? How large is producer surplus?
d. Compare your answer to part c to your answer to part a. How large is the deadweight loss associated with monopoly in this case?

Tom and carol are resident aliens, married, and want to file a joint return. they have two children. sydney is 5 years old and a resident alien. benjamin is 2 years old and a u. s. citizen. both children lived with the parents in the united states all year. tom, carol, and sydney have individual taxpayer identification numbers (itins). benjamin has a social security number. tom earned $30,000 in wages. carol had $8,000 in wage income. they had no other income. tom and carol provided all the support for sydney and benjamin. sydney and benjamin attended daycare while tom and carol were at work. tom and carol did not receive dependent care benefits from a dependent care benefits plan or flexible spending account. the daycare center provided the baker's with a statement indicating the amount of $3,250 paid for 2018, their name, address and valid employer identification number. 6. who can tom and carol claim as a qualifying child for the child tax credit? a. sydney b. benjamin c. both sydney and benjamin d. neither sydney or benjamin