Question

1. Find the consumer surplus for the given demand function and sales level. (Round your answer to the nearest integer.)

* p* =
18,000

$ 36.015 < ---- wrong answer

.

2. Find the consumer surplus for the given demand function and sales level. (Round your answer to two decimal places.)

p = 60 − 3.7 square root q, 100

$ _______

.

3. A demand curve is given by p = 490/(q + 5). Find the consumer surplus when the selling price is $10. (Round your answer to two decimal places.)

$ ______

.

4. Find the producer surplus for the given supply function and sales level.

* p* = 19 +
0.03

$ _______

Answer #1

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1. Determine the producer's surplus for the
given supply function and demand level x. (Round your answer to two
decimal places.) s(x) = 0.07x2 + 30; x = 100
2. The price-demand function p is
given. Write the demand function x = d(p).
p = 500/x^2 + 60
x= d(p) = _____.

1.Determine the producer's surplus for the given supply function
and demand level x. (Round your answer to two decimal places.)
s(x) = 0.07x2 + 20; x = 100
2. Determine the producer's surplus for the given supply
function s and demand level x.
s(x) = 1/3x + 55; x =
90

2. Using the results for problem 1, determine the change in
consumer surplus, producer surplus, and social welfare if the
cartel members decide to merge as opposed to remaining a cartel.
Next, compare the consumer surplus, producer surplus, and social
welfare of the cartel to Cournot equilibrium.
From part 1:
1. Assume that the domestic demand equation for the Norwegian
cartel example is Q = 100 – P, marginal cost equals 4, and there
are four identical domestic firms.
a....

8. Find the consumer surplus when the sales level is 100 if the
demand curve is given by p(x) = 1000−43 6 √ x.
9. Estimate the cardiac output using Simpson’s rule if 5mg of
dye in injected into a pulmonary artery and 6 the concentration
measurements from a peripheral artery near the aorta are as shown
in the table below. t (min) 0 1 2 3 4 5 6 7 8 9 10 11 12 c(t)
(mg/L) 0 0.04...

A.1. a. Suppose the demand function P = 10 - Q, and the supply
function is: P = Q, where P is price and Q is quantity. Calculate
the equilibrium price and quantity.
b. Suppose government imposes per unit tax of $2 on consumers.
The new demand function becomes: P = 8 – Q, while the supply
function remains: P = Q.
Calculate the new equilibrium price and quantity. c.
Based on (b), calculate the consumer surplus, producer surplus, tax...

Suppose the weekly demand at Bae's Jewelry Store is given by the
radical function
q(p) =
The square root of ->
175 −
3p
(a) Find the elasticity of demand
η when the store sells its necklaces at p =
50. Round your answer to two decimal places.
(a) η =
Suppose the store decides to increase the prices to $60 during
the week of Valentine's Day. Round the following answers to one
decimal place.
(b) The percent change in...

Calculate the consumers' surplus at the indicated unit price p
for the demand equation.(Round your answer to the nearest
cent.)
q = 50 − 3p; p = 9

A person’s demand for gizmos is given by the following equation:
Q = 6 – 0.5P + 0.0002I, where Q is the quantity demanded at price P
when the person’s income is I. Assume initially that the person’s
income is $60,000
5. If price rises to $12, how much consumer surplus is lost?
[State your answer as an integer, i.e. don't use a decimal point.]
Loss in consumer surplus = $
6. If the person’s income were $80,000, what would...

A person’s demand for gizmos is given by the following equation:
Q = 6 – 0.5P + 0.0002I, where Q is the quantity demanded at price P
when the person’s income is I. Assume initially that the person’s
income is $60,000
5. If price rises to $12, how much consumer surplus is lost?
[State your answer as an integer, i.e. don't use a decimal point.]
Loss in consumer surplus = $
6. If the person’s income were $80,000, what would...

Suppose the weekly demand for a certain good in thousands of
units, is given by the equation P = 35 - Q, and the weekly supply
curve of the good by the equation P = 15 + Q where P is the price
in dollars. Finally, suppose a per-unit tax of $6, to be collected
from sellers is imposed in this market. Complete the following
questions. Note: If necessary round your answers to two decimal
places.
a) Graph the weekly...

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