Question

Consider a market with a perfectly elastic demand curve at p∗ = 1,763 and a perfectly...

Consider a market with a perfectly elastic demand curve at p∗ = 1,763 and a perfectly inelastic supply curve at q∗ = 452. What is the Consumer Surplus? What is the Producer Surplus?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Consider a market with a perfectly elastic demand curve at p∗ = 1,763 and a perfectly...
Consider a market with a perfectly elastic demand curve at p∗ = 1,763 and a perfectly inelastic supply curve at q∗ = 452. What is the Consumer Surplus? What is the Producer Surplus? (15%)
Consider a market with a perfectly vertical demand curve, and a perfectly horizontal supply curve. Calculate...
Consider a market with a perfectly vertical demand curve, and a perfectly horizontal supply curve. Calculate the consumer surplus, and the producer surplus, in this market.
The market for apples is perfectly competitive, with the market supply curve is given by P...
The market for apples is perfectly competitive, with the market supply curve is given by P = 1/8Q and the market demand curve is given by P = 40 – 1/2Q. a. Find the equilibrium price and quantity, and calculate the resulting consumer surplus and producer surplus. Indicate the consumer surplus and producer surplus on the demand and supply diagram. b. Suppose the government imposes a 10 dollars of sale tax on the consumer. What will the new market price...
The demand curve of a perfectly competitive product is described by the equation:     P =...
The demand curve of a perfectly competitive product is described by the equation:     P = $1000 – Q    where Q = thousands The supply curve is given by     P = $100 + 2Q     where Q = thousands Graph the demand and supply curves; use a grid size of 100. Calculate the equilibrium price and quantity (carefully state the units).  Find the consumer surplus CS, the producer surplus PS, and the deadweight loss DWL, carefully stating the units.
Consider a perfectly competitive market where the market demand curve is given by Q = 76−8P...
Consider a perfectly competitive market where the market demand curve is given by Q = 76−8P and the market supply curve is given by Q=−8+4P. In the situations (e), determine the following items (i-viii) (e) A market with price floor F = 6. i) The quantity sold in the market. ii) The price that consumers pay (before all taxes/subsidies). iii) The price that producers receive (after all taxes/subsidies). iv) The range of possible consumer surplus values. v) The range of...
Consider a perfectly competitive market with demand Q=1,000-4P. The marginal cost for each firm in the...
Consider a perfectly competitive market with demand Q=1,000-4P. The marginal cost for each firm in the market is constant at MC=4. Determine the competitive equilibrium price and quantity. . Graph demand, supply, and the equilibrium found in part A). Determine consumer surplus, producer surplus, and total surplus. Is consumer surplus or producer surplus equal to zero? Why or why not? Is this question representative of a long or short-run perfectly competitive market? How do you know?
2. Consider a perfectly competitive market with market supply Qs=-2+P and market demand Qd = 30-P....
2. Consider a perfectly competitive market with market supply Qs=-2+P and market demand Qd = 30-P. What is consumer surplus in this market?
Suppose a perfectly competitive market has the following inverse supply and demand curves: Supply: P= 5+2Q...
Suppose a perfectly competitive market has the following inverse supply and demand curves: Supply: P= 5+2Q Demand: P = 50-Q. 1) Solve for the perfectly competitive Pe and Qe, and calculate consumer+producer surplus at Pe, Qe.
A market has a demand curve given by P = 800 – 10Q where P =...
A market has a demand curve given by P = 800 – 10Q where P = the price per unit and Q = the number of units. The supply curve is given by P =100 + 10Q.(10 points) Graph the demand and supply curves and calculate the equilibrium price and quantity in this market.(5 points) Calculate the consumer surplus at equilibrium.(5 points) Calculate the producer surplus at equilibrium.(5 points)(5 points) Calculate the total surplus at equilibrium
In a perfectly competitive market, the supply function is P= 1 + 2Q, and the demand...
In a perfectly competitive market, the supply function is P= 1 + 2Q, and the demand function is P = 25 - Q. Hence, in this market, consumer surplus is _____ and producer surplus is _____. If this market was to become the monopoly of a single firm with a marginal cost of production equal to 11, then the welfare loss would be ____. a) 30; 60; 3 b) 32; 64; 1.5 c) 32; 64; 3 d) 62; 34; 6
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT