Question

Assume that the demand curve D(p) given below is the market demand for apples:

*Q*=*D*(*p*)=320−12*p*Q=D(p)=320-12p, p
> 0

Let the market supply of apples be given by:

*Q*=*S*(*p*)=60+15*p*Q=S(p)=60+15p,
p > 0

where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels demanded and supplied.

**What is the
consumer surplus at the equilibrium price and
quantity?**

Round the equilibrium
price to the nearest cent, use that rounded price to compute the
equilibrium quantity, and round the equilibrium quantity DOWN to
its integer part.

Maintain full precision for the vertical intercept by carrying the
full fraction into your consumer surplus calculation.

Please round your consumer surplus answer to the nearest
integer.

Answer #1

1) Suppose Demand for Apples (in bushels) is given by Q = 90-P
and Supply is given by Q = P. The market for apples is dominated by
a single, monopolistic firm "NYC Apples". What is NYC Apples profit
at the monopoly price? 2) Suppose Demand for Apples (in bushels) is
given by Q = 90-P and Supply is given by Q = P. The market for
apples is dominated by a single, monopolistic firm "NYC Apples".
How much more...

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 for a product is given by p = d ( q ) = − 0.8 q + 150
and the supply for the same product is given by p = s ( q ) = 5.2
q. For both functions, q is the quantity and p is
the price in dollars. Suppose the price is set artificially at $70
(which is below the equilibrium price).
a) Find the quantity supplied and the quantity demanded at this
price.
b)...

Suppose the demand and supply for a product is given by the
following equations:
p=d(q)=−0.8q+150
(Demand)
p=s(q)=5.2q
(Supply)
For both functions, q is the quantity and p is the price.
Find the equilibrium point. (Equilibrium price and equilibrium
quantity) (1.5 Marks)
Compute the consumer surplus. (1.5 Marks)
Compute the producer surplus. (1.5 Marks)

Suppose that the market demand curve for residential water
is:
Q
D
= 10 – 2.25
P
and the market supply curve is:
Q
S
= –10 + 2.75
P
where the quantity is measured in millions of gallons per month
and the price is in dollars
per thousand gallons.
a. Calculate the equilibrium price and quantity.
b. Calculate the consumer surplus at the equilibrium price

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

Suppose Demand for Apples (in bushels) is given by Q = 90-P and
Supply is given by Q = P. The market for apples is dominated by a
single, monopolistic firm "NYC Apples". How much more will
consumers pay for Apples with NYC Apples being a monopoly compared
to if it were a perfectly competitive market?

24. Cournot duopolists face a market demand curve given by P =
90 - Q where Q is total market demand. Each firm can produce output
at a constant marginal cost of 30 per unit. There are no fixed
costs. Determine the (1) equilibrium price, (2) quantity, and (3)
economic profits for the total market, (4) the consumer surplus,
and (5) dead weight loss.
25. If the duopolists in question 24 behave according to the
Stackelberg Leader-Follower model, determine the...

1.Given: Suppose you are given the following market demand
function for apples:
QD = 100*I + 2*PSub − P
where P is the price per unit of apples, I is
consumer income and PSub is the price per unit of
grapes (a substitute for apples). And given the market supply
function for apples:
QS = P − 2*w − 4*m
where P is the price per unit of apples, w is the
hourly wage rate the firm pays to workers...

Consider the market demand curve for apples, which relates the
quantity demanded of apples (in
thousands of bushels) to various prices of apples. Suppose
that the price elasticity of demand for apples is -2.
If the price of apples increases by 3 percent, then by how
much will the quantity demanded of apples
decrease?
Select one:
a. by 2 percent
b. by 6 percent
c. by 6 thousand bushels
d. by 2 thousand bushels

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