Question

demands for necklace is given by P=90- 0.25Q and supply of necklace is given by P=...

demands for necklace is given by P=90- 0.25Q and supply of necklace is given by P= 10+ 0.15Q

draw the graph and show if if there is price ceiling at 30 what will be consumer surplus and 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
Suppose demand for apartments in Honolulu is P=6000-0.5q and supply is P=0.25q. a. Derive the equilibrium...
Suppose demand for apartments in Honolulu is P=6000-0.5q and supply is P=0.25q. a. Derive the equilibrium price and quantity for apartments. Show on a graph. Calculate the producer and consumer surplus. b. If the city of Honolulu passes a rent control, forcing a rent (or price) ceiling equal to $1600, what is the quantity supplied, quantity demanded, and the shortage? Calculate the new consumer surplus, producer surplus, and deadweight loss, and show these on your graph. c. If a black...
Suppose demand for apartments in Honolulu is P=6600-0.5q and supply is P=0.25q. Derive the equilibrium price...
Suppose demand for apartments in Honolulu is P=6600-0.5q and supply is P=0.25q. Derive the equilibrium price and quantity for apartments. Show on a graph.  Calculate the producer and consumer surplus. If the city of Honolulu passes a rent control, forcing a rent (or price) ceiling equal to $1800, what is the quantity supplied, quantity demanded, and the shortage?  Calculate the new consumer surplus, producer surplus, and deadweight loss, and show these on your graph. If a black market develops after the rent...
The inverse Demand is given by: P=30-0.25Q and the inverse supply is given by: P=0.5Q-30. If...
The inverse Demand is given by: P=30-0.25Q and the inverse supply is given by: P=0.5Q-30. If a Price Floor of $12 is imposed, then Consumer Surplus and DWL are: (Hint: it helps to draw a graph for this question) Select one: a. CS=1728; DWL = 12 b. CS=648; DWL = 12 c. CS=1600; DWL = 6 d. CS=648; DWL = 24 e. None of the above
The inverse Demand is given by: P=40-0.2Q and the inverse supply is given by: P=0.2Q-20. If...
The inverse Demand is given by: P=40-0.2Q and the inverse supply is given by: P=0.2Q-20. If a price ceiling of $6 is imposed, then Producer surplus and DWL are:  (Hint: it helps to draw a graph for this question).
The demand for sunglasses is given by D(p) = 100 − 2 p and the supply...
The demand for sunglasses is given by D(p) = 100 − 2 p and the supply curve is given by S(p) =3p (a) Compute the equilibrium price and equilibrium quantity of sunglasses. (b) Sketch both the demand and supply curves on the same graph (be sure to label your axes correctly). (c) Determine the value of consumer surplus and producer surplus at the equilibrium values. Suppose all sunglasses are imported from China. Suppose also that the government imposes an import...
Consider the market for butter in Saudi Arabia. The demand and supply relations are given as...
Consider the market for butter in Saudi Arabia. The demand and supply relations are given as follows: Demand:             QD = 12 - 2P Supply:                Qs = 3P - 3. P is the price of butter. Calculate: Equilibrium price _____________                   2. Equilibrium quantity _____________ Consumer surplus ___________                       4. Producer surplus ___________ Draw the demand and supply graphs. Show the equilibrium price and quantity, consumer surplus and producer surplus in the graph below. Graphs must be on scale. Suppose government imposes...
1) Suppose Demand for Apples (in bushels) is given by Q = 90-P and Supply is...
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...
Suppose the doll company American Girl has a demand curve of P = 150 – 0.25Q....
Suppose the doll company American Girl has a demand curve of P = 150 – 0.25Q. The marginal cost is given by MC = 10 + 0.50Q. A) Calculate consumer surplus and producer surplus at the profit maximizing level of output. B) Calculate deadweight loss at the profit maximizing level of output. C) Calculate consumer surplus, producer surplus, and deadweight loss at the efficient level of output.
A market has supply and demand curves that follow the following set of equations: Supply →...
A market has supply and demand curves that follow the following set of equations: Supply → P = 4QS + 10 Demand → P = -5QD + 280. For both of these problems pictures are not required but the problems may be much easier if you draw some. a) Find the equilibrium price and quantity in this market and the consumer and producer surplus from the equilibrium price and quantity. (1 point) b) If there is a ceiling price in...
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...