Question

1). Find the consumer and producer surpluses by using the demand
and supply functions, where *p* is the price (in dollars)
and *x* is the number of units (in millions).

Demand Function |
Supply Function |
---|---|

p = 410 − x |
p = 160 + x |

consumer surplus $_________

millionsproducer surplus $ ________millions

2) Find the consumer and producer surpluses by using the demand
and supply functions, where *p* is the price (in dollars)
and *x* is the number of units (in millions).

Demand Function |
Supply Function |

x |
x |

consumer surplus | ______ | $ |

producer surplus | ______ | $ |

3). The revenue from a manufacturing process (in millions of
dollars per year) is projected to follow the model
* R* = 150

for 10 years. Over the same period of time, the cost (in millions of dollars per year) is projected to follow the model

* C* = 50 + 0.5

$ ___________million

Answer #1

Find the consumer and producer surpluses by using the demand and
supply functions, where p is the price (in dollars) and x is the
number of units (in millions).
Demand Function- p = 1005 − 23x
Supply Function - p = 44x

The demand and supply functions for a certain product are given
by p=150-0.5q and p=0.002q2+1.5, where p is in dollars
and q is the number of items.
(a) Which is the demand function?
(b) Find the equilibrium price and quantity
(c) Find the total gains from trade at the equilibrium
price.
with its demand and supply functions, suppose the price is set
artificially at $70 (which is above the equilibrium price).
(d) Find the quantity supplied and the quantity demanded...

The market for a product has inverse demand and supply
functions given by p = 290 - 2Qd and p = 10 + 1.5Qs
In what form are these functions in? (2pts)
Find the market equilibrium quantity Q* and price P*.
(5pts)
Draw out a simple graph with these curves. Label the
p-intercept for each and indicate the equilibrium points.
(5pts)
Find the consumer and producer surpluses, along with the
total surplus.(10pts)
(i) Would this market be considered efficient?
(2pts)

Demand for Dok P=60-0.5Q
supply P=12+0,5Q
1.what is the equilibrium price, quantity, consumer surplus and
producer surplus.
2.suppose the demand curve increases by 12 unit at given price.
Hold everything constant, what is new equilibrium price, quantity,
consumer surplus and producer surplus.
3.use the original demand and supply curve in part one. assume
economy can trade with world for 12 unit. What is the market price
for local consumers if the world price is 24. What is price local
producer...

Suppose that the demand and supply functions for good X
are:
Qd = 298 - 8P and
Qs = - 32 + 4p
A. Find the equilibrium price and quantity.
B. Sketch this market. [HINT: Be sure to draw the two curves
carefully, using inverse demand and supply functions to calculate
the quantity- and price-axes intercept points.]
C. Use the demand function to calculate consumer surplus.
D. Use the supply function to calculate producer surplus.
E. What is the total...

2. The demand and supply functions for rental accommodation in
Metroland are as follows:
Qd =120-P
Qs = 2P
a. Solve for the competitive equilibrium rental rate
(P) and quantity (Q) of rental units in
Metroland. Illustrate this equilibrium in a graph.
On your graph, show the regions that represent consumer surplus
and producer surplus. Calculate the value of consumer surplus,
producer surplus, and overall welfare.
b. Suppose the City of Metroland enacts a rent control ordinance
that imposes a...

3. Solve the following problem: The supply function for x units
of a commodity is p = 30 + 100 ln ( 2 x + 1 )dollars and the
demand function is p = 700 − e^0.1x. Find both the consumer's and
producer's surpluses. Use your graphing calculator to find the
market equilibrium and compute definite integrals necessary to
compute the surpluses. Note you won't be able to do some of the
integrals otherwise. Explain your steps.
4. Sketch...

The demand and supply functions for rental accommodation in New
York are as
follows:
Qd = 120 - P
Qs = 2P
a. Solve for the competitive equilibrium rental rate (P) and
quantity (Q) of rental units
in New York. Illustrate this equilibrium in a graph.
b. On your graph, show the regions that represent consumer surplus
and producer
surplus. Calculate the value of consumer surplus, producer surplus,
and overall
welfare.
c. Suppose the City of New York enacts a...

1. Consider the following demand and supply functions for a good
or service: Qd = 400 - 5P and Qs= 3P.
a) Graph the supply and demand functions in the typical manner
with price per unit (P) on the Y-axis and quantity on the X-axis.
Make sure to clearly mark X-intercept and Y-intercept on the
graph.
b) What is the slope of each line? Show your calculations.
c) What is the equilibrium price and quantity? Show your
calculations. Show the...

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...

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