Question

Find the consumer and producer surpluses by using the demand and supply functions, where p is...

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

Math   Calculus   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1). Find the consumer and producer surpluses by using the demand and supply functions, where p...
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...
The demand and supply functions for a certain product are given by p=150-0.5q and p=0.002q2+1.5, where...
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...
Find the price that will maximize profit for the demand and cost functions, where p is...
Find the price that will maximize profit for the demand and cost functions, where p is the price, x is the number of units, and C is the cost. Demand Function      Cost Function p = 78 − 0.1 Sqared Root (x)*** x ***      C = 33x + 550 $ ______per unit
The market for a product has inverse demand and supply functions given by p = 290...
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)
1) The demand and supply functions for a certain product are given by p = 150...
1) The demand and supply functions for a certain product are given by p = 150 − 0.5 q and p = 0.002 q^ 2 + 1.5 where p is in dollars and q is the number of items. a) Which is the demand function? Why do you know? b) Find the equilibrium price and quantity. c) Find the total gains from trade at the equilibrium price.
Suppose that the demand and supply functions for good X are: Qd = 298 - 8P...
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...
Suppose the demand and supply functions for a product are P= 2800-8q-1/3q^2 and p = 400+2q,...
Suppose the demand and supply functions for a product are P= 2800-8q-1/3q^2 and p = 400+2q, respectively, where p is in dollars and q is the number of units. Find q that will maximize the tax revenue
Find the market equilibrium point for the following demand and supply functions. Demand:        p = -4q +...
Find the market equilibrium point for the following demand and supply functions. Demand:        p = -4q + 310 Supply:          p = 6q + 1 p = ? 2nd question: A shoe store owner will buy 13 pairs of a certain shoe if the price is $73 per pair and 33 pairs if the price is $23. The supplier of the shoes is willing to provide 22 pairs if the price is $76 per pair but only 2 pairs if the price is...
3. Solve the following problem: The supply function for x units of a commodity is p...
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...
Demand for Dok P=60-0.5Q supply P=12+0,5Q 1.what is the equilibrium price, quantity, consumer surplus and producer...
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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT