Assume a perfectly competitive market with MWTP(Q)=59–Q and MC(Q)=17+Q. What is the change is consumer surplus resulting from a price ceiling at $34?
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- Consider the perfectly competitive market for gasoline. The aggregate demand forgasoline is D (p) = 100 - p. Given the choke price is 100, if the equilibrium price is P25 and the equilibrium quantity is 75 units, what is the consumer surplus?The supply curve for product X is given by QXS = -520 + 20PX . How much surplus do producer receive when Qx=400The price-demand equation for a particular flashlight is given by p = 118 - 0.002x, where x is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flashlights if the price is $79 or less, and they will market 5,500 flashlights when the price is $101 per flashlight. (Assume the price-supply equation is linear.) (a) Find the consumers' surplus for this commodity. $ (b) Find the producers' surplus for this commodity. $
- The demand function of a market is:- Qd = 24P - 360 If the equilibrium price is $17 Find equilibrium quantityConsumers' and Producers' Surplus The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p = −0.2x2 + 200 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x2 + 7x + 100. If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. (Round your answers to the nearest dollar.) consumer's surplus $ producer's surplus $The demand function for a certain brand of CD is given by p = -0.01x^2 - 0.2x +10 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determiine the producer's surplus if the market price is set at the equilibrium price. (round answer to neareset dollar) P = 0.01x^2 + 0.4x +2
- Given a demand curve of P = 131 - 4Qd and supply of P = 2 + 6Qs, please calculate producer surplus, assuming this is the output marketHelp meA retail chain will buy 900 cordless phones if the price is $30 each and 800 if the price is $40. A wholesaler will supply 350 phones at $40 each and 1400 at $70 each. Assuming that the supply and demand functions are linear, find the market equilibrium point and explain what it means.
- In a competitive market, (inverse-) demand is P(Qd)=130 – (2/2)*Qd, while (inverse-) supply is P(Qs)=10 + (4/2)*Qs. What is the equilibrium quantity?Producers' Surplus The demand function for a certain brand of CD is given by p = −0.01x2 − 0.2x + 7 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x2 + 0.1x + 2 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.) $Chick-Thai is the only store sells chicken sandwiches around Santa Barabar, where the inverse demand function of chicken sandwiches is p(q) = 50 – 2g. The cost function of the chicken sandwiches is C(q) = + 1lq + 10. After the protest from the angry crowd, the government decides to grant a $1 subsidy for each unit of sandwiches sold. By how much will the price of chicken sandwiches change after the subsidy? Round your answer to 2 decimal points. (If you find the price will increase by 5 dollars, put in "5"; if you find the price will decrease by 3.15 dollars, put in "-3.15".) Answer:
