Consider a market where the equilibrium price for a good is $17 and the equilibrium quantity is 350 units.Assume that the quantity supplied at an above - equilibrium price is 5 times the equilibrium quantity, and thequantity demanded at the above - equilibrium price is 1/3 the equilibrium quantity. Calculate the surplus inthe market at the above - equilibrium price. If necessary, round any intermediate calculations to one decimalplace and your final answer to the nearest whole number.

Equilibrium quantity is the quantity where the quantity demanded is equal to the quantity supplied…

Answered: Consider a market where the equilibrium…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter4: Markets In Action

Section: Chapter Questions

Problem 1SQP

See similar textbooks

Similar questions

Suppose that the market for bottled water can be represented by the following equations: Demand: P = 10 - 2QDSupply: P = 1 + 0.5QSwhere P is the price per gallon, and Q represents quantity of purified water, represented inmillions of gallons of water consumed.a) Calculate the equilibrium price and quantity of bottled water.b) Concerned over high water prices after the winter storm, the government sets a priceceiling of $2.25 per gallon of water. What is the new quantity of water sold in themarket? Use supply and demand curves to illustrate your answer, showing both theoriginal equilibrium from part a) and the new quantity sold with the price ceiling.c) Calculate the producer surplus and consumer surplus at the initial equilibrium priceand quantity from part a).d) Calculate the new producer surplus and consumer surplus with the price ceiling frompart b).e) How does the total consumer and producer surplus in part c) compare to the totalconsumer and producer surplus in part d)? What…
If the relationship between supply and demand for a given commodity is lincar such that: 2 3 4 Required quantity(kg) 750 700 650 600 550 500 450 Price Supplied quantity(kg) 300 400 500 600 700 800 900 The equilibrium price in this market is...and the equilibrium quantity is ... If the price of 3 S is set at a maximum of this price in the market, it will suffer from the ... in this market by ... Units. If the price of 5 S is set at a minimum for this price in the market, it will suffer from .. in this market by ...units.
Question#4Given below is the Supply Schedule of Nestle Milk per liter: Price of Milk per liter (in Rs) 100 200 300 400Quantity Supplied per day in liters (in 1000s) 100 200 300 400 A) Use above data to illustrate the Supply Curve in a graph with complete labels.B) Assume Rs. 200 is the original price of milk per liter and 200,000 liters is the original quantity of supply.C) Suppose the price rises from Rs. 200 to Rs. 300, what will be the amount of Quantity Supplied?D) Illustrate the impact of (C) on the graph.E) Is this a movement along the supply curve or shift of the curve?
Consider the demand ftunction for processed pork in Canada, Q, = 796.00 - 37p • 20p, + 3p. + 0.002Y %3D The supply function for processed pork in Canada is: Q = 363.00 + 54p - 60ph pis the price of pork Pp is the price of beof = $4 per kg Q is the quantity of pork demanded Pe is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is S and the equilibrium quantity of pork is milion kg per year. (Enter numeric responses using real numbers rounded up to two decimal places.)
Your research department estimates that the supply function for high definition televisions (HDTVs)is given byQ = 2,000 + 3 Px  − 4 Pt  −  Pwwhere Px is the price of HDTVs, Pt represents the price of a tablet, and Pw is the price of an inputused to make HDTVs. Suppose HDTVs are sold for $400 per unit, tablets are sold for $250 per unit,and the price of an input is $1,400. How many HDTVs are produced?
The following table shows the quantity supplied and quantity demanded of a good at certain unit pricesUnit Price Quantity Supplied Quantity Demanded$22.50 34400 56000$24.50 37600 49600$28.00 43200 38400a) Show that the quantity supplied and demanded are linear functions of price and find the supply and demand functions.b) At what prices are the quantity supplied and demanded equal to zero and is there a shortage or surplus of the commodity at a price of $30.00 per unit?
How would I find the solution set, equilibrium price and equilibrium quantity for the problem?
Given that the demand for 10 crates of eggs is 200 dollars is supplied to 5 stores and thedemand for 4 crates at 50 dollars and supplied to 15 stores, calculate the equilibrium price and quantity 2.
The annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: ii. the amount of revenues collected
6) The quantity demanded of a certain brand of smart phone is 2000 per week when the unit price is $84. For each decrease in the unit price $5 below $84, the quantity demanded increases by 50 units. The supplier will not market any of the smartphones if the unit price is $60 or less, but the supplier will market 1800 per week if the unit price is $90. The supply and demand equations are known to be lineara) Find the demand and supply equationsb) Find the equilibrium quantity and price
The market for Covid-19 Personal Protection Equipment (PPE) is characterised by the following equations Qd = 15 – 1/5 P and Qs = -1 + 3/5 P . (a) Calculate the equilibrium price and quantity of PPE products (b) Suppose a warehouse of PPE caught fire and burn down. Simultaneously, a deadly variant had been discovered in South Africa. Explain, using a diagram how these changes will affect the equilibrium price and quantity of PPEs.
At a price of $2:29 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7600 million bushels. At a price of $2.4 per bushel, the supply is 7000 million bushels and the demand is 7500 million bushels (A) Find a price-supply equation of the form p mxb, where p is the price in dollars and x is the supply in milions of bushels (B) Find a price-demand equation of the form p mx +b, where p is the price in dollars and x is the demand in millions of bushels (C)Find the equilibrium point (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system. (A) The price-supply equation is p (Type an exact answer) -CTD

SEE MORE QUESTIONS

Recommended textbooks for you

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Exploring Economics

Economics

ISBN:

9781544336329

Author:

Robert L. Sexton

Publisher:

SAGE Publications, Inc

Survey Of Economics

Economics

ISBN:

9781337111522

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Micro Economics For Today

Economics

ISBN:

9781337613064

Author:

Tucker, Irvin B.

Publisher:

Cengage,

Exploring Economics

Economics

ISBN:

9781544336329

Author:

Robert L. Sexton

Publisher:

SAGE Publications, Inc

MACROECONOMICS

Economics

ISBN:

9781337794985

Author:

Baumol

Publisher:

CENGAGE L

Macroeconomics

Economics

ISBN:

9781337617390

Author:

Roger A. Arnold

Publisher:

Cengage Learning

Microeconomics

Economics

ISBN:

9781337617406

Author:

Roger A. Arnold

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS