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- 3. Find the consumer's and producer's surplus: Supply: p=14.4+ .3g- .001q² Demand: p=160-2q+.005q²Based on the figure below, consumer surplus is $0 when price is greater than or equal to $ Price ($) 16 543210 15 14 13 12 11 10 9 4N31SRL86 5 2 0 S Quantity D 10 20 30 40 50 60 70 80 90 1001 3 6. 7 8. 10 11 12 | 13 114 15 16 The demand and supply functions for a product are as follows: Demand p= 0.009q - 2q + 61 Supply p 0.009q? + 20 a. Determine the consumers' surplus and producers' surplus at the equilibrium point. b. Draw the balance point on a graph (can use https://www.desmos.com or with your own image) c. Give an explanation based on answers (a) and (b)
- Assume that QD1/2 = 60 –2P. Please evaluate the amount of consumer surplus at Q*=16Question 5 - Test 3 - Connect p.mheducation.com/ext/map/index.html?_con=con&external browser%30&launchUrl=https%253A%252F%252Fange Saved Refer to the figure below. 10 8- -- 9:22 4. 8. 12 16 20 Quantity If this market is unregulated, total economic surplus is: Multiple Choice $48. 5 of 30 Next > < Prev acer Price ($)Figure 8-10 PO Pl P2 P3 P4 PS P6 D7 PO Price P9 0 Q1 Q2 Q3 Q4Q5 a) 1/2 x (P2-P8) x (05-02) Supply D Refer to Figure 8-10. Suppose the government imposes a tax that reduces the quantity sold in the market after the tax to Q2 Without the tax, the total surplus is c) (P2-P8) x Q2 Quantity b) [1/2x (PO-P2) x Q2]+[(P2 PS) x Q2] + [1/2 x (P8-0) x Q2] d) [1/2 x (PO-PS) x Q5] + [1/2 x (P5-0) * Q5].
- A concert promoter has been selling 280 T-shirts on average at performances for $17 each. They estimate that for each dollar they lower the price, they will sell an additional 40 shirts. Find the demand function for the shirts. (Write the function in terms of price p and number of T-shirts sold q.) And calculate the consumer surplus if the shirts are sold for $13 each. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for surePrice ($) 15 14 13 12 11 10 9 S 8 D 7654321 0 10 20 30 40 50 60 70 80 90 Quantity Assume the market depicted in the graph is in equilibrium. What is total surplus?Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p= D(z) = 40-2-0174176a dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(x) = 0.6z+4 dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and the producers' surplus. The consumers' surplus is. (Your answer must begin with S.) The producers' surplus is Your answer must begin with $.)
- lll ll 0 + |0:02 Question 5: In 2019 the UK government increased the tax paid on flights out of the UK (specifically Heathrow airport) to approximately $300 per ticket. This tax is collected from airline companies who use Heathrow Airport for their operations. Source: Graham, Matt (2018). See link: https://www.australianfrequentflyer.com.au/australian- departure-tax/ Consider the market for airline travel. The initial market equilibrium is at 10 million tickets sold per year at an average price of $500 each. Then, the UK government imposes a tax on the market, collected from sellers (the airline companies). The tax is $300 per ticket. Show the effect of this on the market for airline travel. Show the effect on consumers of airline travel, on the airlines and or the government. Does the UK economy gain or lose as a resul of the tax? Explain why. Use a diagram to support your answer.Chapter 5 Consider an individual with the following demand function: *1 = 150 - 501 At a price: p₁ =19, what is the consumer surplus? [Write your answer in the box below] (Hint: We typically graph inverse demand function.)Price of X ($) 18 16 14 12 10 8 2 0 1 2 3 4 Quantity of Good X 5 a. Suppose demand is D and supply is sº. If a price ceilling of $6 is imposed, what are the resulting shortage and full economic price? Shortage: [ Full economic price: $ b. Suppose demand is D and supply is SO. If a price floor of $12 is imposed, what is the resulting surplus? What is the cost to the government of purchasing any and all unsold units? Surplus: [ units Cost to government: $[ c. Suppose demand is D and supply is so so that equilibrium price is $10. If an excise tax of $6 is imposed on this product, what happens to the equilibrium price paid by consumers? The price received by producers? The number of units sold? Equilibrium price paid by consumers: $ Price received by producers: $ Number of units sold: units d. Calculate the level of consumer and producer surplus when demand and supply are given by D and so respectively. Consumer surplus: $ [ Producer surplus: $[ e. Suppose demand is D and supply is SO.…