Given the following supply, demand and marginal revenue fi QS = 5P-25 Q = 100-5P MR = 20-2/5Q (a) (b) (c) Find the competitive equilibrium price and quantity. Calculate the amount of consumer surplus. Calculate the amount of producer surplus.
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- The demand curve in the market of grapefruit is Qd = 120 - 2Pd and the marginal cost of production is constant at $38. If a tax of $17 is imposed, the price received by the producers is $[Answer] less for each unit sold. (In decimal numbers, with two decimal places, please.) Note: don't use any ai bot tool.Suppose that you are the vice president of operations of a manufacturing firm that sells an industrial lubricant in a competitive market. Further suppose that your economist gives you the following supply and demand functions: Demand: = 50 – 2P Supply: Q° = - 10 +P. What is the consumer surplus in this market? Consumer surplus is $ (Enter your response rounded to two decimal places.) What is the producer surplus? Producer surplus is $ (Enter your response rounded to two decimal places.)(Explain with graphics) A good can be produced in a competitive industry at a cost of $10 per unit. There are 100 consumers are each willing to pay $12 each to consume a single unit of the good (additional units have no value to them.) What is the equilibrium price and quantity sold? The government imposes a tax of $1 on the good. What is the deadweight loss of this tax? (Explain with graphics)
- Find b. The demand and supply function of Adofo enterprise are given P(Qa) = (Qu - 5)² and P(Q) = Q² + Q, + 3 respectively. the equilibrium price and quantity ii. the consumer surplus at the equilibrium point the producer surplus at equilibrium point Represent the equilibrium price, consumer and producer surplus on a diagramConsider the supply and demand curves for taxi rides in the attached graph. At at price of $1.30 taxi companies earn a producer surplus of_____million dollars.QUESTION 1 Given a demand curve of P = 181 - 5Qd and supply of P = 29 + 9Qs, please calculate producer surplus, assuming this is the output market
- Assume the market for headbands is characterized by a downward sloping demand curve and an upward sloping supply curve. Suppose there is an improvement in technology for producing headbands. Which of the following would occur? A C E The total surplus (sum of producer and consumer surplus) would increase B The change in equilibrium price would cause total producer surplus to increase D The impact on total consumer surplus would be indeterminate, because of the offsetting impact of the changes in equilibrium price and quantity The supply curve would shift up, resulting in an increase in the equilibrium quantity and total producer surplus The demand curve would shift right in response to an increase in equilibrium price https://bcps.schoology.com/common-assessment-print/course/6305214264/6083116066?multipleQuestions=1&includeAnswerkey=1&includeBlank 10/33With relevant examples distinguish between: (i) Producer's and Consumer's surplus, (ii) Maximum and Minimum PriceSuppose there is a downward sloping demand curve that has a y-intercept of 60 and an upward sloping supply curve that has a y-intercept of 8. If the competitive equilibrium Price is 38 and Quantity is 48 what would be the size of the overall total surplus (consumer surplus plus producer surplus) for this market? (Please answer to 2 decimal places as needed) Your Answer: 42 Answer
- The market demand function for corn is Qd = 19 - 5P The market supply function is QS = 5P - 4 both quantities measured in billions of bushels per year. Instructions: Round all quantities to the nearest whole number and prices to 2 decimal places. a. What is consumer surplus at the competitive market equilibrium? b. What is producer surplus at the competitive market equilibrium? c. What is aggregate surplus at this equilibrium?Given below are the Demand and Supply functions for consumers and suppliers. Supply function: Qs=P Demand function: Qd=60-4p Graph the equations (make sure to label the graphs appropriately and clearly) (2) Find the equilibrium price and quantity (1) Calculate the Consumer and Producer surplus for consumers and producers (1) Explain what would happen if the government imposed a price ceiling of 10 dollars (Calculate the shortage or surplus in the quantity demanded). Then discuss how the total surplus would change, I don’t want you to calculate the surplus, just discuss how it might change.Suppose Inverse market demand is given as P = 110 – 20. Market %3D supply is given as Q = 10 + P. Also assume ATC = 0.25*Q. How many units of the product would the perfectly competitive market supply? What would the equilibrium price be? a. What is the profit maximizing price and quantity if this market is a monopoly? Calculate the profit of the monopoly. b. Calculate the deadweight loss created and consumer surplus when this market became a monopoly. C.