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- Consider the market for some product X that is represented in the accompanying demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity The total economic surplus is $ 120 per day (Round your response to the nearest cent as needed) b. Calculate the total economic surplus in this market when a price ceiling at $7 is in effect The total economic surplus is $90 per day. (Round your response to the nearest cent as needed) c. After imposition of the price ceiling at $7, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? unit(s) of this good are no longer being produced and consumed per day compared to the free-market equilibrium (Round your response to the nearest whole number as needed) Price ($) 19.00 17.00 15.00 13.00- 11.00- 9.00- 7.00- 5.00 3.00- 1.00- 0 10 15 20 25 Quantity (units per day) 30 S D 35 GSuppose that the demand curve for a particular high-end designer purse in a medium- sized city is given by P = 600 – 0.01QP supply is P = 100 + 0.04QS where price is in dollars and quantity is in numbers of purses. a. Find the equilibrium price and quantity. b. Calculate the consumer and producer surplus at the equilibrium price.What would be the producer surplus and the deadweight loss?
- A Quiz: CH5 Main Problem - You ha x b My Questions | bartleby + -> A yvcc.instructure.com/courses/2227256/quizzes/7072867/take/questions/143032293 Use the graph below to answer this question: Based on this graph, suppose the equilibrium price and quantity remain the same but the demand curve becomes steeper (more inelastic demand). What will that do to the consumer or producer surplus? $16 $12 6 It will increase the consumer surplus. It will reduce the producer surplus. O It will reduce the consumer surplus. O It will leave both surpluses unchanged. O It will increase the producer surplus. >Calculate total surplus in a market where consumer surplus is $30 and the producer surplus is $43The market supply and demand for solar panels are given respectively by QS = 80P – 5,000 and QD = 65,000 – 20P, where P is price per solar panel and Q measures the quantity of solar panels. Suppose the government provides a £100 subsidy per solar panel. A. Calculate the price and equilibrium quantity before the government subsidy. B. Calculate the post-subsidy equilibrium quantity, the prices consumers pay and the price producers receive C. How much does the subsidy program cost the government? (3%)
- You are given the following market data for Venus automobiles in Saturnia. Demand: P = 35,000 - 0.50 Supply: P = 8,000+ 0.25Q where P = Price and Q = Quantity. a. b. C. Calculate the equilibrium price and quantity. Calculate the consumer surplus in this market. Calculate the producer surplus in this market.Qd=120-3P Qs =30 At the equilibrium price and quantity, what is producer surplus?Determine the output level creates a maximum total surplus.
