The producers' surplus when A units are produced at price B is the area of the shaded region in the figure shown on the right. Find the producers' surplus at the given sales level for the supply curve given below. X p=15+ x = 200 25 Price 0 P= g(x) (A, B) Quantity H
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- The task I am struggling with: Determine the supply and demand function and the equilibrium point.Graph the results.Demand. If a given product is priced at $7 per unit, there is a demand for 4 units;if a given product is priced at $6 per unit, there is a demand for 8 units.Supply. If a given product is priced at $9 per unit, suppliers are willing to produce4 units; if a given product is priced at $23 per unit, suppliers are willing toproduce 12 units. Thank you very much.The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) (D) Price (dollars per unit) 100- 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 0- 39 :25 51 10 20 30 40 50 60 70 80 90 Quantity (1,000s of units per unit of time)Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Lakes's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from MSY to ACY (Dollars per roundtrip) Room Rate at Mountaineer (Dollars per night) 100 400 40 100 250 ? For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Lakes is charging $100 per room per night. If average household income increases by 25%, from $40,000 to $50,000 per year, the quantity of rooms demanded at the Lakes from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Lakes are If the price of a room at the…
- Suppose a market is described by the following demand and supply curves, respectively: Qd =50−P Qs = 0.5P − 10 (a) Calculate the equilibrium price and quantity.(b) Plot the supply and demand curves on a single graph. (c) Now, supposed the government imposes a price ceiling of $30 in this market. Show, on the same graph in part (b), the effect of this price ceiling. Calculate the equilibrium price and quantity. Is there a shortage or a surplus? Of how many units? What is the full economic price in this market? Show, on the same graph in part (b), the loss of social welfare and calculate the dollar value of this loss.Two months ago, on July 1, 2019, the State of Illinois raised gasoline taxes by $.19 (19 cents) per gallon of gas. Graphically depict the market for Illinois gasoline prior to the July 2019 increase in gasoline tax. Clearly indicate equilibrium Q and P on the graph. (Only a graph is needed for this question)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?
- Find the consumers’ surplus and the producers’ surplus at the equilibriumprice level for the given price–demand and price–supply equations and draw the graph. (You may round all values to the nearest integer). p = D(x) = 185e-0.005x p = S(x) = 25e 0.005xQuestion#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 the 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) Illustrates the impact of (C) on the graph.E) Is this a movement along the supply curve or shift of the curve?The supply and demand for concert tickets are given in the table below.Price (R)0481216202428323640Quantity Demanded15141312111098765Quantity Supplied0000013579114.1.1. Plot the supply and demand curves to scale and establish the equilibrium price and quantity. 4.1.2. What is the excess supply or demand (as applicable) when price is R24? And when price is R36? 4.1.3. Describe the market adjustments in price induced by these two prices. 4.1.4. The functions underlying the example in the table are linear and can be presented as P = 18+2Q (supply) and P = 60−4Q (demand). Solve the two equations for the equilibrium price and quantity values. 4.2. Briefly explain how each of the following affects the demand for goods and services in a market place and highlight the effects on price and the equilibrium position.4.2.1. Price of the product or service 4.2.2. Price of related goods; 4.2.3. Income of consumers; 4.2.4. Number of consumers;
- A market is described by the following supply and demand curves: Supply: P=0.25Q Demand: P=300-0.75Q (a) Solve for the equilibrium price and quantity and calculate the total economic surplus with a diagram.A new chemical cleaning solution is introduced to the market. Initially, the demand is QD 1,000 2P and the supply is QS = 100 + P. Determine the equilibrium price and quantity. The government then decides that no more than 300 units of this product should be sold per period, and imposes a quota at that level. How does this quota affect the equilibrium price and quantity? Show the solution using a graph and calculate the numerical answer.Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. (a) Using the numerical values above, draw a correctly labeled graph of the market for gadgets and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $8 per unit, will there be a surplus or a shortage in the market? Explain. (c) Assume gadgets now become more popular. On your graph in part (a), show the effect of the increase in gadgets' popularity on the equilibrium price and quantity of gadgets. (d) Assume instead there is an increase in the price of tin, a major input in producing gadgets. What will be the effect of an…
