A producer is willing to produce 3 units at 3 dollars per unit and another producer is willing to produce 3 units at 6 dollars per unit. If the equilibrium price is 11 dollars, what is the combined producer surplus for the two producers?

question 7

If you sold 500 pounds of beef for $5 per pound when you usually sell it for $2 per pound. What is your total producer surplus?

When a market is in equilibrium, the total amount of consumer surplus must be--------- the total amount of producer surplus. 1)equal to 2)larger than 3)less than  4)none of these

The demand curve for a certain product is given by p(q)=573−q2. The supply curve is given by p(q)=1.2q2. Find the consumer surplus at equilibrium.   The consumer surplus at equilibrium is ​$enter your response here. If​ necessary, round to two decimal places. Do not include units.

In the market for hand sanitizers the demand function is given by: q = 80 - p, where q is the quantity of hand sanitizers (in thousands) and p is the price of hand sanitizers in dollars. Suppose the current market price for hand sanitizers is $4. 1. What is the inverse demand function equal to? Draw it in a diagram. 2. At a price of $4, what is the level of consumer surplus? 3. Due to the unprecedented COVID-19 pandemic, people's preferences for sanitizing their hands change in favor of hand sanitizers. In fact, for any given price of hand sanitizers, people now want to purchase 20 units (in thousands) more hand sanitizers. o What is the new demand curve? o What is the new inverse demand curve? o Draw the new inverse demand curve in your diagram. 4. Suppose that after the increase in demand, the new price becomes $8. What is consumer surplus equal to at this new price (and with the new inverse demand curve)? 5. [Challenge Question] What would the consumer surplus be if the government…

d) What will be the deadweight loss? e) What will be the firm’s maximum profits? f) How much would the firm would save in additional costs, if it had decided to supply all of that output at the point of equilibrium?

The demand curve for guitars is given by Pd = 150 - 5Qd and supply for guitars is given by Ps = 6 + Qs. What is total surplus at equilibrium? 288 1,440 3,456 1,728

Demand for apartments in town is D (x) =860 – 3x, and the supply is S (x) =500+9x, %3D where x is the number of apartments, in hundreds, and D (x) and S(x) are the rent in dollars per month, per apartment. The equilibrium point is (30, 770). Suppose a maximum rent of $644 per month is imposed by the town council. Find the deadweight loss. $ 1176 $ 1152 $ 16 $ 3072

Demand for apartments in a certain town is D(x)=1480−3x​,and the supply is S(x)=500+11x​, where x is the number of​ apartments, in​ hundreds, and​ D(x) and​ S(x) are the rent in dollars per​ month, per apartment.  a.)Find the consumer surplus and producer surplus ​b) Suppose a maximum rent of ​$1050per month is imposed by the town council. Find the point xC, pC ​c) Find the new consumer surplus and new producer surplus ​d) Find the deadweight loss