Demand function Q, = 240 – 2P Supply function Qs =-60+P| According to the demand and supply functions for a good's market given above a) Calculate consumer surplus b) Calculate producer surplus

Given: (x is number of items) Demand function: d(x) = 200 – 0.3x Supply function: s(x) = 0.5x Find the equilibrium quantity: Find the consumers surplus at the equilibrium quantity:

Find the producer surplus

1). The demand for good X is given by Qx = 4,000-Px-2Py +4Pz+ 0.2M, where Py is the price of good Y, Pz is the price of good Z, and M is income. If Py = $800, Pz= $200, and M = $5,000, what is the inverse demand function for good X? 2). Consider a market characterized by the following demand and supply functions: Px = 10-2Qx and Px2+2Qx. (a). Compute the equilibrium price and quantity in this market and show in graph. (b). What will be the impact on market when an $8 per unit floor price is imposed? How many units will be exchanged in this market? Show in the same graph. 3). If the price of ground beef falls from $7 to $4, and this leads to an increase in demand for beans from 80 to 120 cans, what is the cross-price elasticity of beans and ground beef at a ground beef price of $4?