For an increasing MC curve, Producer Surplus (PS) is represented by a- The area above the price and below the (inverse) demand curve b- The area above the MC curve c- The area above the MC curve and below the price d- The area below the MC curve e- Both (a) and (c) above are correct

3. Consider a market with a demand QD= 50 – 3P and a supply curve QS= 2P – 15.   a. What are the equilibrium price and quantity in this market?

Select the area(s) that represent CONSUMER SURPLUS before the price floor is imposed? (select all that apply)

2A. Refer to Figure 8-25. What are the equilibrium price and equilibrium quantity in this market?   2B. Refer to Figure 8-25. How much is producer surplus at the market equilibrium?   2C. Refer to Figure 8-25. How much is total surplus at the market equilibrium? Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality to avoid receiving a downvote. Take care of plagiarism. Answer completely. You will get up vote for sure.

Given the demand function P = 64 - Q and the supply function: P = 4 + ¼ Q. Determine:a. Market equilibrium price and quantityb. The size of the consumer surplusc. The amount of the producer surplus.

1. Consider the market for cell phones in Celltown. Suppose that the inverse demand curve is P = -2Qd + 300 and that the inverse supply curve is P = 3Qs + 50. a. Sketch the inverse supply and inverse demand curves. b. Calculate the equilibrium price and quantity. c. Compute consumer surplus (CS), producer surplus (PS), and total surplus. d. Suppose the Mayor of Celltown institutes a price floor of P = $250 in order to promote the new technology. It is illegal to sell cell phones at a price below P. What is the quantity transacted in the market with the price floor? e. Compute the change in CS and the change in PS. f. Compute the change in total surplus. If you were an economic advisor to the Mayor whose goal is to maximize the total surplus of the city, would you advise continuing the policy or not? Explain. g. A representative of the Association of Cell Phone Manufacturers arrives at the Mayor's office to lobby against eliminating the price floor. i. Explain why economic theory…

3. If the price of coffee decreases, what will happen to the producer surplus in the market for doughnuts? A) Increase. B) Decrease. Depends on the slope of the supply and demand curves. Not information, cannot tell. D)