Given: (x is number of items) Demand function: d(x) = 8160 – 0.3x² Supply function: s(x) = 3x Find the equilibrium quantity: Find the consumers surplus at the equilibrium quantity:
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- Given: (x is number of items) Demand function: d(x) = 862.4 – 0.5x? Supply function: s(x) = 0.6x² Find the equilibrium quantity: | Preview Find the consumers surplus at the equilibrium quantity: PreviewBased on this graph,Calculate the consumer surplus from 500 pairs of shoes?In a particular market, demand and supply curves are defined by the following equations: P=50 – 0.5QD QS= -20 + 2P where, P is the price in pounds, QS is the quantity supplied and QD is the quantity demanded. (a) What is the equilibrium price and quantity? (b) What is the price elasticity at a price of £35? (c) What do you expect will happen to total expenditure on this good if the price increases from £35 to £40? Is this expectation confirmed if you calculate the total revenue for each price?
- Given: (q is number of items) Demand function: d(q) = 743.6 – 0.6q² Supply function: s(q) = 0.5q² Find the equilibrium quantity: Find the equilibrium price: $ Submit Question itemsCalculate the economic surplus in the market represented by the graph.Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $6.50, and the equilibrium quantity is 35.0. When the price is $8.75, the quantity supplied of cat food is 55.0 and the quantity supplied of dog food is 111.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places. 1.81 Supply in the market for cat food is There is not enough information to tell which has a higher elasticity. the same elasticity as supply in the market for dog food. more elastic than supply in the market for dog food. less elastic than supply in the market for dog food.
- Suppose that the price elasticity of demand for a packet of cigar is -0.85 and the price elasticity of supply is 1.5 at market equilibrium. As a result of an increase on sales tax, the new equilibrium price rises by 15%. (a) What is the percentage change in quantity demanded of cigar? Show your calculation.Find the consumer's surplus at P=2 for the following demand function: P=8Q-2/3Find 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 0.005x
- Consider a market where the equilibrium price for a good is $17 and the equilibrium quantity is 350 units. Assume that the quantity supplied at an above - equilibrium price is 5 times the equilibrium quantity, and the quantity demanded at the above - equilibrium price is 1/3 the equilibrium quantity. Calculate the surplus in the market at the above - equilibrium price. If necessary, round any intermediate calculations to one decimal place and your final answer to the nearest whole number.Suppose that the market demand for Turkey is given by: Q_(T)=2-8P_(T)+2P_(C)+0.0015I Where Q_(T) is annual quantity demanded of turkey in million pounds, P_(T) is the price of turkey per pound, P_(C) is price of chicken per pound, and I is the average household income in dollars per year. a. Find the annual quantity demanded of turkey if the price turkey is $2.00 per pound, price of chicken is $1.50 per pound and the annual household income is $30,000.Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 31.0. When the price is $8.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.