Market demand for concerts is given as Q = 2500 - 20P Market supply for concerts is given as Q = -500 + 80P a) Total consumer surplus at equilibrium is b) Total producer surplus at equilibrium is $. c) Total market surplus at the market equilibrium is $__

1) Keep in mind that management needs to recognize the demand for their product. While this is an obvious statement, it cannot be over emphasized. For example, the inverse demand for Tires is: P= 81-250, The current market price is $20 and average income (I) is $10,990. (19 Points) a) Calculate the markets total Demand? (4 Points) b) Calculate the market's consumer surplus. (4 Points). Draw the Demand Curve and identify the price quantity and label the axes for price and quantity. c) Calculate the price elasticity of demand at the equilibrium output. (4 Points) d) Is the Price elasticity of demand calculated in Question #1c elastic or inelastic? (4 Points) e) Based on the income elasticity of demand, is this product a normal good or an inferior good? (3 Points)

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:

Part 1 = Justin's inverse demand for a good is given by p is his gross consumer surplus if the per-unit price is p = 2.00? Part 2 What is Justin's consumer's surplus? 47.00-2.00q. Assuming that there are enough suppliers to meet his demand, what (Round to the nearest two decimals if necessary.) (Round to the nearest two decimals if necessary.)

Find the Consumer Surplus and the Producer Surplus at the equilibrium price if the price-demand (D(x)) and the price-supply (S(x)) functions are as follows: D(x)=600 0.07x S(x) = 100+ 0.03x

Find producer's surplus at the market equilibrium point if supply function is p=3x+3 and the demand function is p = 100.8/(x+15)

110 The demand for a particular item is given by the function D(x) Find the consumer's surplus if the %3D x + 3 equilibrium price of a unit $5. The consumer's surplus is $

The supply curve for product X is given by QXS = -300 + 10PX .a. Find the inverse supply curve.P = ___ + ___ Qb. How much surplus do producers receive when Qx = 300? When Qx = 800?When QX = 300: $ ___When QX = 800: $ ___

The market demand function for corn is Qd = 19 - 5P The market supply function is QS = 5P - 4 both quantities measured in billions of bushels per year. Instructions: Round all quantities to the nearest whole number and prices to 2 decimal places. a. What is consumer surplus at the competitive market equilibrium? b. What is producer surplus at the competitive market equilibrium? c. What is aggregate surplus at this equilibrium?

Q4) Assume a market of a specific good. The demand and supply equation is as shown below: Pp = 70 – 3QD Ps = 5 + 20s The demand price elasticities is inelastic. From the firms' perspective, the revenue would be higher if price increases. Let's assume that the market is currently not at the equilibrium with the market price being higher by 2 units than the equilibrium price. 1. Find the market quantity 2. Find the new Consumer Surplus 3. Find the new Producer Surplus