Price 50- 80 33- 17- 85 170 85 160 80 10 20 30 Quantity S Please refer to the graph above. Assume this market is in equilibrium. What is total social surplus? ○ $660 ○ $335 O $325 O $850
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- What is total surplus? How is it illustrated on a demand and supply diagram?Price ($) 15 14 13 12 11 10 9 S 8 D 7654321 0 10 20 30 40 50 60 70 80 90 Quantity Assume the market depicted in the graph is in equilibrium. What is total surplus?Use the graph below for the next three questions. -60 -40 A -20 20 40 60 What is the consumer surplus if the price is given by point A? Answer: 625
- Use the graph to calculate consumer surplus when the market is at equilibrium. Price $400 30 15 10 100 150 200 300 Quantity A $3,000 В $5,000 $2,000 $4,000 205-4 The table below demonstrates each consumer’s willingness to pay for a product. Construct a step graph of the five consumers’ willingness to pay. Now calculate consumer surplus for each consumer when the price is $10. What is the total consumer surplus at this price? Who will buy the product?Please written by computer source Suppose that the demand curve for a product is given by Q = 100 −10p and the supply curve is Q = 10p. Assume that income effects (elasticities) are small so consumer surplus is a good measure of consumer welfare. (a) What is the equilibrium price and quantity with no distortions? (b) The government imposes a tax of $2.00 per unit sold. What is the new equilibrium quantity? Sketch the market equilibrium in a graph. (c) Given the tax what is the change in consumer surplus? What is the change in producer surplus? What is the change in government revenue? What is the net Dead Weight Loss from the tax? (d) Say the government proposes to use the revenue from the tax to pay for snacks in our last ECON 312A lecture. The total social benefits from the snacks would be $82.00. Will the tax increase overall welfare if the revenue is used to buy the snacks? What is the dollar value of the net gain or loss to society?
- What is the value of consumer surplus? What is the value of producer surplus?KE Consider the market for some product X that is represented in the accompanying demand-and-supply diagram a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity The total economic surplus is $ per day (Round your response to the nearest cent as needed) 57.00 $5.00 45.00 30 00 3300 27.00 21.00 15.00 900 300- 10 25 15 20 Quantity (units per day) 30Calculate the total surplus in the market
- The following figure illustrates the demand and supply curves for a good. Price (5) 888 60 40 0 5 10 20 30 Supply Demand Quantity (unit) Refer to the figure above. Which of the following is likely to happen if a price control of $80 is imposed in the market? O There will be a shortage of 25 units in the market. O There will be a surplus of 10 units in the market. O There will be a surplus of 25 units in the market. O There will be a shortage of 10 units in the market.Question The demand curve for a product is given by QD = 475 - 25P and the supply curve for a product is given by QS = 15P - 45 %3D a) Illustrate the demand curve and the supply curve on the same graph. Label both axes. b) Calculate both the equilibrium price and quantity. c) Calculate the consumer surplus and the producer surplus. d) Identify consumer surplus and producer surplus on your graph. Label as CS and PS. e) Find the total willingness to pay for the equilibrium quantity and the total variable cost of supplying the equilibrium quantity. Identify these areas on your graph. please show workDefine Consumer and Producer Surplus and illustrate them graphically.
