The supply and demand curves for a product are given in the figure below. p($/unit) Supply 20 16 12 8 4 Demand 640 800 9 (quantity) 160 320 480 Estimate the equilibrium price and quantity and the consumer and producer surplus. $ i Equilibrium price = units Equilibrium quantity = $ i at equilibrium. Consumer surplus = $ i at equilibrium. Producer surplus =

In agricultural economics, a “supply response function” describes how supply of a commodity responds to changes in the price of that commodity.  Year  Seeded Area (hectares)  Harvested Area (hectares)  Average Yield (kg per ha)  Production (tonnes)  Price per Tonne ($/tonne)  1966 1,317,000 1,317,000 1,630 2,150,000 65 1967 1,424,000 1,424,000 1,720 2,449,000 60 1968 1,376,000 1,376,000 1,800 2,477,000 48 1969 1,012,000 1,012,000 1,720 1,742,000 46 1970 567,000 567,000 1,465 830,000 52 1971 1,019,000 1,019,000 1,975 2,014,000 50 1972 1,052,000 1,052,000 1,785 1,878,000 68 1973 1,214,000 1,214,000 1,725 2,095,000 158 1974 1,133,000 1,133,000 1,415 1,605,000 147 1975 1,255,000 1,255,000 1,690 2,123,000 130 1976 1,538,000 1,538,000 1,820 2,803,000 103 1977 1,295,000 1,295,000 2,125 2,749,000 98 1978 1,376,000 1,376,000 2,055 2,831,000 133 1979 1,214,000 1,214,000 1,680 2,041,000 170 1980 1,336,000 1,336,000 1,425 1,905,000 203 1981 1,577,900 1,577,900…

The table below contains some revenue and cost data for the Rising Moon T-shirt Company (quantities for packets of a dozen shirts), which is in long-term equilibrium.a. Complete the blanks in the following table. Round your answers in the "AC" column to 2 decimal places.  Quantity Price TR MR TC MC AC 0 / $/ / $121 / / 1   63   153     2   122   182     3   177   213     4   228   246     5   275   281     6   318   318     7   357   357     8   392   398     b. What is the profit-maximizing price and output for Rising Moon?       Price: $      Output: c. At the profit-maximizing output, what are MC and MR?    MC: $      MR: $ d. At the profit-maximizing output, what are AC and AR? Round your AC answer to 2 decimal places.     AC: $      AR: $ e. Given your answers above, what type of market must Rising Moon be operating in?    Rising Moon must be operating in a

The demand equation for a product is as follows. q = 10/126 -p Calculate consumers' surplus under market equilibruim, which occurs at a price of $90. The consumers' surplus at equilibrium is $ (Round to the nearest cent as needed.) 9....v son shma orepo Enter your answer in the answer box. nts