What is the producer surplus in the market equilibrium? Again, the equations are: Qs = 3P - 90 Qd = 400 - 5P

Find the consumer surplus and producer surplus for the demand and supply functions asfollows respectively. pz (x) = -0.2x +8, pi (x) = 0.1x + 2. Please interpret the meaning of both by a sketch.

Consumer surplus is equal to the difference between

If the economy goes into a recession and incomes fall, what happens in markets? Prices of inferior goods go up because the demand for them increases Prices of normal goods go up because the demand for them increases Prices of all goods go down None of the other answers is correct Suppose the demand curve is given by P=10-Q and the supply curve by Q=P If the price in the market is given by $7, then The market is in equilibrium There is a a surplus in the market There is a shortage in the market Increasing the price will result in an increase in the quantity demanded

Calculate the producers' surplus for the supply equation at the indicated unit price p. (Round your answer to the nearest cent.) p = 90 + q; p = 225 $ Note: Hand written not allowed

Qd=120-3P  Qs =30 At the equilibrium price and quantity, what is producer surplus?

Graphically, producer surplus is the area from the market price ($120) down to the supply curve and over to the equilibrium quantity of 120.

Define consumer and producer surplus and give a geometric interpretation of each.

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: $ ___

Suppose there is an inverse supply function PS= 10 + 4.5Q and a market price P* = 44. What is the quantity supplied? What is the producer surplus?