EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
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Chapter 5, Problem 5.18P
To determine
To calculate the change in
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Consider the demand function D(p) = 99.0 - 4.0p. When the price changes from p1 = 4.0 to p2 = 8.0, what is the change in the consumer's surplus? Give your answer to one decimal.
1300
The price-demand equation for a particular flashlight is given by p = 118 - 0.002x, where x is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no
flashlights if the price is $79 or less, and they will market 5,500 flashlights when the price is $101 per flashlight. (Assume the price-supply equation is linear.)
(a) Find the consumers' surplus for this commodity.
$
(b) Find the producers' surplus for this commodity.
$
Suppose the demand function is linear. At p =
8, quantity demanded is Q = 16. At p = 15,
quantity demanded is Q = 10. For the price
increase from 8 to 15, the loss in consumer
surplus due to fewer goods being purchased
is --
surplus due to a higher price on the goods
still purchased is
and the loss in consumer
Chapter 5 Solutions
EBK MICROECONOMICS
Ch. 5 - Prob. 1RECh. 5 - Prob. 2RECh. 5 - Prob. 3RECh. 5 - Prob. 4RECh. 5 - Prob. 5RECh. 5 - Prob. 6RECh. 5 - Prob. 7RECh. 5 - Prob. 8RECh. 5 - Prob. 9RECh. 5 - Prob. 10RE
Ch. 5 - Prob. 5.1PCh. 5 - Prob. 5.2PCh. 5 - Prob. 5.3PCh. 5 - Prob. 5.4PCh. 5 - Prob. 5.5PCh. 5 - Prob. 5.6PCh. 5 - Prob. 5.7PCh. 5 - Prob. 5.8PCh. 5 - Prob. 5.9PCh. 5 - Prob. 5.10PCh. 5 - Prob. 5.11PCh. 5 - Prob. 5.12PCh. 5 - Prob. 5.13PCh. 5 - Prob. 5.14PCh. 5 - Prob. 5.15PCh. 5 - Prob. 5.16PCh. 5 - Prob. 5.17PCh. 5 - Prob. 5.18PCh. 5 - Prob. 5.19PCh. 5 - Prob. 5.20PCh. 5 - Prob. 5.21PCh. 5 - Prob. 5.22PCh. 5 - Prob. 5.23PCh. 5 - Prob. 5.24PCh. 5 - Prob. 5.25PCh. 5 - Prob. 5.26PCh. 5 - Prob. 5.27PCh. 5 - Prob. 5.28PCh. 5 - Prob. 5.29PCh. 5 - Prob. 5.30PCh. 5 - Prob. 5.31PCh. 5 - Prob. 5.32PCh. 5 - Prob. 5.33P
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Similar questions
- QUESTION 4 For the following demand function: Q(P) = 36,500-5P Calculate the price where the quantity demanded falls to zero 7,300 8,300 7,400 9,400arrow_forwarda) Calculate total surplus when demand is D1 b) Calculate total surplus when demand decreases to D2arrow_forwardCalculate the economic surplus in the market represented by the graph.arrow_forward
- For the demand function d(x) and demand level x, find the consumers' surplus. d(x) = 250 − 0.09x2, x = 50arrow_forwardThe demand function for a commodity is given by D(z) = 2000 – 0.1z – 1.01z2. Find the consumer surplus when the sales level is 100. Round your answer to the nearest cent.arrow_forwardCalculate the Consumer surplus for 28 liras in a market with the demand function, p = - (q + 2) 2 + 64.arrow_forward
- Imagine the market for Good X has a demand function of QDX = 40 – PX and a supply function of QSX = 2PX – 20. Suppose the current price of Good X (PX) is 30. Calculate consumer surplus (CS).arrow_forwardFind 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 0.005xarrow_forwardGiven: (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:arrow_forward
- Find the consumer's surplus for the following demand curve at the given sales level x. X. p=7- ;x=26 13 The consumer's surplus is $ (Round to the nearest cent as needed.) Enter your answer in the answer box.arrow_forwardAssume that in the competitive market for pizzas, the demand function is linear. Suppose you know that the equilibrium price is $38, the equilibrium quantity is 8, and the consumer surplus is $48. Given this information, we know that the reservation price (the price at which the quantity demanded becomes exactly equal to zero) isarrow_forwardSuppose that you are a staff economist with an economic consulting firm. The operator of a local harbour has commissioned your firm to do a market analysis of the demand for berths (parking spaces) for boats. Your firm finds that the price elasticity of demand for berths is –0.8. If the price of a berth in the area decreases by 6%, how will the quantity of berths that people demand change? The number of berths demanded will: Increase by 0.8% Decrease by 7.5% Increase by 6% Increase by 4.8%arrow_forward
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