1. Suppose the demand equation for a manufacturer's product is given by: P = 10(q+10) e-(0.1q+1) … Where p is the price per unit (in dollars) when q units are demanded. Suppose that market equilibrium occurs when q = 20. Determine the consumer surplus under market equilibrium
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1. Suppose the demand equation for a manufacturer's product is given by:
P = 10(q+10) e-(0.1q+1)
… Where p is the price per unit (in dollars) when q units are demanded. Suppose that
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- The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the competitive market equilibrium? Question 17 options: $4.5 million $9 million $13.5 million $27 millionYou are given following demand function: Demand function: P=300e−0.2QP=300e^−0.2QGiven equilibrium price and quantity P=119.6 and Q=4.6 respectively, the consumer surplus at the equilibrium is: Select one: 352 902 550 378 1380 Clear my choiceSupply and Demand Q1 Assume that the demand curve D(p) given below is the market demand for apples: Q=D(p)=280−20pQ=D(p)=280-20p, p > 0 Let the market supply of apples be given by: Q=S(p)=48+9pQ=S(p)=48+9p, p > 0 where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels demanded and supplied. What is the consumer surplus at the equilibrium price and quantity? Round the equilibrium price to the nearest cent, use that rounded price to compute the equilibrium quantity, and round the equilibrium quantity DOWN to its integer part.Maintain full precision for the vertical intercept by carrying the full fraction into your consumer surplus calculation.Please round your consumer surplus answer to the nearest integer.
- What is the consumer surplus and unmet demand in equilibrium if: Q=D(p)=1676−16pQ=D(p)=1676-16p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−4+8pQ=S(p)=-4+8p, p > 0Consider a market characterized by the following inverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX. An $8 per unit price floor will result in a A) surplus of 2 units. B) shortage of 3 units. C) shortage of 1 unit. D) surplus of 3 units.We are given the market information of pizza as below: a)Define the market demand equation and supply equation. b)Estimate the consumers’ surplus, producers' surplus, and total market surplus
- This figure shows the market demand and market supply curves for good X. Refer to Figure 6-13. Which of the following statements is not correct? Group of answer choices A price ceiling set at $4 would be binding, but a price ceiling set at $6 would not be binding. A price floor set at $7 would be binding, but a price floor set at $4 would not be binding. A price ceiling set at $3.50 would result in a surplus. A price floor set at $6.50 would result in a surplus.Supply and demand functions for a product are: q = 50 (70 – 2p) and q = 70 (p – 2), where p = product price and q = number of products a. Determine the values of qo and po from the above function. b. Find the Producers' Surplus and Consumers' Surplus values in equilibrium. c. Interpret the results of point b above, and explain your explanation of the results of point b above.Suppose the equation of the demand curve were P=100-(Q/2). If the price of the apples were $40, then how much consumer surplus in total do consumers enjoy in the apple market? ( no diagram needed)
- 3. If the supply and demand functions for a commodity are given by 8p − q = 290 and (p+2)q =5720, respectively, find the price that will result in market equilibrium.Question 12.12. A surplus of a product will arise when price is above equilibrium with the result that quantity demanded exceeds quantity supplied. above equilibrium with the result that quantity supplied exceeds quantity demanded. below equilibrium with the result that quantity demanded exceeds quantity supplied. below equilibrium with the result that quantity supplied exceeds quantity demanded. Question 13.13. Which of the following is a consequence of rent controls established to keep housing affordable for the poor? Less rental housing is available as prospective landlords find it unprofitable to rent at restricted prices. The quality of rental housing declines as landlords lack the funds and incentive to maintain properties. Apartment buildings are torn down in favor of office buildings, shopping malls, and other buildings where rents are not controlled. All of the above are consequences of rent controls. Question 14.14. A headline…Let A’s demand function be D(x) = 15 - 1.3 x , B’s supply function be S(x) = 2 x ^ 1/3 . [Definitions: consumer surplus = 0 Q D(x)dx - QP & producer surplus = QP - 0 Q S(x)dx, where Q = units of the product, P = price per unit ] a) Find equilibrium point when Q = 27. b) Schetch the graph of both demand and supply function and identify the regions of both consumer & producer surpluses. c) Find the consumer surplus at the equilibrium point d) Find the producer surplus at the equilibrium point