11. For a particular product the Demand and Supply functions are D(x) = 200.05x and S(x)=2+0.002x² Sketch the graphs and using your calculator determine the equilibrium quantity and price. On the graph shade the consumers' and producers' surplus regions. Find the producers' and consumers' surplus.
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- consider the market defined by the following demand (Pd) and (Ps) functions Pd = 200-2Q and Ps = 20+3,5Q where P and Q are the price respectively. What are producer and consumer surplus of product respectivelySuppose the demand for football tickets at a local college is QD=70,000−500P and the supply of tickets is QS=30,000. The market equilibrium price is $8080 and the equilibrium quantity is 30000 tickets. (Enter your responses as whole numbers.) Total economic surplus in this market is ______. (Enter your response as a whole number.)The demand curve for product X is given by Qxd = 300 − 2Px. a. Find the inverse demand curve. b. How much consumer surplus do consumers receive when Px = $45? c. How much consumer surplus do consumers receive when Px= $30? d. In general, what happens to the level of consumer surplus as the price of a good falls?
- Given a demand curve of P = 119 - 9Qd and supply of P = 22 + 2Qs, please calculate consumer surplus, assuming this is the output marketFind the consumer and producer surpluses (in dollars) by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). See Example 5. Demand Function Supply Function p = 200 − 0.2x p = 100 + 1.8xThe demand curve for product X is given by QXd = 340 − 4PX.a. Find the inverse demand curve. Instruction: Enter all values as integers, or if needed, as a decimal. PX = ___ − ___ QXdInstructions: Enter your responses to the nearest penny (two decimal places).b. How much consumer surplus do consumers receive when Px = $45?$ c. How much consumer surplus do consumers receive when Px = $30?$ d. In general, what happens to the level of consumer surplus as the price of a good falls?The level of consumer surplus _____ as the price of a good falls
- 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 pointWe 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 surplusThe demand curve for product X is given by QXd = 380 − 5PX.a. Find the inverse demand curve. Instruction: Enter all values as integers, or if needed, as a decimal. PX = ____−____QXdInstructions: Enter your responses to the nearest penny (two decimal places).b. How much consumer surplus do consumers receive when Px = $55?c. How much consumer surplus do consumers receive when Px = $35?
- Known functions of supply and demand for a product are: q = 50 (82 – 2p) and q = 82 (p - 2), where p = product price and q = number of productsa. Specify the qo and po values of the above functions.b. Look for the value of Producers' Surplus and Consumers' Surplus in equilibirium conditions.c. Interpret the result of point b above, and describe your explanation of the result of point b aboveSupply 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.PLEASE SUBMIT AN IMAGE OF THE REQUESTED ILLUSTRATION DISCUSSED BELOW. (PLEASE MAKE SURE YOU LABEL ALL APPROPRIATE COMPONENTS AND USE CORRECT NUMERICAL SCALES FOR YOUR GRAPH). The table below illustrates the linear supply and demand curves for the high-end electric car market in Yakima. Now, if we assume the market for electric cars in Yakima is an efficient market, please illustrate (graph) this market and label the resulting functions and surpluses (yes, do not forget about labeling the surpluses) Quantity Supplied (In units) 0 40 80 120 160 200 240 Price $0.00 $15,000.00 $30,000.00 $45,000.00 $60,000.00 $75,000.00 $90,000.00 Quantity Demanded (In units) 480 400 320 240 160 80 0