90 70 60 50 30 120 180 240 300 360 420 480 540- 600 660 720 780 840 If there is a price floor of $60 imposed in this market, what is the new Producer Surplus? a. 7500 Ob. 10000 Oc. 12000 Od. 9000 10
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- demand equations QD = 3550 - 266P supply equations QS = 1800 + 240P Calculate initial consumer surplus and producer surplus. Now assume that government intervenes in the market through ceiling price (assume a value) and or floor price (assume a value). Find the change in welfare (DWL) loss and the new consumer surplus and producer surplus. Do you support these types of interventions?An effective price ceiling causes the quantity exchanged to _______ and the price of the product to ______ compared to the market equilibrium. Question 2Answer a. decrease, decrease b. increase, decrease c. increase, increase d. decrease, increaseDemand and Supply P = 75 – 3Qd and P = 25 + 2Qs In the above market, a $25 tax is imposed on the sellers. The new supply curve becomes P = 50 + 2Qs. Determine the new market price and market quantity. If the tax is imposed on the sellers of $25 per unit, determine the deadweight loss.
- Consider the demand-supply model of 2-in-1 laptops: Qd = 5000 - 2 P, Qs = -600 + 2P 1. Find the equilibrium price (in dollars) and quantity of the laptops. 2. Find the consumer surplus and the producer surplus.Qd=120-3P Qs =30 At the equilibrium price and quantity, what is producer surplus?15. Nizwa Municipality is fixed the maximum rent to be paid by a tenant in Nizwa; this is an example of _________. a. Price floor b. Price ceiling c. Market price d. Supplier price
- Question 3 The market demand and supply functions for cotton are: QD =10–0.04PandQS =38P–20. Calculate the consumer and producer surplus. To assist cotton farmers, suppose a subsidy of R0.10 a unit is implemented. Calculate the new level of consumer and producer surplus. Did the increase in consumer and producer surplus exceed the increased government spending necessary to finance the subsidy?Please no written by hand solution The demand for the Tesla electric automobile is P = 200,000 – 2Q, where P is in $/car and Q is the number of cars sold per year The supply of the Tesla is P = 20,000 + 10Q, P is in $/car and Q is the number of cars produced per year. Find the equilibrium price and quantity of the car assuming there are no buyer subsidies. Also find consumer and producer surplus and total social welfare.No written by hand solution Figure: County Fair Tickets Market) A state government taxes local county fairs at $2 per ticket sold, paid by fairground managers. Price O a. b. Quantity of fairground tickets Given the accompanying representation of the market for fairground tickets, fairground attendees pay O C. Demand curve d. Supply curve less than $1.00; more than $1.00 $1.00; $1.00 more than $1.00; less than $1.00 none; all of the tax, and fairground management pays ________ of the tax. T HILL REVENT TBD 4 0 Delivere e
- Q4: Consider the market (supply and demand) for Wheat.Qd = 100 - 0.6P…………1Qs = -30 + 2P……...…...2a. Find the market equilibrium price and quantity?b. Find the market equilibrium price and quantity After imposing an ad valorem tax on production by 5% of good price.c. Find the market equilibrium price and quantity if producers receive a production subsidy of 10 SR per unit produced.market demand for soda is given by Qd= 4000 - 120P and market supply is given by Qs= 200P. Solve for the equilibrium price and quantity. Calculate consumer and producer surplus.Calculate the before tax consumer surplus, producer surplus, and social welfare. P = 20 - .01Qd P = .005Qs + 5
