A certain good has its average revenue curve as, AR = 42 - 11Q and supply curve as, P= 7 + 12Q. -Assuming pure competition and using integration, calculate the consumer surplus. -Assuming pure competition and using integration, calculate the producer surplus.
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A certain good has its average revenue curve as, AR = 42 - 11Q and supply curve as, P= 7 + 12Q.
-Assuming pure competition and using integration, calculate the
-Assuming pure competition and using integration, calculate the
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- A certain good has its average revenue curve as, AR = 48 - 12Q and supply curve as, P= 2 + 9Q. Assuming pure competition and using integration, calculate the consumer surplus and the producer surplus.Suppose a demand function is given by p = 15 + 6000(q+25)-1 and the supply function is given by p = q+20. Find the equilibrium (correct to 1 decimal point) and hence compute either the Consumer Surplus or the Producer Surplus.Under pure competition, the supply curve for a certain product is given by: P= Q2 + 100 , the demand curve is given by: Q = 40 - (1/25)P. 1. Using integration, calculate the consumer surplus. 2. Using integration, calculate the producer surplus. 3. Integrate the following: 2x2 ( 14x3 + 167 )0.9 within the range 3 and 9.
- 1. The market demand function of a perfectly competitive market is Q=500-p, and the cost function of an individual company is C(q)=q^3-20q^2+110q. Suppose that the government imposes a tax of 10 per unit of transaction on companies. In the long-term equilibrium, find K-L when you indicate the number of companies as L and the market price as K. Find W1 - W2, W1 is when no tax is imposed, and W2 is when the government imposes a tax of 10 per unit of transaction on an enterprise.Assume that the market demand for water is P = 8 – 3Q, and marginal cost (in dollars) of supplying water is MC = Q, where P is the price of water and Q is the quantity demanded or supplied. Assuming water is supplied by a monopoly, what’s the total consumer surplus associated with access to water?Consider product Y with industry supply given by p = 40 + q and industry demand given by p = 20 - 2q. What is consumer surplus?
- Suppose anyone with a driver's license is capable of supplying one trip from the airport to the downtown business center on any given day. The long-run supply curve of such trips is horizontal at p = $50, which is the average cost of such trips. Suppose daily demand is Q = 1000 - 10p. Calculate the change in consumer surplus, producer surplus and social welfare if the city government restricts the number of trips to be 300 at maximum by issuing special licensesIn a competitive market in which P = 100 − 2Q is the inverse demand for fuel and P = 10 + Q is the inverse supply of fuel. Calculations are preferred, but you may use a graph for partial Without a tax, what is the market-clearing price and output, P and Q? What is the consumer surplus and producer surplus (with no tax) If a tax on fuel is set at $15, how much fuel will be purchased? You can assume that the buyers pay the tax (but it doesn’t matter). What is the deadweight loss of the tax? Thanks!A certain good has its average revunue curve as, AR = 22 - 12Q and supply curve as, P= 3 + 20Q. Assuming pure competiotion and using integration, calculate the consumer surplus. Assuming pure competiotion and using integration,calculate the producer surplus.
- Suppose the following demand and supply function: Qd = 750 – 25P Qs = -300 + 20 P Find consumer and producer surplusThe 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 millionPROBLEM (5) (In a market with demand Q = 780 - p, there are 3 identical firms, A, B and C; each with a total cost function TC(Q) = 3(Q)^2. Calculating the market price under each of the 2 scenarios below, rank/order the Consumer Surplus in each scenario (don’t calculate each CS; just rank them); (i) B and C jointly form the fringe supply and A is the dominant firm in the dominant firm model. (ii) They act as perfectly competitive firms -as if trying to maximize total surplus and minimize DWL- that is, their joint MC serves as the “market supply” for the competitive market. Please answer all the parts!