A. Refer to the graph above. When the market is in equilibrium, consumer surplus is equal to: A) 160 B) 320 C) 240 D) 80 B. Refer to the graph above. When the market is in equilibrium, producer surplus is equal to C) so. A) 160 B) 240. D) 320. C. Refer to the graph above. With an effective price ceiling at $2, total consumer surplus would be: A) 240 B) 200 C) 160. D) 320.
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- Assuming you are the manager of the travel department of a large corporation and your sales department has high consumption for air travel. Assume further that the president of the corporation wants you to reduce the travel expenditures in the next year. How will you curb the air travel? Using Demand and Supply Analysis, how will you predict the airfare, given the following assumptions? A number of new, small airlines have recently entered the industry and others are expected to enter next year? Broadband internet videoconferencing is becoming a popular, cost-effective alternative to business travel for many corporations? The trend is expected to accelerate next year as telecommunications firms begin cutting prices on teleconferencing rates.In a particular market, demand and supply curves are defined by the following equations QD = 300 – 20P,QS = -540 + 40P, where P is the price per unit in pounds and QD and QS are the quantity demanded and quantity supplied, respectively. A) What is the equilibrium price and quantity? B) If a maximum price is fixed at £12, what quantity will be traded?the supply curve for product x is given by QxS= -340 + 10Px a. find the inverse supply curve P= + Q b. how much surplus do producers recieve when Qx= 350. when Qx= 1000
- Demand and supply in a market are described by the equations:Qd = 66 - 3PQd = -4 + 2PCalculate the equilibrium P.Suppose that supply and demand for a certain commodity are described by the supply curve, p = 0.0002q + 0.03 and demand curve, p = - 0.001q + 35.31. Determine the quantity of the commodity that will be produced and the selling price. The quantity of the commodity that will be produced isAssuming the Petroleum Company of Barbados did not issue a directive for an increase in supply and a decrease in demand, explain the problem that would exist in the economy and how would this be corrected over time. Discuss one factor EACH that you think influence demand and supply for water heaters. Provide examples
- An economist estimates that a market has a demand curve of the form P = 26 - (0.867) Q and a supply curve of the form P = 0.5 + (1.21) Q. (See the curves graphed in the figure below.) Accordingly, she estimates that the equilibrium price ( P e) in the market will be $15.36 (or $15.355561). This means that the amount of the product bought and sold in the market must be ____.Question 16 Refer the to graph below to answer Questions 16-18 In the graph above, if the minimum price is set at P1, what area(s) represent the producer surplus after the implementation of this policy? Question 16 options: a) Areas B+C+E+F b) Areas B+E c) Areas E+F d) Area E e) Area B Question 17 In the graph above, if the minimum price is set at P1, what will limit the quantity of the good that is sold? Question 17 options: a) Demand b) Supply c) A government quota d) Consumer surplus e) Producer surplus Question 18 In the graph above, if the minimum price is set at P1, what area(s)…Calculate the value of equilibrium price and equilibrium quantity of the commodity Y.When,the demand and supply equations of a commodity Y in a perfectlycompetitive market are given by :Qd = 1100 - 2PQs = 600 + 3P
- Use the linear demand and supply curves shown below to answer the following questions.You must show all calculations step-by-step or no credit will be given. a) The market or equilibrium price is $__________. b) When 10,000 units are produced and consumed, total consumer surplus is $__________, and total producer surplus is $__________. c) At the market price in part a, the net gain to consumers when 10,000 units are purchased is $__________. d) At the market price in part a, the net gain to producers when they supply 10,000 units is $__________. e) The net gain to society when 10,000 units are produced and consumed at the market price is $__________, which is called __________. f) In market equilibrium, total consumer surplus is $__________, and the total producer surplus is $__________. g) The net gain to society created by this market is $__________.. Demand, Supply, consumer surplus, Market Equilibrium Price floor. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum. QD = 80,000 – 20,000Px (Demand) QS = - 20,000 + 20,000Px (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Answer the following questions: A. What is the condition for market equilibrium? B Calculate the market equilibrium price and equilibrium output? C. What is the inverse demand curve P = f (QD)? D. Compute the consumer surplus at the equilibrium price. E. What is the inverse supply curve P = f (Qs)? F. Compute the producer surplus at the equilibrium price.The supply curve for product X is given by QXS = −440 + 20PX .a. Find the inverse supply curve.P = ____+ ____Qb. How much surplus do producers receive when Qx = 420? When Qx = 980?When QX = 420: $ When QX = 980: $