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- Question 15 To calculate producer surplus, one finds the area under the demand curve and above the supply curve. Group of answer choices True FalseThe demand function for beef is Qd = 100 – 3P and supply function for beef is Qs = 10 +2P. Price elasticity of demand is – 0.1 and price elasticity of supply is 0.02. ii. Calculate new price of beef in the market when government introduces a specific tax of N$0.25 per kg.The consumer surplus is negative when: a. The customer's maximum willingness-to-pay is below the price. b. The cost exceeds the price. C. The cost below the customer's willingness-to-pay. d. No other option is correct.
- QUESTION 1 Given a demand curve of P = 119-9Qd and supply of P = 22 +2Qs, please calculate consumer surplus, assuming this is the output market Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.The supply curve for product X is given by QXS = -520 + 20PX . How much surplus do producer receive when Qx=400Question 45 True/False: To calculate producer surplus, one finds the area under the demand curve and above the supply curve. Group of answer choices True False
- Producer surplus is defined as options: 1-The area above MC and above the price of output 2-The area below supply and above the price of output 3-The area above AVC and below ATC 4-The area below the market price of output and above supplyA consumer is willing to purchase an item for $30 but he gets item at a market price of $22. Calculate the consumer surplus.question 33The demand curve for a certain product is given by p(q )= 551-q^2 . The supply curve is given by p(q) = 1.3q^2 .Find the producer surplus at equilibrium.
- 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 aboveQuestion content area Part 1 The demand curve for a certain product is given by p(q)=577−q2. The supply curve is given by p(q)=1.4q2. Find the producer surplus at equilibrium. The producer surplus at equilibrium is $enter your response here. If necessary, round to two decimal places. Do not include units.A $1 tax per unit on producers will cause Question 3 options: None of the other answers are correct A price increase which is less than $1 always A shortage to develop in the market A price increase which is less than $1 (unless demand is completely inelastic)