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A: The information being given is:- Consumer surplus = $20 Market price = $23 Maximum willingness to…
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Q: Find the market price when the maximum willingness to pay is $56 and the consumer surplus is $32
A: Generally in the given numerical The maximum willingness to pay is = $56 Consumer surplus = $32 We…
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A:
Q: What happens to total surplus when producer surplus decreases and consumer surplus increases?
A: Total surplus is the total social welfare earned by all the participants in the market. Total…
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A: We are going to use equilibrium Price and Quantity to answer this question.
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A: Producer surplus is the difference between the amount that the producer is willing to receive for a…
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A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Define Consumer and Producer Surplus and illustrate them graphically.
A: Consumer Surplus: The difference between the amount that the consumer is willing to pay and the…
Q: Find consumer surplus is total surplus is $55 and producer surplus is $30
A: The data presented in the question above is:- Total surplus = $55 Producer surplus = $30 Consumer…
Q: ind the consumers' surplus and the producers' surplus at the equlibrium level for the given…
A: Equilibrium happens when demand gets equal to supply. So, we will put D(x) = S(x)
Q: b) Given, respectively, an inverse market demand and supply for a good as D(Q) = -0.025Q2 – 0.5Q +…
A: The equilibrium price is the only price at which consumers' and producers' plans coincide—that is,…
Q: calculate the consumer surplus and producer surplus at a price of $11 and $6
A: Given
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Q: Calculate the producer surplus if a price ceiling of $5 is implemented. Answer:
A: When price ceiling of 5$ is implemented, the producer surplus will be zero because the producer will…
Q: Consumer Surplus
A: Consumer surplus is referred to as the distinction between the price that the consumer is prepared…
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A: We are going to solve for equilibrium state of the given market.
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A: The equilibrium point is determined at the point where the quantity demand and quantity supplies are…
Q: Calculate the Producer Surplus for the above diagram assuming the price is P1 with two decimal…
A: Economics as a subject deals with the allocation of scarce resources among humans with unlimited…
Q: dentify whether each of the following statements best illustrates the concept of consumer surplus,…
A: Consumer surplus(CS) refers to the ‘willingness to pay’ of consumers minus the amount they actually…
Q: Based on the information on the preceding graph, you can tell that producer surplus in this market…
A: The surplus that depicts the difference between the amount at which the producer is willing to…
Q: A. Refer to the graph above. When the market is in equilibrium, consumer surplus is equal to: A) 160…
A: Consumer surplus is the area above the price line and the below the demand curve. Producer surplus…
Q: With an inverse demand equation of P = 10 – 0.05Q and an inverse supply equation of P = 1 + 0.10Q:…
A:
Q: (Round to nearest whole number.) Suppose demand and supply are given by the following expressions.…
A: Total Economic Surplus is the addition of Consumer Surplus and Producer Surplus. Consumer Surplus…
Q: Explain why the sum of consumer surplus and producer surplus can be considered a measure of welfare…
A: the consumer surplus mainly measures how much consumers are well off and could be measured by…
Q: Use the following definite integrals to solve for the consumer surplus, producer surplus and total…
A: Demand:P = -Q^2 +47Supply:P = 6Q +7
Q: Suppose a tax of $0.25 is placed on the market depicted below. What is the consumer surplus after…
A: A consumer surplus is the extra amount in the hands of the consumers that remain when the amount…
Q: On a supply and demand diagram, producer surplus is the area a. b. C. d. above the demand curve,…
A: When talking about producer surplus, it is the additional gain to the producer when he gets per unit…
Q: The following Table refers to four buyers’ willingness to pay for papadums. Each buyer is willing to…
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Q: The equilibrium quantity and price is 5 units and $49 dollars respectively. Demand function is p =…
A: Given Equilibrium quantity (Qe) = 5 units Equilibrium price(Pe) = $49
Q: Illustrate and explain what is meant by consumer surplus and producer surplus at market…
A: Total surplus is defined as the total wellbeing of all the participants in a market. It refers to…
Q: Refer to the supply and demand diagram below. If an subsidy of $3 per unit is introduced in this…
A: The equilibrium is a place where the market demand and supply are at equilibrium with one another.…
Q: Price/unit 4 P3 B P2 E iF P1 D Quantity/time In figure 2, the area of [A + B + C] represents A)…
A: Equilibrium price: Equilibrium is a state of no change. So, in the same way, the supply of goods…
Q: Given QD = 40 – 0.02P and QS = -50 + 0.1P, Calculate: (a) Equilibrium price and quantity (b)…
A: Given: The demand function: QD = 40 - 0.02P The supply function: QS = -50 + 0.1P To Find: The…
Q: 10 8. 4. D 1 4 5 6 7 8 10 Quantity (x 1,000) Consider the figure above. When there is a price…
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- Find the GNP at factor cost if the GNP at market price is 3200 indirect taxes are 1400 and the subsidy are 1000Springfield is a small town with a total civilian population of 800. Of this population, 125 are under the age of 16. Of the population 16 and over, there are 350 working full-time and another 50 working part-time. Of the remaining adult population, 30 people recently quit their jobs in order to look for better employment. Finally, there are 40 full-time students (not working), 180 retired and another 25 stay-at-home spouses.. You are the Director of your state's Department of Transportation. A railroad operating in your state has just served notice of its intentions to abandon a 25 mile branch line. Two towns are located on this branch line. The first town is a small agriculture community of 3,000 located 8 miles from the junction of the railroad's mainline. The town has a grain elevator which has traditionally shipped 70% of its tons by rails. The second community located at the end of the branch line has a population of 16,000. The economy of the second town is dependent upon two manufacturing firms who also use rail extensively for receiving and shipping goods. The closing of the branch line has become a political "hot potato." The lawmakers and the Governor are concerned that if the freight transportation demands of the manufacturing companies cannot be met, they will eventually leave the communities. However, both companies indicated that they would stay if adequate facilities or transportation…
- There has been a small increase in the price per pound for the prosciutto, and Mister Dee is concerned that the current menu selling price of $20 for the Pizza Arrabbiata may have to be increased. Therefore, he wants you to update the Recipe Cost Card for Pizza Arrabiata and complete a Plate Cost Card and give him your recommendation for the updated. Menu Item: Pizza Arrabbiata Quantity Sold: 142 Sales Total: 3,500.50SITUATION: You are thinking about becoming a Paradise Coffee franchisee. Franchisees are offered a business specializing in producing an exclusive line of exotic coffee drinks (similar to Starbucks). Franchisees have had good success in towns without a Starbucks (Paradise franchises gross $220,000 sales on average per year, and you believe you can gross as much, too). You will have to pay Paradise Coffee, Inc., a franchise fee of $3,000 a year plus 2.5% of gross sales. You will also pay an annual National advertising fee of 3% of gross sales. Paradise requires that you use their logo-imprinted goods (plates, cups, napkins). They are purchased in bulk from Paradise and will cost you $40,000 per year. You also have to use their special Paradise Roast coffee beans, which cost $12.00 per pound. You estimate you will use 400 pounds of beans a year. Other food ingredients (syrups, biscotti, whipped cream, soft drinks, etc) will cost $18,000 a year. You will have to hire three…Multiple choice answers A) shift to schedule A and remain at $500 B) rise from $440 to $500 C) rise from $500 to $620 D) fall from $500 to $440
- You are the manager of World Wide Athlete, a chain of six sporting goods shops in your area. The shops sell 15 racing bikes per week at a retail price of $689.99. Recently, you put the bikes on sale at $599.99. At the sale price, 18 bikes were sold during the one week sale.Dataware is trying to determine whether to give a $10 rebate, cut the price $6, or have no price change on a software product. Currently, 40,000 units of the product are sold each week for $45 apiece. The variable cost ofthe product is $5. The most likely case appears to bethat a $10 rebate will increase sales 30%, and half of all people will claim the rebate. For the price cut, the most likely case is that sales will increase 20%.a. Given all other assumptions, what increase in sales from the rebate would make the rebate and price cut equally desirable?b. Dataware does not really know the increase in sales that will result from a rebate or price cut. However, the company is sure that the rebate will increase sales by between 15% and 40% and that the pricecut will increase sales by between 10% and 30%.Perform a sensitivity analysis that could be used to help determine Dataware’s best decision.Total price: $307.32 Tax or tip rate: 20% Enter the correct answer
- The profit on a product selling for P 8.20 is 10% of the selling price. What percentage increase in production cost will reduce the profit by 60%? 6.67% 6% 1.11% 10% 8.33% 5%In the event of the death of a licensee, a temporary license may be issued to which of the following persons? A field representative The licensee's business partner Surviving spouse A purchaser of the business entityThe operating budget of the Western Robotics Company was $300 million last year. If the operating budget this year is 12 percent less than last year, what is this year’s operating budget? Answer $_______ million.
