Consider the inverse demand and supply for dates to be given by P = 30-3Qd and P= 6+Qs. The total surplus in this competitive market is where is due to producers.
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Q: Consider the inverse demand and supply for dates to be given by P=30-3Qd and P=6+Qs The total…
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Q: consider the inverse demand and supply for apples to be given by P=30-3Qd and P=6+Qs. the total…
A: P=30-3Qd P=6+Qs For equilibrium quantity, we equate both the equations: 30-3Qd = 6+Qs 4Q=24 Q=6…
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- The demand function for a certain product is? = 86 − ?2and the supply function is? = ?2 + 6? + 30where p is in millions of dollars and x is the number of thousands of units. Find the equilibriumpoint (x, p), then find the consumer’s surplus and producer’s surplus. Round your answer to thenearest unit (the nearest million dollars).what are the determinants of the produce surplusin a market ?how does it increse depend on the determination ?Suppose that the annual demand and supply curves for some good in a competitive market are QD = 26 – 2P and QS = −2 + 2P a: Solve for the equilibrium quantity and price.b: Neatly graph this market, showing the horizontal and vertical intercepts of the demand curve,the vertical intercept of the supply curve, and the equilibrium. Make sure to put quantity on the horizontalaxis.
- 3) Assume that s = 3.(a) Find firm B’s profit function under the subsidy. (No work required.)(b) Find firm B’s best response function.(You may do this directly or by setting s to zero in yourexpressions from (1b).(c) Why don’t I need to ask you to solve for A’s best response?(d) Solve for the equilibrium outputs (q*A, q*b ).(e) Solve for the equilibrium price.(f) Solve for firm B profits. Can you please answer the last 3 questionsChapter 2 Problem #5. Suppose the demand and supplycurves for a product are given by QD= 500 −2PQS=−100 + 3Pa. Graph the supply and demand curves.b. Find the equilibrium price and quantity.Qd= Q3500-2P= -100+3PP= Pe = 120 & Qe=260The equilibrium price is $120 and the quantity is 260c. If the current price of the product is $100, what is thequantity supplied and the quantity demanded? How would you describe thissituation, and what would you expect to happen in this market?d. If the current price of the product is $150, what is thequantity supplied and the quantity demanded? How would you describe thissituation, and what would you expect to happen in this market?e. Suppose that demand changes to QD= 600 – 2P.Find the new equilibrium price and quantity, and show this on your graph.***PLEASE SHOW ALL EQUATIONS AND METHODS,A consumer’s preferences over two goods x and y are given bythe utility function U(x, y) = x^αy^β with α, β > 0. The prices of the goods are px = 2 and py = 4.The consumer has an income of I > 0.• For what values of α and β are these utility functions strictly monotone?• For what values of α and β will the consumer demand (i.e., Walrasian demand) be more x than y?• For what values of α and β are these goods gross substitutes? For what values of α and β are these goods gross complements? Provide a justification for your answer.
- Market Equilibrium A retail chain will buy 800 televisions if the price is $350 each and 1200 if the priceis $300. A wholesaler will supply 700 of these televisions at $280 each and 1400 at $385 each. Assumingthat the supply and demand functions are linear, findthe market equilibrium point and explain what itmeans.New York City has a long-standing policy of controlling rents in certain parts of the city—in essence,a price ceiling on rent. Is the market for apartmentslikely to be efficient or inefficient? What does thisimply for the size of total surplus?(3) Assume that s = 3.(a) Find firm B’s profit function under the subsidy. (No work required.)(b) Find firm B’s best response function.(You may do this directly or by setting s to zero in yourexpressions from (1b).(c) Why don’t I need to ask you to solve for A’s best response?(d) Solve for the equilibrium outputs (q*A, q*b ).(e) Solve for the equilibrium price.(f) Solve for firm B profits.
- A certain product has supply and demand functions given by p=40q+400 and p=5400-60q respectively. (a) If the price p is $1200, how many units q are supplied and how many are demanded? (b) What price gives market equilibrium, and how many units are demanded and supplied at this price? (A) When the price p is $1200, there are ____ units supplied and ____ units demanded. (Simplify your answer) (B) The market equilibrium price is $___ and ___ units are supplied and demanded. (Simplofy your answer)Suppose the government of the island has decided to give consumers a more attractive price for tomatoes by imposing a fixed, per unit subsidy. Thus, start with the original demand (Qd = 450 - 100P) and supply (Qs = 50P) and analyze this new intervention, the subsidy. The subsidy works like this: each tomato seller receives a 3-dollar refund for each kilogram of tomatoes sold. Write down the equation for the new "effective supply" curve. Determine the new equilibrium quantity and equilibrium price. What is the price that the consumers will pay for their tomatoes? What is the price that the producers will effectively earn for their tomatoes, inclusive of the subsidy? How much will the government spend on tomato subsidies in this case in total? (Recall the units of measurement: P is the price in dollars per kilogram of tomatoes; and Q is the quantity of tomatoes, expressed in thousands of kilograms.) Graphically depict the new equilibrium complete with (solved) values for the new…Market research has revealed the following information about the market for lamps: The demand schedule can be represented by the equation QD = 24 - 3P, where OD is the quantity demanded and P is the price. The supply schedule can be represented by the equation Os-4 + 2P, where Qs is the quantity supplied. (Show all your work). a) Sketch the demand and supply curves, carefully labeling your intercepts. b)Calculate the equilibrium price (P*) and quantity (Q*) in the market for lamps. c) If the market price was artificially set at P-$6, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much? d) If the market price was artificially set at P-$2, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much?
