consider the market defined by the following demand (Pd) and (Ps) functions Pd = 200-2Q and Ps = 20+3,5Q where P and Q are the price respectively. What are producer and consumer surplus of product respectively
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- Find the consumer and producer surpluses by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). Demand Function: p = 1220 − 21x Supply Function: p = 40xFind the consumer and producer surpluses by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). Demand Function: p = 360 - x Supply Function: p = 160 + xFind the consumer and producer surpluses (in dollars) by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). See Example 5. Demand Function Supply Function p = 200 − 0.2x p = 100 + 1.8x
- Producers' Surplus The demand function for a certain brand of CD is given by p = −0.01x2 − 0.2x + 7 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x2 + 0.1x + 2 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.) $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.The 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 million
- Suppose that the demand and supply functions are P=10-Q and P=Q respectively. Which of the following statements are correct for the value of consumer and producer surplus in the equilibrium? Select one or more: a. The value of producer surplus is 25. b. The value of consumer surplus is 15. c. The value of consumer surplus is 12.5. d. The value of producer surplus is 15. e. The value of consumer surplus is 25. f. The value of producer surplus is 12.5.Supply and demand functions for a product are: q = 50 (70 – 2p) and q = 70 (p – 2), where p = product price and q = number of products a. Determine the values of qo and po from the above function. b. Find the Producers' Surplus and Consumers' Surplus values in equilibrium. c. Interpret the results of point b above, and explain your explanation of the results of point b above.Given the demand function P = 64 - Q and the supply function: P = 4 + ¼ Q. Determine:a. Market equilibrium price and quantityb. The size of the consumer surplusc. The amount of the producer surplus.
- The equilibrium quantity and price is 5 units and $49 dollars respectively. Demand function is p = 74 – Q2 and Supply function is P = (Q+2)2 . Calculate consumer surplus?Given the consumer demand function P = 20 - Q and the producer supply function P = Q. Calculate the amount of consumer surplus and producer surplus, including the curve.Suppose the demand for football tickets at a local college is QD=70,000−500P and the supply of tickets is QS=30,000. The market equilibrium price is $8080 and the equilibrium quantity is 30000 tickets. (Enter your responses as whole numbers.) Total economic surplus in this market is ______. (Enter your response as a whole number.)
