Draw the supply and demand curves for turkey. In the equilibrium, showproducer and consumer surplus. Explain why producing more turkeys would lower total surplus.
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- Draw a supply and Demand curve for Turkey. In equation show producer and consumer surplus. Explain why producing more turkeys would lower surplus???You own a company that produces coasters. You set the price at $10 for a set of six coasters. Then you produced 10,000 sets. After one year, you realize you have a surplus of 4,000 sets. What would you do take to reach equilibrium?Draw a supply curve for turkey. In your diagram, show a price of turkey and the producer surplus that results from that price. Explain in words what this producer surplus measures.
- Interaction of demand and supply = Markets: Producer surplus Identify these areas on a diagram Calculate consumer/producer/community surplusConsumer and producer surplus before tradeExplain the concepts of consumer and producer surplus? How do they determine the efficiency of a market system? How does this contribute to economists' view of "the big trade-off?
- Assume all benefits (and costs) accrue to the buyers (and sellers) and the buyers and sellers interact in a market. Currently we have three buyers who value a good at $40. There are three possible sellers A, B, C whose marginal costs of production are $20, $30 and $50. Another seller, D, enters the market. D's marginal costs of production is $40. What is the change in surplus caused by D's entry?Do not include the $ sign and remember to include a negative sign if you want to say that surplus has decreasedDraw a supply curve for turkey.In your diagram, show a price of turkey and the producer surplus at that price. explain in words what this producer surplus measures.demand model to show a consumer surplus that reflects a demand curve that hits the y-axis at $300 and a market price and Q at $%0 and 50,000 units is $7.5 million
- Name the three markets.Please no written by hand solutions Please answer all questions. Topic 5: Consumer Surplus, Producer Surplus, and Market Efficiency 1. Explain the relationship among the willingness to pay (reservation price) of buyers (consumers), consumer surplus (CS), and the demand curve. 2. Explain the relationship among the costs to the sellers, producer surplus (PS) and, the supply curve. 3. Explain how to compute CS, PS, and total surplus (TS) in a diagram with demand and supply curves. Also explain how a change in price (price increase or decrease) causes changes to CS and PS in the diagram. 4. Explain market efficiency using the concepts of CS and PS. Is "market efficiency" or "efficient allocation of resources" the only policy goal of policymakers? What is your opinion about "efficiency" and "equality" in society?In a market, what determines the value of the total surplus? Question 22Answer a. the total value to buyers less the total costs to sellers b. consumers' willingness to pay plus producer costs c. producer surplus plus consumer surplus d. the total costs to sellers less the total value to buyers