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- Find the consumer surplus, producer surplus and total surplus, given the following: Demand: ? = −?^2 − 8? + 70Supply: ? = ?^2 − 2? + 14given the following information Qd=240 -5p and Qs= P Where Qd is the quantity demanded and Qs is the quantity supplied and P is the price, Calculate the equilibrium price, equilibrium quantity, consumer surplus and production surplusIf demand is P = 80 - 2Q and supply is P = 20 + 3Q, what is the value of the Consumer Surplus?Enter as a value.
- Which of the following will cause a decrease in consumer surplus? a. an increase in the number of sellers of the good b. a decrease in the production cost of the good c. sellers expect the price of the good to be lower next month d. the imposition of a binding price floor in the marketPretend that a minimum price = $22 is imposed. This will reduce the quantity demanded to 40 units. At the imposed price of $22, what will be consumer surplus? $6 $80 $240 $480The demand curve for product X is given by QXd = 340 − 4PX.a. Find the inverse demand curve. Instruction: Enter all values as integers, or if needed, as a decimal. PX = ___ − ___ QXdInstructions: Enter your responses to the nearest penny (two decimal places).b. How much consumer surplus do consumers receive when Px = $45?$ c. How much consumer surplus do consumers receive when Px = $30?$ d. In general, what happens to the level of consumer surplus as the price of a good falls?The level of consumer surplus _____ as the price of a good falls
- 1. Demand for grain is given by function Qd=9-4P and supply - by function Qs=2P. The government also entered the market and bought 6 units of the grain. Which equilibrium price will be established in this market and how much grain will be sold? 3. Price elasticity of demand, last sale, last price, and initial price accordingly are -1,5; 20; 10; 40. Find the initial sale KINDLY ANSWER SECTION 3 URGENTLY.Demand is D = 50 – p and supply is S = p. Calculate Consumer Surplus when a Price Ceiling is introduced at p = 10. Round final answers to 2 decimal places.price demanded= 20-q price suplied=q calculating the new equilibrium price will be 10 if the price floor is 12$ how much will be consumer surplus?
- Market Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWLBased on the following functions, compute for the:Demand: P = 1200 – 4QSupply : P = 655 + 2Q Assume that the government provided subsidy amounting to P150 to consumers Draw the graph on item 2 Determine the PbFind the consumer surplus, producer surplus and total surplus, given the following: Demand: P = − Q2 − 8 Q + 70Supply: P = Q2 − 2Q+ 14Price(per pound) Quantity Supplied(pounds) Quantity Demanded(pounds) $7 80 30 $6 70 45 $5 60 60 $4 50 75 $3 40 90 $2 30 105 $1 20 120 The equilibrium price is $ per pound. Suppose that after a successful lobbying campaign by chocolate producers, the government imposes a price floor of $7 per pound. The price floor will lead to a surplus of pounds of chocolate. After a few years, chocolate producers are not happy. They realize that compared to the market equilibrium, their total revenue has fallen by $ . To compensate the chocolate producers, the government agrees to buy the entire surplus chocolate at the $7 price floor. Chocolate producers rejoice. Compared to the market equilibrium, their total revenue has now increased by $ .
