For an increasing MC curve, Producer Surplus (PS) is represented by a- The area above the price and below the (inverse) demand curve b- The area above the MC curve c- The area above the MC curve and below the price d- The area below the MC curve e- Both (a) and (c) above are correct
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- Known functions of supply and demand for a product are: q = 50 (82 – 2p) and q = 82 (p - 2), where p = product price and q = number of productsa. Specify the qo and po values of the above functions.b. Look for the value of Producers' Surplus and Consumers' Surplus in equilibirium conditions.c. Interpret the result of point b above, and describe your explanation of the result of point b abovea. What is the consumer surplus at a price of $7? b. What is producer surplus at a price of $7? Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.With an inverse demand equation P = 10 – 0.05Q and the inverse supply equation P = 1 + 0.10Q: Please calculate and illustrate Total Surplus and Deadweight loss when the: a. output purchased and sold is Q = 50b. output purchased and sold is Q = 70
- Figure 7-5 Refer to Figure 7-5. If the supply curve is S and the demand curve shifts from D to D', what is the increase in producer surplus to existing producers? a. $5,625 b. $3,125 c. $625 d. $2,500QUESTION 1 Given a demand curve of P = 119-9Qd and supply of P = 22 +2Qs, please calculate consumer surplus, assuming this is the output market Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.The demand curve for product X is given by QXd = 380 − 5PX.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 = $55?c. How much consumer surplus do consumers receive when Px = $35?
- Given a demand curve of P = 131 - 4Qd and supply of P = 2 + 6Qs, please calculate producer surplus, assuming this is the output marketquestion 33The demand curve for a certain product is given by p(q )= 551-q^2 . The supply curve is given by p(q) = 1.3q^2 .Find the producer surplus at equilibrium.The 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
- With an inverse demand equation of P = 10 – 0.05Q and an inverse supply equation of P = 1 + 0.10Q: a. Derive and plot the demand and supply curves b. Calculate for Consumer Surplus, Producer Surplus and Total Surplus at the equilibrium quantityTIMBER CRUNCH The demand and the supply of timber for construction in Australia are given by QD =120 – 20P QS = 40P We assume the market is perfectly competitive. 2.1. Compute the equilibrium price PCE and quantity QCE. 2.2. Plot on a graph: the demand curve, the supply curve, and the equilibrium price and quantity. 2.3: Calculate the price elasticity of demand and price elasticity of supply at the equilibrium price and quantity. 2.4. Calculate the producer surplus and consumer surplus in the equilibrium and illustrate them in a graph. 2.5. Due to Covid lockdowns, interstate transportation becomes difficult. Meanwhile, construction work is viewed as essential and therefore not affected by lockdowns. Use a demand and supply graph to explain how the lockdowns affect the equilibrium price and quantity. 2.6. After the equilibrium change in 2.5, the government introduces tax benefits for house renovation to stimulate the economy. As a result, there is an increase in construction…The demand curve for product X is given by QXd = 480 - 2PX. Instruction: Enter all values as integers, or if needed, as a decimal.a. Find the inverse demand curve. Instructions: Enter your responses to the nearest penny (two decimal places).b. How much consumer surplus do consumers receive when Px = $50?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?(choose one) The level of consumer surplus; increases, doesn't change, or decreases as the price of a good falls?
