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- The inverse demand function of a group of consumers for a given type of widgets is given by the following expression: π=−10q+2000 $ ( I ) where q is the demand and π is the unit price for this product. A. Determine the maximum consumption of these consumers. B. Determine the price that no consumer is prepared to pay for this product. C. Determine the maximum net consumers’ surplus. Explain why the consumers will not be able to realize this surplus. D. For a price π of 1000 $/unit, calculate the consumption, the consumers’ gross surplus, the revenue collected by the producers, and the consumers’ net surplus. E. If the price π increases by 20% (The new price π=1200), calculate the change in consumption and the change in the revenue collected by the producers. F. What is the price elasticity of demand for this product and this group of consumers when the price π is 1000 $/unit. G. Derive an expression for the gross consumers’ surplus. H. The supply function for the widget…The demand function for a certain brand of CD is given by p = -0.01x^2 - 0.2x +10 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. Determiine the producer's surplus if the market price is set at the equilibrium price. (round answer to neareset dollar) P = 0.01x^2 + 0.4x +2suppose there is a market demand for coffee that express with the function Qd=252-4p and at the same time the supply of coffee is perfectly inelastic Qs=172, therefore farmers cannot change the supply quanitiy in the shortrun. so make a graph and calculate 1)consumer surplus, 2)the own-price elasticity of demand at $40/unit, and 3)the reservation price of consumers where demand elasticity equal 0.189.
- The demand function for a certain model of Blu-ray player is given by p = 600 0.5x + 2 where p is the unit price in dollars and x (in units of a thousand) is the quantity demanded per week. What is the consumers' surplus if the selling price is set at $200/unit? (Round your answer to the nearest dollar.)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 respectivelyProducers' 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.) $
- What is the consumer surplus and unmet demand in equilibrium if: Q=D(p)=1676−16pQ=D(p)=1676-16p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−4+8pQ=S(p)=-4+8p, p > 0Imagine the demand function for apples is: QD = 24 - 4PD If the market price for apples is $3, what is the consumer surplus?A concert promoter has been selling 280 T-shirts on average at performances for $17 each. They estimate that for each dollar they lower the price, they will sell an additional 40 shirts. Find the demand function for the shirts. (Write the function in terms of price p and number of T-shirts sold q.) And calculate the consumer surplus if the shirts are sold for $13 each. 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
- 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 = 40xDemand for a certain product is given by the function P_d=40Q_d+3, and supply of a product, by the function P_s=3+Q_(2s). Determine the producer surplus if 4 products are produced and the price is 19. a. 11,5 b. −13,3 c. 42,7 d. 1,5Find the equilibrium points for (Q, P1, P2) of the two commodity demand and supplymarket function below. The equilibrium condition may be summarized as Qdi = Qsi.Qd1 = 24 − 8P1 + 2P2Qs1 = −6 + 12P1Qd2 = 28 + P1 − 8P2Qs2 = −6 + 2P2