Given: (x is number of items) Demand function: d(x) = 743.6-0.5x² Supply function: s(x) = 0.6x² Find the equilibrium quantity: Find the consumers surplus at the equilibrium quantity:
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- If the supply and demand functions are given by p=20e0.4Q and p=100e-0.2Q, respectively, find the equilibrium price and quantity, and calculate the consumer’s and producer’s surplus.The demand curve for a certain product is given by p(q)=573−q2. The supply curve is given by p(q)=1.2q2. Find the consumer surplus at equilibrium. The consumer surplus at equilibrium is $enter your response here. If necessary, round to two decimal places. Do not include units.If we know that the demand function of a product is Qd-100-P, where P is the price perproduct units, and Q is the number of products. a. Calculate the consumer surplus, if the market price is IDR 50 per unit!b. If the market price rises from IDR 50 to IDR 75 per unit, calculate the new consumer surplus.C. Draw items a and b in one diagram.
- Suppose the market demand for TV remotes is given by the equation Qd = 100 – 2P, where P is the price and Qd is the number of TV remotes. If the market price of TV remotes is $40, then the quantity demanded equals _____ and the value of consumer surplus is _____. 40; $200 20; $100 100; $20 2; $40The 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?Consumer surplus is equal to the difference between
- 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.Consider a market characterized by the following inverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX. An $8 per unit price floor will result in a A) surplus of 2 units. B) shortage of 3 units. C) shortage of 1 unit. D) surplus of 3 units.Imagine the market for Good X has a demand function of QDX = 40 – PX and a supply function of QSX = 2PX – 20. Suppose the current price of Good X (PX) is 30. Calculate consumer surplus (CS).
- Consider the demand curve for hair cuts is given by Q=100−2P and the market equilibrium price equals $10. If, due to a shortage of hairdressers, the equilibrium price increases to $20, what would be the change in the consumer surplus at the new price?For the demand function d(x) and demand level x, find the consumers' surplus. d(x) = 250 − 0.09x2, x = 50You are given following demand function: Demand function: P=300e−0.2QP=300e^−0.2QGiven equilibrium price and quantity P=119.6 and Q=4.6 respectively, the consumer surplus at the equilibrium is: Select one: 352 902 550 378 1380 Clear my choice