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Question 2
Given QD = 40 – 0.02P and QS = -50 + 0.1P, Calculate:
(a)
(b)
(c) Producer surplus
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- Question 10 Consumer surplus for a particular unit sold is equal to which of the following? Question 10 options: a) The vertical distance between price and the demand curve. b) The vertical distance between the demand curve and the supply curve. c) The vertical distance between price and the supply curve. d) The vertical distance between the demand curve and the x-axis. e) The vertical distance between the supply curve and the x-axis. Question 11 In a graph, market producer surplus is equal to what area? Question 11 options: a) The area below the demand curve but above price. b) The area between the demand and supply curves. c) The area below the demand curve but above the x-axis.…When a market is in equilibrium, the total amount of consumer surplus must be--------- the total amount of producer surplus. 1)equal to 2)larger than 3)less than 4)none of theseQuestion 15 To calculate producer surplus, one finds the area under the demand curve and above the supply curve. Group of answer choices True False
- 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 quantityWhich quantity does Producer Surplus NOT measure? Question 28 options: the amount sellers are paid less the amount they were willing to accept the benefit to sellers of participating in a market the amount sellers receive above the minimum they would accept the total value of a good to sellersquestion 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.
- Illustrate an example of your choice and discuss consumer surplus, producer surplus, Total surplus, and deadweight loss with the help of the graphs ? 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.Consumer surplus is calculated: Question 20 options: By taking the consumers' willingness to pay for a good or service plus the price they actually pay. By taking the consumers' willingness to pay for a good or service minus the price they actually pay. By taking the price consumers actually pay for a good or service minus their willingness to pay for the good or service. By taking the seller's willingness to sell a good or service (i.e. seller's cost) minus the price consumers actually pay for the good or service.The total surplus (consumer surplus plus producer surplus) is greatest when which of the following occurs? a.Producer surplus is maximized. b.Consumer surplus is maximized. c.All of these are correct d.The market is at equilibrium.
- The 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?This question doesn’t involve any numerical calculation. The USDA considers investing in R&D to make production less costly. The supply function of Cabbage is perfectly elastic. a. Draw the supply and demand for cabbage in the market before and after the investment in R&D.b. Mark with letters (A, B, C, D, …) the relevant intersections of the supply and demand curves and indicate what is the consumer surplus, what is the producer surplus, and what is the social surplus.Use definite integrals to solve for the consumer surplus, producer surplus and total surplus, giventhe following deman: P= -Q^2 - 8Q + 70 supply: P = Q^2 - 2Q + 14
