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A: Given: P(Q) = 100-(1/3)Q, Q ∈ [0,300) TR= P*Q
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- Under perfect competition, if the market demand function is Qdx = 120-20Px and the market supply function is Qsx = 20Px, what units are the total consumer surplus and producer surplus?Suppose anyone with a driver's license is capable of supplying one trip from the airport to the downtown business center on any given day. The long-run supply curve of such trips is horizontal at p = $50, which is the average cost of such trips. Suppose daily demand is Q = 1000 - 10p. Calculate the change in consumer surplus, producer surplus and social welfare if the city government restricts the number of trips to be 300 at maximum by issuing special licensesUnder pure competition, the supply curve for a certain product is given by: P= Q2 + 100 , the demand curve is given by: Q = 40 - (1/25)P. 1. Using integration, calculate the consumer surplus. 2. Using integration, calculate the producer surplus. 3. Integrate the following: 2x2 ( 14x3 + 167 )0.9 within the range 3 and 9.
- In a competitive market where the demand function is Q^d(p) = 40 - 2p and the supply function is Q^s(p) = 5 + 3p, a) Calculate the Producer Surplus. b) Calculate the Consumer Surplus.Given that the demand function P = 15 - 0.25Q and the supply function P = 0.2Q + 6. Determine:a. Market equilibrium price and quantityb. The size of the consumer surplusc. The amount of the producer surplus.In a given market three firms compete by choosing quantity simultaneously. The demand schedule is this market is P(Q) = 300 – 2Q. All the firms have the same cost function: C(q) = 140q - 100. (i) What is the equilibrium price, the quantity produce by each firm, the profit earned by each firm and the consumer surplus? Carefully explain your derivation and provide reasoning.
- Given demand equation P=50-2Qd and supply equation P=10+2Qs calculate. (a) consumer surplus (b) producer surplus (c) total surplus assuming pure competitionA perfectly competitive market is characterized by the following inverse demand function and inverse supply function where Q is output and P is the price in dollars. 1. Suppose that a price ceiling of $30 is set by the government. Calculate the consumer surplus, the producer surplus, and the deadweight loss as a result of the government price ceilingSuppose a demand function is given by p = 15 + 6000(q+25)-1 and the supply function is given by p = q+20. Find the equilibrium (correct to 1 decimal point) and hence compute either the Consumer Surplus or the Producer Surplus.
- Producer surplus will be the same in a monopoly and in a competitive market if aggregate demand and cost functions are identical in both markets. (a) True. (b) False.A perfectly competitive market is characterized by the following inverse demand function and inverse supply function where Q is output and P is the price in dollars. Demand: P = 100 – QD Supply: P = 10 + QS Suppose that a price ceiling of $30 is set by the government. Calculate the consumer surplus, the producer surplus, and the deadweight loss as a result of the government price ceilingA competitive firm can sell any amount if the firm set a price equal to the market price. True or false?