If George is willing to pay P100 for a product and John is willing to pay P80 for the same, the consumer surplus when the product costs P60 is A) 20 B) 60
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- The supply curve for product X is given by QXS = -520 + 20PX . How much surplus do producer receive when Qx=400Imagine the demand function for apples is: QD = 24 - 4PD If the market price for apples is $3, what is the consumer surplus?A movie theater has been charging $ 10.00 per person and selling about500 tickets on Saturday and Sunday nights. After surveyingtheir customers, theater owners estimate that for every 50 cents theylower the price, the number of attendees will increase by 50 per night.Find the demand function and calculate the consumption surplus whentickets are sold for $ 8.00.
- If the supply equation is P = (Q + 4)2 . find the consumer’s surplus when the consumer purchases 40 units at price $6.Joe mows lawns in his neighborhood for extra money. Suppose the demand for lawn mowing in Joe's neighborhood is: Qd = 46 - 2P and that the supply of lawn mowing (Joe's willingness to mow lawns) is: Qs = -14 + P The market-clearing price of lawn mowing is $20 and the market clearing quanitiy is 6. What is the corresponding consumer surplus? The consumer surplus is negative when: a. The customer's maximum willingness-to-pay is below the price. b. The cost exceeds the price. C. The cost below the customer's willingness-to-pay. d. No other option is correct.
- Consider the inverse demand and supply for dates to be given by P=30-3Qd and P=6+Qs The total surplus in this competitive market is ________ where _______ is due to producers. OPTIONS: (i) $50, 50% (ii) $54, 80% (iii) $18, 75% (iv) $72, 25%The Demand function for a product is pd(q) = 80(0:1q + 0:2)2, where q is in millions of tons and pd(q) is in dollars per ton. Market equilibrium occurs at the demand for 18 million tons. Compute consumer's surplus.as a result of a $6 per unit tax imposed on this product, consumer surplus changes from:
- the supply curve for product x is given by QxS= -340 + 10Px a. find the inverse supply curve P= + Q b. how much surplus do producers recieve when Qx= 350. when Qx= 1000Assume that QD1/2 = 60 –2P. Please evaluate the amount of consumer surplus at Q*=16It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = 289 − 7x dollars. Determine the consumers' surplus if the market price is set at $10/unit. (Round your answer to two decimal places.)