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A: Below curve shows the producer surplus and consumer surplus:
Q: If maximum willingness to pay is $48 and market price is $23 Calculate consumer surplus
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Q: Menny's willingness to pay is $30 and the market price is $21 Calculate menny's consumer surplus
A: The information being given is:- Menny's willingness to pay = $30 Market price = $21 We have to…
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A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Calculate consumer surplus if maximum willingness to pay is $400 and Market price is $360
A: Given information: Maximum willingness to pay= $400 Market price= $360 To find: consumer Surplus
Q: 180 150 120 110 Supply 90 70 60 Demand 10 15 20 25 30 QUANTITY At the equilibrium price, producer…
A: Producer surplus is the area below Market price line and above supply curve.
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Q: Maximum willingness to pay is $60 and market price is $55 Find consumer surplus
A: According to the above mentioned question, the values are:- Maximum willingness to pay = $60 Market…
Q: The maximum willingness to pay is $100 and market price is $85 Calculate consumer surplus
A: According to the above mentioned question, we have:- Maximum willingness to pay = $100 Market price…
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- Menny's willingness to pay is $30 and the market price is $21 Calculate menny's consumer surplusIf maximum willingness to pay is $48 and market price is $23 Calculate consumer surplus3.Producer Surplus is which of the following (check all that apply) a. Profit plus fixed costs b. total revenue minus total cost c. total revenue minus total cost d. Total revenue minus variable cost
- If Sam is willing to pay $50 for one good X, $30 for a second, $20 for a third, $8 for a fourth, and the market price is $10, then Sam’s consumer surplus isa. $10. b. $40. c. $70. d. $100. PreviousNextConsider the demand-supply model of 2-in-1 laptops: Qd = 5000 - 2 P, Qs = -600 + 2P 1. Find the equilibrium price (in dollars) and quantity of the laptops. 2. Find the consumer surplus and the producer surplus.Please give a neat and step-by-step solution. Question: Given, P = 200 - 3Q P = 50 + 2Q What is the market equilibrium P and Q? If the price goes up by $10, how will the customers react? (Hint: Find PED and comment. First find new P* and Q*) If the government regulates the market by imposing 10% sales tax, what will be the change in producer surplus? Imagine there is no tax, and the market is competitive. What will be the profit maximization output level?
- Price =120-Q^2 Total cost = 30Q Find: 1- consumer surplus 2- profit 3- total social welfare 4- deadweight lossCalculate the consumer surplus, and producer surplus given: P = 120 - .25q and MC + 2q =5. Illustrate your response.John purchases a 1964 Mustang for $40,000 and gets consumer surplus of $5,000 A) What is his willingness to pay? B) If he had purchased the car for $$35,000, what would his consumer surplus be? B) If the price of the Mustang were $45,000, would would his conumer surplus have been?
- QUESTION 1: The Chief Medical Officer has advised the government that consumption of widget-corn improves the survival rate of COVID-19 by 20%. Suppose the supply and demand functions for widget-corn are:QD = 100 – 5P (1) QS = 5P. (2) P is the price in dollar and Q is the quantity in kilograms. a. Determine the market equilibrium price and quantity of widget-corn? b. Calculate the consumer surplus, producer surplus, and total economic surplus at the market equilibrium. c. Having confirmed the positive impact of widget-corn consumption on COVID-19 patients, the government has ordered widget-corn sellers to charge $5 per kilogram. (i). What type of price regulation policy? Briefly explain. (ii). Calculate the impact of the policy on the quantity of widget-corn supplied and demanded. (iii) Explain the impact of the policy consumer surplus, producer surplus, and total economic surplus. (iv) Is the outcome of the government’s policy efficient and, therefore, maintained or abandoned?…Chin purchases five protein bars at a price of $3 each. The marginal benefit he receives from each bar is $5 for the first bar, $4.50 for the second bar, $4 for the third bar, $3.50 for the fourth bar, and $3 for the fifth bar. The marginal cost of producing the bars is $2 each. What is Chin's consumer surplus on the fifth bar?Given QD = 40 – 0.02P and QS = -50 + 0.1P, Calculate: Equilibrium price and quantity Consumer surplus Producer surplus
