Instructions: Enter your answers as a whole number. a. What is the total surplus if Bob buys a unit from Carlos? b. What is the total surplus if Barb buys a unit from Courtney? %$4 c. What is the total surplus if Bob buys a unit from Chad?
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- Consideracompetitivemarketwheremarketdemandandthemarketsup- ply are given, respectively, byQD =1000−100P and QS =100P a)Findthecompetitiveequilibriumprice,quantity,andproducersurplus. (b) Suppose the government wants to help the consumers by imposing a price ceiling of Pc = 4. Find the market equilibrium price, quantity, and producer surplus. (c) Suppose now the producers are complaining, and the government de- cides to keep the price ceiling policy, but at the same time, the government will give a subsidy of s per unit to the producers. What is value of s that can make the producers as well off as before imposing the price ceiling (that is, producer surplus equals to the value in part (a))? Please express final numerical answers in decimal formatKyra buys an iPhone for $240 and gets consumersurplus of $160.a. What is her willingness to pay?b. If she had bought the iPhone on sale for $180,what would her consumer surplus have been?c. If the price of an iPhone were $500, what wouldher consumer surplus have been?The table below shows the amount three sellers are willing to sell (WTS) for different quantities of large pepperoni pizzas. SellerQuantity of pizzas suppliedWTS for each pizzaPeter4$30Paul8$24Mary4$12 On the diagram below, draw the supply curve for pepperoni pizza.How much total producer surplus do they receive if the price of pizza is $25? $ 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.
- There are four consumers willing to pay thefollowing amounts for haircuts:Gloria: $35 Jay: $10 Claire: $40 Phil: $25There are four haircutting businesses with the following costs:Firm A: $15 Firm B: $30 Firm C: $20 Firm D: $10Each firm can give at most one haircut. To achieveefficiency, how many haircuts should be given?Which businesses should cut hair and whichconsumers should have their hair cut? How largeis the maximum possible total surplus?Give proper Explanation of the answer Cathy is willing to pay$40for a subway and Aby is willing to pary only$35. The price of the subway is$30. Suppose Cathy manages to buy the last subway. However, for some teason, the restaurant decides to take the newly bought subway from Cathy, refund Cathy the price he paid and let Ally buy the subway at$30. a. the sum of consumer surplus and producer surplus increases. b. the producer surplus increases ic the consumer sieplus decreasets d. the consumer vurolus increases e. the produghr surplus decreases Clear my choiceConsidermarketforagoodcharacterizedbythefollowinginverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX.a. Compute the surplus received by consumers and producers.b. Now suppose all manufacturers of this good are to pay a lump tax of $0.10that will be used by the government regulators to defray some of the environmental cost imposed by this good’s production. What will be the new surplus received by consumers and producers?c. Based on your results in part ‘b’ above, how will you evaluate the impact of this tax policy on the society? Explain
- Melissa buys an iPod for $120 and gets consumer surplus of $80. a. What is her willingness to pay?b. If she had bought the iPod on sale for $90, what would her consumer surplus have been?c. If the price of an iPod were $250, what would her consumer surplus have been? (3) * Add fileTime remaining:00 :09 :39EconomicsUse the following to answer questions (29) - (31):In the town of “One Horse” there is one movie theater. Two groups of consumers, adults (A) andchildren (C), attend this theater. Suppose the demand for movies by adults is given by:QA = 50 - 0.50PA, where PAis price ofan adultmovie ticket(in cents)and QAis the numberofmovie tickets sold to adults atthe theater. Suppose the demand for movies by children is given by:QC = 20 - 0.50PC,where PCispriceofa children’s movie ticket(in cents)and QCis the numberofmovie tickets sold tochildren atthe theater. Also, imagine totalcostis fixed at$450, thus makingmarginalcostofprovidingonemore movie ticket to either an adult or a child constant at zero.[29]Ifthe movie theateris able to price discriminate amongits two groups ofconsumers, then itshouldcharge a higher price to group A.A.TrueB.False[30]Ifthemovie theateris able to price discriminate amongits two groups ofconsumers, then itsmaximum profit is closest in value…Naisa buys an iPhone for $240 and gets consumer surplus of $160.a. What is her willingness to pay?b. If she had bought the iPhone on sale for $180, what would her consumer surplushave been?c. If the price of an iPhone were $500, what would her consumer surplus have been? Answer must be correct.Show step by stepcalculation.
- Suppose you are at a flea market and are considering buying a box of vintage records. You are tryingto bargain down the price, but the seller overhearsyou telling a friend that you are willing to pay upto $50. Why is your consumer surplus now likelyto be lower than it would have been if the sellerhadn’t overheard you?The demand curve for product X is given by QXd = 420 − 4PX.a. Find the inverse demand curve. Instruction: Enter all values as integers, or if needed, as a decimal. PX = − QXdInstructions: Enter your responses to the nearest penny (two decimal places).b. How much consumer surplus do consumers receive when Px = $50?$ c. How much consumer surplus do consumers receive when Px = $25?$ d. In general, what happens to the level of consumer surplus as the price of a good falls?The level of consumer surplus as the price of a good falls.There are 40 people living in a village each having preference over apples andshirts represented by U(a,b) = a1/3s2/3, where a and s are amount of applesin pounds and shirts consumed, respectively. The price of a shirt is $10. Each villager has $300 income. Apples are supplied to the village by a farmer, whose supply function is S(pa) = 1000pa.Part a1What is the equilibrium price of apples? How many pounds of apples does eachvillager consume?Part a2What is the aggregate net consumer surplus at the equilibrium?Part a3What is the price elasticity of demand at the equilibrium?Part b1Suppose 50 more people move in to the village. What is the equilibrium pricenow? Part b2Are consumers better or worse off now? Why? If a consumer is worse off, byhow much additional income he/she needs to be compensated in order to be aswell off as in Part a.