It 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 = V 841 - 8x dollars. Determine the consumers' surplus if the market price is set at $23/unit. (Round your answer to two decimal places.)
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- Price per bushel Quantity Demanded (bushels) Quantity Supplied (bushels) US$2 40,000 0 4 36,000 4,000 6 30,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000 How many bushels will be sold if the market price is US$6 per bushel? If the market price is US$6 per bushel, what must happen to restore equilibrium in the market? At what price will suppliers be able to sell 36,000 bushels of wheat? Suppose the market price is US$14 per bushel. Is there a shortage or a surplus in the market? What is the quantity of the shortage or surplus? How many bushels will be sold if the market price is US$14 per bushel? If the market price is US$14 per bushel, what must happen to restore equilibrium in the market?In the supply equation; [Qdx=Px+1600], if Qdx=5688, then the price of the product is. Select one: a. 9100800.00 b. 4088.00 c. -4088.00 d. 7288.00Given the following information Qd = 240 - 5P Qs = P Where Qd is the quantity demanded, Qs is the quality supplied and P is the price. Seller's reservation price
- the demand for boneless chicken breast, in dollars per pound, is given by q=-0.7p+5, where p represents the price per pound and q represents the average number of pounds purchased per week per customer. Determine the price at which the demand for boneless chicken breast is unit elastc.Using the formula Qd = 300 - 40p, find the quantity demanded when the price is $2.50?demand for a product is related to its selling price P (in dollars) by the equation n=2800-100p where n is the number of fans that can be sold per month at a price P. Find the selling price that will maximize the revenue.
- You plan to purchase a car for $28,000. Its market value will decrease by 20% per year. You have determined that the IRS-allowed mileage reimbursement rate for business travel is about right for fuel and maintenance at $0.485 per mile in the first year. You anticipate that it will go up at a rate of 10% each year, with the price of oil rising, influencing gasoline, oils, greases, tires, and so on. You normally drive 15,000 miles per year. What is the optimum replacement interval for the car? Your MARR is 9%.Market demand for Mandrake roots is given by Q-273-3P. The government of imposes a per unittax of $7 and consumers pay the tax. What is the highest market price of Mandrake at whichconsumers will buy at least 25 units?Determine the market equilibrium price and quantity for the following markets: a) Qs= -20 + 3P, Qd= 220 - 5P b) Qs + 32- 7P = 0, Qd – 128 + 9P= 0
- You plan to purchase a car for $28,000. Its market value will decrease by 20% per year. You have determined that the IRS-allowed mileage reimbursement rate for business travel is about right for fuel and maintenance at $0.505 per mile in the 1st year. You anticipate that it will go up at a rate of 10% each year, with the price of oil rising, influencing gasoline, oils, greases, tires, and so on. You normally drive 15,000 miles per year. Your MARR is 9%.A ski resort in the White Mountains has conducted market and cost studies, and has determined that the demand and supply for ski-lift tickets at their resort are represented by: Qd=1750 - 5P - 8PR + 2PB; Qs=50 + 20P - 3PE. In these equations, P represents the price of a full-day lift ticket, in dollars per ticket; PR is the price of a ski-rental package; PB is the price of a pint of beer at the local pub in the nearby town; and PE is the price per megawatt hour for the electricity used to run the chair lifts on the ski slopes. Based on the equations above, determine whether the beer in the local pub is a substitute or complement to skiing. Briefly explain your answer. Suppose the price of a ski-rental package is $20, the price of a pint of beer is $5, and the price of electricity is $150 per megawatt hour. Calculate equilibrium price and quantity of ski-lift tickets. Now consider the more general relationship between the price of lift tickets and the price of ski-rental packages.…Please calculate the total cost of providing a 50% subsidy on purchases of fruit and vegetables at farmers markets by SNAP participants. Assume that you are estimating it for the state of Connecticut with 350,000 SNAP participants. The season for farmers markets and the use of subsidies is 5 months (May-September); subsidies can only be used during this period. Based on prior studies, you know that a typical SNAP participant that attends farmers markets will purchase on average 3 lb of fruit and 2 lb of vegetables per month. Average price for vegetables is $1.5 per lb and the price elasticity of demand for vegetables among SNAP participants is -0.6. Similarly, fruit cost on average $2.5 per lb and the demand elasticity for fruit is -0.8. How much should the state of Connecticut expect to pay in total subsidies each season if only 20% of SNAP participants will attend farmers markets?