Market demand is given as QD = 280 - 4P. Market supply is given as QS = - 40 + 2P. In a perfectly competitive equilibrium, what will be the value of producer surplus?
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- Suppose the demand for football tickets at a local college is QD=70,000−500P and the supply of tickets is QS=30,000. The market equilibrium price is $8080 and the equilibrium quantity is 30000 tickets. (Enter your responses as whole numbers.) Total economic surplus in this market is ______. (Enter your response as a whole number.)Suppose 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.The market for N-95 masks is perfectly competitive. Market Demand is given by Q=389-2P and Market Supply is given by Q=2P. The government imposes a quota of 133 units. What is the maximum total surplus in the market with this quota?
- Market demand is given as QD = 140 – 5P. Market supply is given as QS = 2P. In a perfectly competitive equilibrium, what will be the value of producer surplus? Question 19 options: $1000 $600 $800 $400Question 11 In a graph, market producer surplus is equal to what area? Question 11 options: a) The area below the demand curve but above price. b) The area between the demand and supply curves. c) The area below the demand curve but above the x-axis. d) The area above the supply curve but below price e. The area below the supply curve but above the x-axis. e) The area below the supply curve but above the x-axis. Question 12 Which of the following is the definition of a deadweight loss? Question 12 options: a) A reduction in social welfare due to equity considerations. b) A reduction in social well-being due to equity considerations. c) A reduction in social welfare due to…Read the following scenario. Corn is a very valuable product for which the U.S. government routinely offers subsidies. With no price support, the equilibrium price for corn is $300 per ton and the equilibrium quantity is 500 million tons per year. Suppose that the government agrees to pay farmers $350 for every ton of corn they produce and can't sell in the market. According to the farmer's market supply curve, 600 million tons per year is supplied at the price of $350 a ton, so production should increase to this amount. However, domestic users of corn cut back their purchases. Only 450 million tons a year is demanded at the price of $350 a ton, and purchases decrease to this amount. Farmers continue to produce 500 million tons of corn per year, so because they produce a greater quantity of corn than domestic buyers are willing to purchase, something must be done with the surplus. To make the price support work, the government decides to buy the surplus. Step 2 Use the scenario to…
- Producers' Surplus The demand function for a certain brand of CD is given by p = −0.01x2 − 0.2x + 7 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x2 + 0.1x + 2 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.) $The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the competitive market equilibrium? Question 17 options: $4.5 million $9 million $13.5 million $27 millionAssume that a firm is willing to sell its product for at least 100 TL and the going price for that product is 150 TL in the market. Then what is the producer surplus of this firm for each product sold? A. 100 TL B. 0 TL C. 150 TL D. 250 TL E. 50 TL
- The sum of consumer surplus and producer surplus in the Market is $120 If the maximum willingness to pay of the buyer is $60 and the market price is $25 Calculate the producer surplus with given informationThe market for N-95 masks is perfectly competitive. Market Demand is given by Q=434-2P and Market Supply is given by Q=2P. The government imposes a price ceiling of $52. What is the maximum Consumer Surplus in the market with the price ceiling?When a firm reduces output from a state of equilibrium, producer surplus is increased because consumers have greater bargaining power. Question 1 options: True False
