Mathematics for Business and Economics A certain good has its average revenue curve as, AR = 22 - 12Q and supply curve as, P= 3 + 20Q. a) Assuming pure competition and using integration, calculate the consumer surplus. b)Assuming pure competition and using integration, calculate the producer surplus.
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Mathematics for Business and Economics
A certain good has its average revenue curve as, AR = 22 - 12Q and supply curve as, P= 3 + 20Q.
a) Assuming pure competition and using integration, calculate the
b)Assuming pure competition and using integration, calculate the
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- A certain good has its average revenue curve as, AR = 48 - 12Q and supply curve as, P= 2 + 9Q. Assuming pure competition and using integration, calculate the consumer surplus and the producer surplus.A certain good has its average revenue curve as, AR = 42 - 11Q and supply curve as, P= 7 + 12Q. -Assuming pure competition and using integration, calculate the consumer surplus. -Assuming pure competition and using integration, calculate the producer surplus.Under pure competition, the supply curve for a certain product is given by: P= Q2 + 100 , the demand curve is given by: Q = 40 - (1/25)P. 1. Using integration, calculate the consumer surplus. 2. Using integration, calculate the producer surplus. 3. Integrate the following: 2x2 ( 14x3 + 167 )0.9 within the range 3 and 9.
- In competitive equilibrium.. (choose all that apply) economic surplus is maximized deadweight loss is maximized marginal benefit = marginal cost everyone is better offGiven demand equation P=50-2Qd and supply equation P=10+2Qs calculate. (a) consumer surplus (b) producer surplus (c) total surplus assuming pure competitionMicrosoft Windows 8 to Go on Sale in October. Microsoft announced that its Windows 8 operating system will be released in October 2012, three years after Windows 7 went public. Windows 8 will be available in 109 languages across 231 markets worldwide a. Is Microsoft a natural monopoly or a legal monopoly? b. Does Microsoft price discriminate or do the different prices of Windows reflect cost differences? c. Sketch a demand curve for Windows, Microsoft’s marginal cost curve, and the distribution of the total surplus between consumers and Microsoft.
- Question 2 Suppose Demand for Apples (in bushels) is given by Q = 90-2P and Supply is given by Q = P. The market for apples is dominated by a single, monopolistic firm "NYC Apples". Suppose you could regulate the market for Apples and impose a price ceiling. What price would maximize social welfare (combined producer and consumer surplus)? Full explain this question and text typing work only thanksAssume a market for petroleum products, and let D denote the demand of petroleum products while MC the marginal cost. The inverse demand is p = 100 - q, and the MC is MC = q.a. Use a figure to depict the competitive outcome assuming many producer and many consumers. Derive the competitive equilibrium outcome.b. Use a second figure to explain the monopoly solution assuming a single seller. Derive the monopoly solution.A5 Alpha and Beta are Bertrand duopoists facing demand Q(P)=25-P/2 and MC=$10. Assume prices must be in whole dollars, but quantity need not be an integer. If Beta knows Alpha will choose the price maximizing total producer surplus, what is Beta's producer surplus if it chooses its best response?
- If a single firm with demand Q=100-2P (Q=quantity, P=Price), reduces its constant marginal costs from £8 to £4 then Consumer Surplus (CS) and Producer Surplus (PS) after the reduction in marginal costs will be... a. CS=1058 PS=529 b. CS=2116 PS=1058 c. CS=1000 PS=500 d. CS=500 PS=1000 e. CS=529 PS=1058PROBLEM (5) (In a market with demand Q = 780 - p, there are 3 identical firms, A, B and C; each with a total cost function TC(Q) = 3(Q)^2. Calculating the market price under each of the 2 scenarios below, rank/order the Consumer Surplus in each scenario (don’t calculate each CS; just rank them); (i) B and C jointly form the fringe supply and A is the dominant firm in the dominant firm model. (ii) They act as perfectly competitive firms -as if trying to maximize total surplus and minimize DWL- that is, their joint MC serves as the “market supply” for the competitive market. Please answer all the parts!please refer to image provided On the left hand side, the market consists of many perfectly competitive firms. On the right hand side, this market is dominated by a single monopoly firm. How much is the consumer surplus under perfect competition?
