Price $25 20 15 10 5. 10 15 20 25 Quantity This diagram shows the market for swordfish, in equilibrium at $20 per pound. At this price producer surplus is $125 $50 $100 $62.5
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- The many identical residents of Whoville love drinking Zlurp. Each resident has the following willingness to pay for the tasty refreshment: a. The cost of producing Zlurp is 150, and the competitive suppliers sell it at this price. (The supply curve is horizontal.) How many bottles will each Whovillian consume? What is each persons consumer surplus? b. Producing Zlurp creates pollution. Each bottle has an external cost of 1. Taking this additional cost into account, what is total surplus per person in the allocation you described in part (a)? c. Cindy Lou Who, one of the residents of Whoville, decides on her own to reduce her consumption of Zlurp by one bottle. What happens to Cindys welfare (her consumer surplus minus the cost of pollution she experiences)? How does Cindys decision affect total surplus in Whoville? d. MayorCrinch imposes a 1 tax on Zlurp. What is consumption per person now? Calculate consumer surplus, the external cost, government revenue, and total surplus per person. e. Based on your calculations, would you support the mayors policy? Why or why not?Given QD = 40 – 0.02P and QS = -50 + 0.1P, Calculate: Equilibrium price and quantity Consumer surplus Producer surplus1. Given QD =40 - 0.02P and QS = -50 +0.1P, Calculate a) Equilibrium price and quantity b) Consumer surplus c) Producer surplus
- 7. Please shade the total surplus (consumer plus producer surplus) and explain Price 0 5 10 15 20 25 30 Demand 60 50 40 30 20 10 0 Supply 0 10 20 30 40 50 60In Figure 1, suppose the marginal value for gasoline falls by $6 for every quantity demanded for all gas stations in the market. After the market changes, what is the consumer surplus? A) $18B) $12C) $9D) $6E) $2Can you help me with the question below? Refer to Figure 1 for questions 6-11 In Figure 1, S = Market Supply Curve; D = Market Demand Curve. What is consumer surplus at the competitive market equilibrium price and quantity?A) $50B) $40C) $25D) $16E) $8
- Consider 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.2. Consider a competitive market characterized by the following marketdemand and supply curves.Qd=10000-10P Qs=40P-2000If the government enacts a binding price floor at 500, calculate the resultingconsumer surplus, producer surplus, and deadweight loss.Hint: a diagram might help. Show your work.Qd=120-3P Qs =30 At the equilibrium price and quantity, what is producer surplus?
- If the market is in equilibrium, price is $12 and quantity is 900. What is the consumer surplus, producer surplus, total surplusCorrectly illustrate a supply and demand curve. Pay close attention to the price controls. a) Wisconsin has a salmon market which sells salmon at $15/lb. At that price, 100,000 lbs. of salmon will be consumed in one week. Suppose the state of Wisconsin were to set a quantity control of 50,000 lbs. of salmon per week. Show: P and Q using correct labeling Changes in producer surplus and consumer surplus Deadweight loss Analysis Explain why this market is allocatively inefficient.Question 2 Given QD = 40 – 0.02P and QS = -50 + 0.1P, Calculate: (a) Equilibrium price and quantity (b) Consumer surplus (c) Producer surplus
