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- demand equations QD = 3550 - 266P supply equations QS = 1800 + 240P Calculate initial consumer surplus and producer surplus. Now assume that government intervenes in the market through ceiling price (assume a value) and or floor price (assume a value). Find the change in welfare (DWL) loss and the new consumer surplus and producer surplus. Do you support these types of interventions?Suppose the demand and supply curves are described byMC = 1.11 + 0.89QWTP = 8.92 - 0.83QSuppose the price is 6.37.A. Given the price above, is there a shortage or a surplus? Surplus Shortage B. What is the value of the shortage or surplus? Only enter a positive number.Suppose 1000units of product A are produced by XYZ limited but the quantity demanded for the product is 2000units. All other things remaining constant,a $18 change in price of product A results in a change in quantity demanded and supplied of 6 and 9 respectively.XYZ has a work force of 500 people who pay an income tax of $200 each to the government. 1.Calculate the new equilibrium price and quantity,suppose the government introduces a subsidy of $10 on each unit of product A.
- $5 Price (per bushel) N t W A B S 0 2 4 6 8 10 12 14 16 18 20 Bushels of Corn (thousands per week) Consider the maarket for corn above. With the price at $4.00, which of a surplus or a shortage would exist on the market? Select one or more: Oa. Nothing will happen on the market. b. A shortage will exist on the market. c. A surplus of corn would exist on the market. Od. The market will be at equilibrium.c. Identify the new consumer surplus area by letter when minimum wage moves from 10/hr to 17.50/hr and the new producer surplus by letters12 . Problems and Applications Q10 A market is described by the following supply and demand curves: QSQS = = 3P3P QDQD = = 400−P400−P The equilibrium price is and the equilibrium quantity is . Suppose the government imposes a price ceiling of $80. This price ceiling is , and the market price will be . The quantity supplied will be , and the quantity demanded will be . Therefore, a price ceiling of $80 will result in . Suppose the government imposes a price floor of $80. This price floor is , and the market price will be . The quantity supplied will be and the quantity demanded will be . Therefore, a price floor of $80 will result in . Instead of a price control, the government levies a tax on producers of $40. As a result, the new supply curve is: QSQS = = 3(P−40)3P−40 With this tax, the market price will be , the quantity supplied will be , and the quantity demanded will be . The passage…
- Demand: P=40+i-6Q Supply: P=4Q+w i is income & w is wages there is a $20 subsidy to consumers, what would be the consumer surplus?Suppose that the government has been supporting the price of corn. It's free market price is $2.50 per bushel, but the govt. has been setting a support price of $3.50 per bushel. Which of the following are ways that the government might try to reduce the size of the corn surplus? (One or more) A: Decrease the suppport price B: Institute an acreage allotment program C: Decrease demand by taxing corn purchases D: Raise the support price.1) Market for Flat-Screen TVs: Demand: Qd = 2,600-5P Supply: Qs = 1000 + 10P What would be the amount of shortage if a price celling is imposed at price of $170? 2) Suppose in the market for banana. When the price is $5, the quantity demanded for banana is 6, and the quantity supplied is 10. what's the amount of surplus in the market?
- Quanity demand =40-P Quanity supply =P-4 How much is total consumer surplus ar the equilibrium price in this market?Need answer asap. Consumer surplus? A limited edition package is sold only to 200 customers for $130 each. The average value of the package for the 200 customers is $280.Prepare a hypothetical linear demand and supply schedule (you can use the sameschedule as in question 2) , estimate the demand and supply equations, and the calculateinitial consumer surplus and producer surplus. Now assume that government intervenesin the market through ceiling price (assume a value) and or floor price (assume a value).Find the change in welfare (DWL) loss and the new consumer surplus and producersurplus. Do you support these types of interventions?
