Question 6 A market has a demand function given by equation Qd=180-2P, and a supply function given by the equation Qs= -15+P. the market is government-regulated with price support per unit and production quotas. If the price is set at $72 per unit what production quota is needed to make sure there are no shortages of surpluses? Considering the price support and the quota, calculate the consumer surplus Calculate the producer surplus Calculate the deadweight loss
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Question 6
A market has a demand function given by equation Qd=180-2P, and a supply function given by the equation Qs= -15+P. the market is government-regulated with price support per unit and production quotas.
- If the price is set at $72 per unit what production quota is needed to make sure there are no shortages of surpluses?
- Considering the price support and the quota, calculate the
consumer surplus - Calculate the producer surplus
- Calculate the
deadweight loss
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- A market has a demand function given by the equation Qd = 180 – 2P, and a supply function given by the equation Qs = –15 + P. The market is government-regulated with a price support per unit and production quotas. (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? (b) Calculate the deadweight loss Due to good weather, there is an increase in the demand for the good. The new demand equation is Qd = 190 – 2P. The government is trying to decide between two options: Maintain the number of quotas and let the market adjust, or Maintain the price support and increase the number of quotas. Suppose that the government decides to maintain the number of quotas and let the market adjust. (c) Calculate the(i) price observed in the market, (ii)the consumer and producer surplus (iii)deadweight lossA market has a demand function given by the equation Qd= 180- 2P, and a supply function given by the equation Qs= -15+P. The market is government regulated with a price support per unit and production quotas. a) if all price set is set at $72 per unit, what is the production quota is needed to make sure there are no shortage of surpluses? Considering the price support amd the quota, calculate i) the consumer surplus ii) the producer surplus iii) deadweight lossA market has a demand function given by the equation Qd=180-2P, and a supply function given by the equation Qs=-15+P. The market is government regulated with price support per unit and production quotas. (a) if the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? Considering the price support and the quota, calculate (I)the consumer surplus (iI)the producer surplus (iii) the deadweight loss Due to good weather there is an increase in the demand for the good. The new demand equation is Qd=190-2P. The government is trying to device between these two options maintain the number of quotas and let the market adjust or maintain the price support and increase the number of quotas? Suppose that the government decides to maintain the number of quotas and let the market adjust. Calculate (I) price observed in the market (ii)the consumer surplus (iii) the producer surplus (iv) the deadweight loss Suppose now that the government…
- A market has a demand function given by the equation Qd=180-2P and and a supply function given by the equation Qs=-15+P. The market is government regulated with a price support per unit and production quotas. (a)If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? (b) considering the price support and the quota, calculate the consumer surplusThe demand and supply functions for basic cable TV in the local market are given as: QD = 200,000 – 4,000P QS =20,000 + 2,000P. Determine the equilibrium price and quantity that will prevail in an unregulated market. Calculate the consumer surplus, producer surplus, and total surplus in this market. Is this market efficient? Why or why not? If the government implements a price ceiling of $15 on the price of basic cable service, what will be the quantity of cable service that will prevail in the market? Is there a surplus or a shortage, and if so, how much? With the new government policy, is there a deadweight loss in the market? If so, why is there a deadweight loss and how much is the deadweight loss? Are consumers better off or worse off with this policy? Are producers better off or worse off? Is society on the whole better off or worse off?Please answer questions a, b1 and b2. A market has a demand function given by the equation Qd = 180 - 2p, and a supply function given by the equation Qs = -15 + P. The market is government regulated with a price support per unit and production quotas. (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortgages or surpluses? (b) Due to good weather, there is an increase in demand for the good. The new demand equation is Qd = 190 - 2P. The government is trying to decide between two options: Maintain the number of quotas and let the market adjust, or Maintain the price support and increase the number of quotas. Suppose that the government decided to maintain the number of quotas and let the market adjust calculate: price observed in the market the consumer surplus
- Please answer Part C iii, iv. Thank you. A market has a demand function given by the equation Qd = 180 - 2p, and a supply function given by the equation Qs = -15 + P. The market is government regulated with a price support per unit and production quotas. (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortgages or surpluses? Answer 36 (b) Considering th eprice support and the quota, calculate: (i) the consumer surplus Answer 324 (ii) the producer surplus Answer 1404 (iii) deadweight loss Answer 252 (c) Due to good weather, there is an increase in demand for the good. The new demand equation is Qd = 190 - 2P. The government is trying to decide between two options: Maintain the number of quotas and let the market adjust, or Maintain the price support and increase the number of quotas. Suppose that the government decided to maintain the number of quotas and let the market adjust calculate: (i) price observed in the market Answer 46…In a competitive market in which P = 100 − 2Q is the inverse demand for fuel and P = 10 + Q is the inverse supply of fuel. Calculations are preferred, but you may use a graph for partial Without a tax, what is the market-clearing price and output, P and Q? What is the consumer surplus and producer surplus (with no tax) If a tax on fuel is set at $15, how much fuel will be purchased? You can assume that the buyers pay the tax (but it doesn’t matter). What is the deadweight loss of the tax? Thanks!Suppose the demand function for cigarettes is given by Qd=80-20p and the supply is by Qs=10p-10. Suppose the government introduce a specific tax of t=1 to be levied from the produces. 1. Obtain the new supply Curve 2. Determine the new equilibrium quantity and price 3.compute the government revenue 4. Compute the incidence (burden) on the consumer 5. Compute the incidence (burden)on producers 6. Compute the dead weigh loss 7. Draw a diagram with all your analysis
- A market has a demand function given by the equation Qd=180-2P, and a supply function given by the equation Qs=-15+P. The market is government regulated with price support per unit and production quotas. Due to good weather there is an increase in the demand for the good. The new demand equation is Qd=190-2P. The government is trying to device between these two options maintain the number of quotas and let the market adjust or maintain the price support and increase the number of quotas? Suppose that the government decides to maintain the number of quotas and let the market adjust. Calculate (I) price observed in the market (ii)the consumer surplus (iii) the producer surplusA market has a demand function given by the equation Qd = 180 - 2P, and a supply functiongivebn by the equation Qs = -15 + P. The market is government regulated with a price support per unit and production quotas. If the price is set at $72 per unit, what production quota is needed to make sure there are no shortages or surpluses? Considering the price support and the quota, calculate i) the consumer surplus ii) the producer surplus iii) deadweight lossPlease answer Part di, ii, iii. Thank you. A market has a demand function given by the equation Qd = 180 - 2p, and a supply function given by the equation Qs = -15 + P. The market is government regulated with a price support per unit and production quotas. (a) If the price is set at $72 per unit, what production quota is needed to make sure there are no shortgages or surpluses? Answer 36 (b) Considering th eprice support and the quota, calculate: (i) the consumer surplus Answer 324 (ii) the producer surplus Answer 1404 (iii) deadweight loss Answer 252 (c) Due to good weather, there is an increase in demand for the good. The new demand equation is Qd = 190 - 2P. The government is trying to decide between two options: Maintain the number of quotas and let the market adjust, or Maintain the price support and increase the number of quotas. Suppose that the government decided to maintain the number of quotas and let the market adjust calculate: (i) price observed in the market Answer…