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- The 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?Ryan would be willing to pay $1 for a lollipop. Sarah would be willing to pay $0.50. The price of the lollipop is $0.75. What is Ryan and Sarah's combined consumer surplus? a. $0 b. $0.25 c. $0.50 d. $0.75 Can someone please explain to me why the correct answer here is $0.25? I did the calculations and i keep getting $0 the follwing is my calculationsPlease in a simple explanation, describe and or explain elasticity, consumer surplus and producer surplus.
- The market supply and demand for a product are shown in the diagram below. Is the price elasticity of supply less than one, equal to one, or greater than one? Explain. Calculate consumer surplus at the equilibrium price. Show your work. Now suppose the government imposes a per-unit tax of $1 on producers. What happens to total revenue received by producers after they pay the tax to the government? Explain. Will producer surplus increase, decrease, or stay the same? Will total surplus increase, decrease, or stay the same? Explain.The demand curve for product X is given by QXd = 340 − 4PX.a. Find the inverse demand curve. Instruction: Enter all values as integers, or if needed, as a decimal. PX = ___ − ___ QXdInstructions: Enter your responses to the nearest penny (two decimal places).b. How much consumer surplus do consumers receive when Px = $45?$ c. How much consumer surplus do consumers receive when Px = $30?$ d. In general, what happens to the level of consumer surplus as the price of a good falls?The level of consumer surplus _____ as the price of a good fallsIt says the option four is correct. Can you explain how? If you can graph it so that I can see it that would be awesome. To me, it seems like the gain in consumer surplus would be larger than the loss of producer surplus. But the correct option, option D says that’s not right.
- Shana decides to buy a pair of used ripped jeans for $80. She was willing to pay $100. When her friend tanya sees the jeans, she loves them and thinks they are worth $165. So she offers shana $135 for the jeans, and shana accepts. Shana and tanya are both thrilled with the exchange. The total surplus received by both shana and tanya is $ ? Part 2 Suppose that shana purchased the jeans from Maries boutique. Marie and other boutique owners in town are upset that customers like shana buy jeans at their stores, and then resell them for a higher price. Marie and the other owners convince the city government to pass a law preventing such resale. Assuming the law is successful, how much surplus is lost if shana cannot sell the jeans to tanya? $. ?Referring to question 1: The amount of total surplus in this market is $_____. Make sure you round your answer to two decimal places (and include the decimal point and two decimal places to the right in your answer, and if your answer requires a comma, put the comma in the appropriate place).Betty is willing to pay up to $150 for a particular pair of boots. She is able to buy the boots for $120. The marginal cost of producing the boots is $60. How large is the total economic surplus associated with her purchase of the boots?
- With its new global mobile phone service, Ultra Mobile offers the following price schedule: Your first 10 minutes each day cost 25 cents per minute. All minutes after that are just 10 cents per minute. There are no additional charges, and no contract to sign or fixed monthly fees.If Peter's demand for global phone minutes is P = 20 − 4Q, where P is in cents per minute and Q is in minutes per day, what is Peter’s daily consumer surplus? 0 2.5 12.5 25 50In 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!Referring to question 1: The amount of producer surplus in this market is $_____. Make sure you round your answer to two decimal places (and include the decimal point and two decimal places to the right in your answer, and if your answer requires a comma, put the comma in the appropriate place).