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Multiple Choice
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$1,562.5
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$6,250
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$4,687.5
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$3,125
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- Suppose the demand for football tickets at a local college is QD=70,000−500P and the supply of tickets is QS=30,000. The market equilibrium price is $8080 and the equilibrium quantity is 30000 tickets. (Enter your responses as whole numbers.) Total economic surplus in this market is ______. (Enter your response as a whole number.)The demand and supply equations listed below describe the market for high-quality, one-hour impressions of Elvis Presley. Graph this market, and determine the market clearing price (P), the market clearing quantity, and total economic surplus when the market clearing price is charged. QD = 5000 – 100P QS = -1000 + 50PDefine Consumer and Producer Surplus and illustrate them graphically.
- Consider that the market for soybeans is defined by the following demand and supply equations: QD = 200 - 10P and QS = 20P - 100, where P is the price in dollars and Q measures the quantity in tons per quarter. The market is currently in equilibrium. Now consider that after much lobbying by the United Farmers Association, the government imposes a price control of $12.50 in this market, with no additional government support. 1.Given the current market environment, what is the total surplus in the market? 2.Describe the current market outcome. As the result of the government’s policy, the current market outcome is __________(efficient ? not efficient?). The quantity traded is __________(less than ? greater than ?) the quantity traded before the government intervention, and price sellers ( farmers) receive per ton is __________(equal to 10? equal to 12.50? less than 10? less than 12.50 and greater than 10?). Additionally, as a result of the government’s policy sellers seem to be…The market for N-95 masks is perfectly competitive. Market Demand is given by Q=389-2P and Market Supply is given by Q=2P. The government imposes a quota of 133 units. What is the maximum total surplus in the market with this quota?The supply curve for product X is given by QXS = -520 + 20PX . How much surplus do producer receive when Qx=400
- Suppose the demand for football tickets at a local college is QD=60,000−500P and the supply of tickets is QS=20,000. Part 2 The market equilibrium price is $8080 and the equilibrium quantity is 2000020000 tickets. (Enter your responses as whole numbers.) Part 3 Total economic surplus in this market is $enter your response here. (Enter your response as a whole number.)Suppose the following demand and supply function: Qd = 750 – 25P Qs = -300 + 20 P Find consumer and producer surplusRefer to the Internet Service market above. S1 and D show the original equilibrium. S2 shows the impact of a subsidy to internet service providers. What is the size of the total subsidy payment? Group of answer choices $80 $60 $42000 $28000
- With an inverse demand equation of P = 10 – 0.05Q and an inverse supply equation of P = 1 + 0.10Q: a. Derive and plot the demand and supply curves b. Calculate for Consumer Surplus, Producer Surplus and Total Surplus at the equilibrium quantityFind the consumer surplus, producer surplus and total surplus, given the following: Demand: ? = −?^2 − 8? + 70Supply: ? = ?^2 − 2? + 14The market for high-quality, one-hour impressions of Cher can be described using the demand and supply equations listed below. Graph this market, and determine 1) the market clearing price (P), 2) the market clearing quantity, and 3) total economic surplus when the market clearing price is charged. QD = 5000 – 100P QS = -1000 + 50P
