Suppose that the supply function of some commodity is S(q) = q +5q+100 , andthe demand function for the quantity is D(q) = 350-q² . Find the consumers' surplus. Pleaseshow all integration by hand, though you can use fnlnt to check your answer.

Cosnumer surplus= q∗∫0d(q)dq−p∗q∗

Suppose that the supply function of some commodity is S(q) = q +5q+100 , and the demand function for the quantity is D(g) =350-q² . Find the consumers' surplus. Please show all integration by hand, though you can use fnlnt to check your answer.

Suppose that the supply function of some commodity is S(q) = q +5q+100 , and the demand function for the quantity is D(g) =350-q² . Find the consumers' surplus. Please show all integration by hand, though you can use fnlnt to check your answer.

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter5: Supply, Demand, And Price: Applications

Section5.2: Application 2: Subsidizing The Consumption Of Anything Can Raise Its Price

Problem 1ST

See similar textbooks

Related questions

Q: Suppose an individual demand curve is given by P = 50 - 5Q, where P is the price of pizza and Q is…

A: Consumer surplus is the distinction between the thing a consumer will pay for a decent and what he…

Q: the inverse demand function for mangos is p=6-0.5q, where q is the number of crates that are sold.…

A: inverse demand function p = 6 - 0.5qinverse supply function p = q

Q: If the supply equation is P = (Q + 4)2 . find the consumer’s surplus when the consumer purchases 40…

A: Consumer surplus is the difference between what the consumer wants to pay and what the consumer…

Q: Find consumer's surplus at the market equilibrium point given that the demand function is p = /529 –…

A: Consumer surplus(CS) is the difference between what the buyer expects to pay (area under the demand…

Q: Consider the demand function D(p) = 99.0 - 4.0p. When the price changes from p1 = 4.0 to p2 = 8.0,…

A: Consumer surplus refers to the area above the price and below the demand curve. It is the difference…

Q: Find the consumer and producer surpluses (in dollars) by using the demand and supply functions,…

A: Market equilibrium is determined at the point where demand is equal to supply.

Q: Imagine the market for Good X has a demand function of QDX = 100 – 2PX – 4PY + 0.05M + 0.1AX and a…

A: The equilibrium price is the price where the quantity demanded and quantity supplied is equal and…

Q: Supply and demand functions for a product are: q = 50 (70 – 2p) and q = 70 (p – 2), where p =…

A: The law of demand refers to the inverse or negative relationship between the quantity demanded of a…

Q: Use a matrix method to find the equilibrium prices and quantities where the supply and demand…

A: Following equation is given:

Q: consumer surplus

A: The supply curve shows how much quantity a producer is willing to supply at a given price. The…

Q: The market demand and supply for a good are given by the functions: QD = 200-8P, and QS = 2P-10 i)…

A: Given: The demand function is: QD = 200 - 8P The supply function is: QS = 2P - 10 To Find: The…

Q: Given p=square root x-2 and p= square root 8-x and the price is given in thousands. Identify which…

A: Given two functions: p=x-2p= 8-x

Q: Factory orders for an air conditioner are about 4000 units per week when the price is $350 and about…

A: In the competitive market, the price and quantity are determined by the market forces of demand and…

Q: Consider the demand function for processed pork in Canada, Q, = 590.00 – 36p + 20p, + 3p. + 0.002Y…

A: Given: Qd=590-36p+20pb+3pc+0.002Y Qs= 442+52p-60ph Value of Pb=$4 per kg Value of Pc= $3 per kg Y =…

Q: Imagine the market for Good X has a demand function of QDX = 40 – PX and a supply function of QSX =…

A: Consumer surplus is the difference between the maximum price a consumer is willing to pay and the…

Q: described by the inverse demand function p = 10 - 3q and the supply of the good is given by the…

A: Equilibrium is achieved at the output level where quantity supplied equals quantity demanded.

Q: At typical consumption levels of water and diamonds, the good with the higher marginal utility is…

A: Marginal utility is the additional utility a consumer derives from consuming an additional unit.

Q: = 1, 500 – 3x² . Find the consumer's surplus if The demand for a particular item is given by the…

A: Answer to the question is as follows :

Q: The demand function for a certain product is given by p = 50 – 10q where q is the quantity and q is…

A: Consumer surplus refers to the value to a product to a consumer that is more than the market value…

Q: For the demand function (image 1) and supply function (image 2) a) the equilibrium price is: b)the…

A: Answer: Given, Demand function: fx=x-82 Supply function: gx=x2 (a). Let us equate the demand and…

Q: Consider the inverse demand and supply for dates to be given by P=30-3Qd and P=6+Qs The total…

Q: If the demand function for a product is p = D (q) = 45 – 0.18q² and the supply function is p = S (q)…

A: Given: Demand function P = D(q) = 45 - 0.18q2 Supply function P = S(q) = 0.12q2 + 1.5q

Q: Suppose the demand function is linear. At p 8, quantity demanded is Q = 16. At p quantity demanded…

A: The residual amount that a consumer has after paying less than he/she was ready to, is the “consumer…

Q: Suppose the demand function for a product is given by the function: D(g) 0.017q+68 Find the…

A: Disclaimer- “Since you have asked multiple question, we will solve the first question for you as per…

Q: In Laramie in early winter the inverse demand function for snow shovels is: p=200-4q and the market…

A: Given demand function = P = 200 – 4q Market price = 40 $ When price is 40 $ quantity demanded is 40…

Q: Given the following Market Model: nP = m-X (Demand Function for commodity X') wP = e+ X (Supply…

A: Demand function is given as nP = m -X This is basically the inverse demand function and can be…

Q: If the inverse demand function for toasters is p = 120 - 0.5q, what is the consumer surplus if the…

A: Consumer surplus is the area above the price and below the demand curve.

Q: Given the demand function d(q) = -0.8q+150 and the supply function s(q) = 5.2q, find the equilibrium…

A: Given : D(q) = -0.8q+150S(q) = 5.2q

Q: Using the supply and demand functions below, derive the demand and supply curves if Y = $55,000 and…

A: We have: The demand function for coffee Q = 8.5-p+0.01Y Supply function for Coffee Q =…

Q: If the inverse demand function for toasters is p= 120 - 24, what is the consumer surplus if the…

A: Demand equation: - demand equation is the mathematical equation that shows the relationship between…

Q: he number of units (in millions). Demand Function: p = 1220 − 21x Supply Function: p = 40x

A: Equilibrium indicates the situation where quantity(Q) demanded equals quantity(Q) supplied. The…

Q: Using the supply and demand functions below, derive the demand and supply curves if Y = $55,000 and…

A: here we can solve the equilibrium price and quantity which are as follow- we know at equilibrium…

Q: Find consumer's surplus at the market equilibrium point given that the demand function is p = V961 –…

Q: Given demand function p = 25 – q² . Find the consumer surplus if goods are given for free. %3D

A: Consumer surplus is measured because the area below the downward-sloping demand curve, or the…

Q: For a certain product, the demand function is D(Q)=800-82Q and the supply function is S(Q)=80+Q2.…

A: Given: D(Q)=800-80QS(Q)=80+Q2

Q: Imagine the demand function for apples is: QD = 24 - 4PD If the market price for apples is $3,…

A: QD = 24 - 4PD PD = 6 - 0.25 QD Given - Price = $3 QD = 24-4X3 = 12 units

Q: Find the equilibrium points for (Q, P1, P2) of the two commodity demand and supply market function…

A: Economic equality is a condition or situation in which economic power is equal. In fact, economic…

Q: Find consumer's surplus at the market equilibrium point given that the demand function is p= v225 –…

A: Demand function : p = √ 225 - 48 X Supply function : p = X + 6 Equating demand and supply √ 225…

Q: Suppose known that the number of goods demanded and offered at two different price levels iS as…

A: 1. Slope for demand function = (160-120)/(2000-2400) = 40/(-400) = -0.1 P = -0.1 x Quantity +…

Q: For the supply function, s (x) = 100 – 100e 0.02± and the demand function, d (x) = 300e-0.01z %3D…

A: We are going to fins the Equilibrium and a social welfare to answer this question

Q: Given the utility function and budget constraint z = 3X, +X;X; +2x: M= P,X, + P:X; Obtain…

A: Part a) Given : z = 3X1 + X1X2 + 2X2 M = P1X1 + P2X2

Q: Find the consumer and producer surpluses by using the demand and supply functions, where p is the…

A: I have plot the demand curve and the supply curve. Then found the area of two different triangles.

Q: In this problem, p is in dollars and x is the number of units. If the demand function for a product…

A: Given: The demand function for the product is P = 9x + 1 The supply function is = P = 1 + 0.2x To…

Q: Suppose the supply function for X good is expressed as Q X = - 20 + 4P x . If the price of X good…

A: Here, supply function is given as: QX=-20+4Px To find: producer surplus when price changed from 8…

Q: Find the consumer and producer surpluses (in dollars) by using the demand and supply functions,…

A: Consumer Surplus is the difference between the market price and the price that they are willing to…

Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

Suppose that the supply function of some commodity is S(q) = q +5q+100 , and
the demand function for the quantity is D(q) = 350-q² . Find the consumers' surplus. Please
show all integration by hand, though you can use fnlnt to check your answer.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

If we know that the demand function of a product is Qd-100-P, where P is the price perproduct units, and Q is the number of products. a. Calculate the consumer surplus, if the market price is IDR 50 per unit!b. If the market price rises from IDR 50 to IDR 75 per unit, calculate the new consumer surplus.C. Draw items a and b in one diagram.
Find the consumer and producer surpluses (in dollars) by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). See Example 5. Demand Function Supply Function p = 200 − 0.2x p = 100 + 1.8x
If the supply and demand functions are given by p=20e0.4Q and p=100e-0.2Q, respectively, find the equilibrium price and quantity, and calculate the consumer’s and producer’s surplus.
Supply and Demand Q1 Assume that the demand curve D(p) given below is the market demand for apples: Q=D(p)=280−20pQ=D(p)=280-20p, p > 0 Let the market supply of apples be given by: Q=S(p)=48+9pQ=S(p)=48+9p, p > 0 where p is the price (in dollars) and Q is the quantity. The functions D(p) and S(p) give the number of bushels demanded and supplied. What is the consumer surplus at the equilibrium price and quantity? Round the equilibrium price to the nearest cent, use that rounded price to compute the equilibrium quantity, and round the equilibrium quantity DOWN to its integer part.Maintain full precision for the vertical intercept by carrying the full fraction into your consumer surplus calculation.Please round your consumer surplus answer to the nearest integer.
Demand for apples is given by the function P=50-4q while supply is given by P=10+q. If a per-unit tax of $15 is placed on apples, What is new price after tax?
You are given following demand function: Demand function: P=300e−0.2QP=300e^−0.2QGiven equilibrium price and quantity P=119.6 and Q=4.6 respectively, the consumer surplus at the equilibrium is: Select one: 352 902 550 378 1380 Clear my choice
Given that the demand function P = 240 - 5Q and the supply function P = 40 + 3Q Find:A. Market equilibrium price and quantityb. The size of the consumer surplusc. The amount of the producer surplus.
The demand function for a certain product is? = 86 − ?2and the supply function is? = ?2 + 6? + 30where p is in millions of dollars and x is the number of thousands of units. Find the equilibriumpoint (x, p), then find the consumer’s surplus and producer’s surplus. Round your answer to thenearest unit (the nearest million dollars).
only typed answer Q1 Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1291−14pQ=D(p)=1291-14p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−5+10pQ=S(p)=-5+10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth. What is the equilibrium quantity? Please round your answer to the nearest integer. What is the total revenue at equilibrium? Please round your answer to the nearest integer.
Suppose that the market demand curve for a good is given by D=80-2P-2I, where D is the quantity demanded, P is the price of the good, and I is consumer income in thousands of dollars. The good is a divisible good. The supply curve is given by S = 3P, where S is the quantity supplied. Assume that I = 15. (a) (10 points) How many units of the good are demanded with P = $4? (b) (10 points) Compute the size of a consumer surplus at P = $4. (c) (10 points) Derive the equilibrium price of the good.
Suppose the supply function for product X is given by QXS = − 30 + 2Px − 4Pz. Instruction: Enter all values as integers, or if needed, a decimal rounded to one decimal place.a. How much of product X is produced when Px = $600 and Pz = $60?b. How much of product X is produced when Px = $80 and Pz = $60?c. Suppose Pz = $60. Determine the supply function and inverse supply function for good X. Graph the inverse supply function. Supply function: Inverse supply function: Graph the inverse supply function from QX = 0 to QX = 200
1) Known: Pd = 50 – 6Q and Ps = 8 + 8Q a. specify the inverse of the function b. What are the values of P and Q at market equilibrium? 2) Suppose the demand for oxygen cylinders is 10 units, the price is 876, if the demand for oxygen cylinders is 15 units, the price is 1354, determine the demand function.