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Suppose the following
P=30-Q/25
and supply function:
P=Q/20+15
Find
Step by step
Solved in 3 steps
- Suppose a demand function is given by p = 15 + 6000(q+25)-1 and the supply function is given by p = q+20. Find the equilibrium (correct to 1 decimal point) and hence compute either the Consumer Surplus or the Producer Surplus.Consider a market with a perfectly elastic demand curve at p∗ = 1, 763 and a perfectly inelastic supply curve at q∗ = 452. What is the Consumer Surplus? What is the Producer Surplus?The equilibrium quantity and price is 5 units and $49 dollars respectively. Demand function is p = 74 – Q2 and Supply function is P = (Q+2)2 . Calculate consumer surplus?
- Suppose that the demand curve is P=f(x)=100−0.2x and the supply curve is P=g(x)=0.3x+35. Find the consumer and producer surplus.. Suppose that the demand curve is P = f(Q) = 30−0.2Q and the supply curve is P = g(Q) =0.1Q + 15. Find the equilibrium price and compute the consumer and producer surplus.Suppose the following demand and supply function: Qd = 750 – 25P Qs = -300 + 20 P Find consumer and producer surplus
- 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 demand function in an economy is P=74-Q^2 and equilibrium price is 2 and equilibrium quantity is 4. Find the consumer surplus.Suppose the market for pizzas in the U.S. is perfectly competitive and is characterized by the following demand and supply equations (Q = quantity and P = Price): Demand for pizza: Qd = 100 – P Supply of pizza: Qs = 2P − 50 A) Find the market clearing equilibrium price P* and quantity Q*. B) Find the the consumer surplus and producer surplus at the equilibrium. C) Suppose that the U.S. imposes a price ceiling at $40. What is the quantity demanded by consumer (Qd’)? What is the quantity supplied by suppliers (Qs’)? D) Suppose that the U.S. imposes a price ceiling of $40. Is there a shortage or surplus for pizzas? E) Suppose that the U.S. imposes a price ceiling of $40. What is the new CS’ and PS’? Assuming that the government purchases/provides the surplus/shortage. Under the same assumption, what is the deadweight loss caused by the price floor?
- 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.)Find the consumer and producer surpluses by using the demand and supply functions, where p is the price (in dollars) and x is the number of units (in millions). Demand Function: p = 360 - x Supply Function: p = 160 + xProducers' Surplus The demand function for a certain brand of CD is given by p = −0.01x2 − 0.2x + 7 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x2 + 0.1x + 2 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.) $
