(The demand and supply functions for a product are given in dollars, with q representing quantity, such that) D(q) = q? – 10q + 30, where q < 5 dan (and) S(q) = -10 + 4q (Find the consumer and the producer surplus if you know that the market for the given period is in equilibrium).
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- Qd= 65 – 10P Qs= -35 + 15P How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2? Show on the Demand-Supply diagram in (a), the graphical interpretation of your answer of (b).: A fixed cost of $50 thousand was incurred in setting up an operation. At time t months thereafter, the operation yields income at the rate of (20 – 0.3t) and incurs expenses at the rate of (10 – 0.1t); where both are in thousands of dollars per month. Sketch the graph. What is the optimal time to terminate the operation? What will total profit be at the optimal time of termination? Q#5: At market equilibrium, consumers demand 625,000 gallons of kerosene, whose supply function is, Ps(q) = 2.5 + 0.3 q3/2 , where q is in thousands of gallons and Ps(q) is in dollars per gallon. Compute producers’ surplus. Q#6: The demand function for a product is Pd(q) = 80 / (0.2 q + 1)2 , where q is in millions of tons and Pd (q) is in dollars per ton. Market equilibrium occurs at a demand for 15 million tons. Compute consumers’ surplus.IF the demand and supply functions are given at the following equations:P= -0.50D + 20P=0.25QS + 5• The market equilibrium price is a. 20 b.- 20 c. - 10 d. 10
- The supply curve for product X is given by QXS = -520 + 20PX . How much surplus do producer receive when Qx=400the supply curve for product x is given by QxS= -340 + 10Px a. find the inverse supply curve P= + Q b. how much surplus do producers recieve when Qx= 350. when Qx= 1000A ski resort in the White Mountains has conducted market and cost studies, and has determined that the demand and supply for ski-lift tickets at their resort are represented by: Qd=1750 - 5P - 8PR + 2PB; Qs=50 + 20P - 3PE. In these equations, P represents the price of a full-day lift ticket, in dollars per ticket; PR is the price of a ski-rental package; PB is the price of a pint of beer at the local pub in the nearby town; and PE is the price per megawatt hour for the electricity used to run the chair lifts on the ski slopes. Based on the equations above, determine whether the beer in the local pub is a substitute or complement to skiing. Briefly explain your answer. Suppose the price of a ski-rental package is $20, the price of a pint of beer is $5, and the price of electricity is $150 per megawatt hour. Calculate equilibrium price and quantity of ski-lift tickets. Now consider the more general relationship between the price of lift tickets and the price of ski-rental packages.…
- Suppose market demand and supply are given by Qd = 300 - 4P and QS = -50 + 3P. What is the equilibrium price is?Suppose the demand (in thousands) for a toaster is given by 100p-2, where p is the price in dollars charged for the toaster.a. If the variable cost of producing a toaster is $10,what price maximizes profit? b. The elasticity of demand is defined as the percentage change in demand created by a 1% change in price. Using a data table, show that the demand for toasters has constant elasticity, that is, the elasticity doesn’t depend on the price. Would this be true if the demand for toasters were linear in price?The demand and supply functions are given as follows: Qd = 100-8P Qs = -35+10P If the government sets the price as 6.5 dollars what will be the economic condition?
- demand for a product is related to its selling price P (in dollars) by the equation n=2800-100p where n is the number of fans that can be sold per month at a price P. Find the selling price that will maximize the revenue.The market has demand and supply curves represented by:P 10+0.001QP 50-0.003QIf the price is held at $17.5, the change in total surplus is____*** if it is a decrease, then put a negative in from of it, do not add a plus sign. Round your answer to the nearest whole number.Suppose market demand and supply are given by Qd=100-2P and Qs=5+3P. If a price floor of $30 is set, what will be the size of the resulting surplus?