The equilibirum quantity and price is 5 units and $49 dollars respectivily. Demand function is p = 74 – Q2 and Supply function is P = (Q+2)2 . Calculate consumer surplus?
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The equilibirum quantity and price is 5 units and $49 dollars respectivily.
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- The standard measure of consumer surplus is a fair measure of the value of a good to consumers because it gives an equal weight to each individual consumer.” Is this statement true, false, or uncertain?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 consumers' surplus at a price level of $1 for the price-demand equation p=D(x)=20−0.1x where p is the price and x is the demand. Do not include a dollar sign or any commas in your answer.
- The demand curve for a certain product is given by p(q)=573−q2. The supply curve is given by p(q)=1.2q2. Find the consumer surplus at equilibrium. The consumer surplus at equilibrium is $enter your response here. If necessary, round to two decimal places. Do not include units.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.In this problem, p is in dollars and x is the number of units. The demand function for a certain product is p = 194 − 2x2 and the supply function is p = x2 + 33x + 41. Find the producer's surplus at the equilibrium point. (Round x and p to two decimal places. Round your answer to the nearest cent.)
- Consumer surplus is largest inIn this problem, p is in dollars and x is the number of units. The demand function for a product is p = 54 − x2. If the equilibrium price is $5 per unit, how many units will be purchased at this price? x1 = What is the equilibrium point? (x1, p1) = What is the consumer's surplus? (Round your answer to the nearest cent.) $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
- Joe mows lawns in his neighborhood for extra money. Suppose the demand for lawn mowing in Joe's neighborhood is: Qd = 46 - 2P and that the supply of lawn mowing (Joe's willingness to mow lawns) is: Qs = -14 + P The market-clearing price of lawn mowing is $20 and the market clearing quanitiy is 6. What is the corresponding consumer surplus? What is the consumer surplus and unmet demand in equilibrium if: Q=D(p)=1676−16pQ=D(p)=1676-16p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−4+8pQ=S(p)=-4+8p, p > 0Consider a market for product X and demand is X = 44 - P where P is the price. If the price falls from P = $30 to P = $24, then total consumer surplus will rise by