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- The consumer surplus is negative when: a. The customer's maximum willingness-to-pay is below the price. b. The cost exceeds the price. C. The cost below the customer's willingness-to-pay. d. No other option is correct.The consumer surplus is positive when: a. The customer's maximum willingness-to-pay is below the price. b. The price exceeds the cost. c. The customer's maximum willingness-to-pay is above the price. d. Value creation is positive.Roma is a watch seller. Her minimum acceptance price is $350 and the market price for watch is $366 Calculate the producer surplus
- If the current market price was $10, then Group of answer choices there would be a shortage of 600 units. there would be a surplus of 600 units. the market would be in equilibrium. there would be a surplus of 300 units. there would be a shortage of 300 units.A consumer is willing to purchase an item for $30 but he gets item at a market price of $22. Calculate the consumer surplus.Price Per Unit Quantity Demanded Per Year Quantity Supplied Per Year $ 5 2,000 0 10 1,800 300 15 1,600 600 20 1,400 900 25 1,200 1,200 30 1,000 1,500 Refer to the above table. A shortage of 1,500 units will occur when the price is
- The supply curve for product X is given by QXS = -520 + 20PX . How much surplus do producer receive when Qx=400The demand function for beef is Qd = 100 – 3P and supply function for beef is Qs = 10 +2P. Price elasticity of demand is – 0.1 and price elasticity of supply is 0.02. ii. Calculate new price of beef in the market when government introduces a specific tax of N$0.25 per kg.In 2008 a car manufacturer sold 10,000 units of its leading model at N10,000. After deducting operating costs, dealers’ costs and all other variable cost this produced a surplus of N4,000 on each unit sold. Due to the recession, sales slump in early 2009 and the marketing director advises a price cut of N2000, arguing that this makes sense because the Own Price Elasticity of demand is –1.5. Calculate the amount of surplus that would be generated by the manufacturer in 2009 if the marketing director is correct and her recommendation is accepted.
- Suppose the following demand and supply function: Qd = 750 – 25P Qs = -300 + 20 P Find consumer and producer surplusIf maximum willingness to pay of john is $30 and market price is $20 Find consumer surplusCalculate the producer surplus when the market price is $34 and the willingness to sell the product is $27
