US oil demand is given by P = 106 - 7* Q, where P and Q are oil price and oil quantity (in barrel) demanded. How much does Consumer Surplus increase if the oil price per barrel in the world decreases from $87 to $60?
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- Consumers' Surplus The demand function for a certain brand of CD is given by p = −0.01x2 − 0.3x + 19 where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus (in dollars) if the market price is set at $9/disc. (Round your answer to two decimal places.) $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.If the demand of the condominiums demand is inelastic, that is, it is a normal good, and when the price of the condominiums will decrease, then the demand of the people for the product will increase because the consumer surplus will exist when the money spent by the people will be more as compared to the price which is to be charged for the product. As the price will decrease, the people will prefer to buy more because it is already a normal good and demand for more. Pertaining to the supply of Condominiums in response to the demand of Nagenyos, enumerate at least two (2) possible effects of the determinants of demand (a) price, (b) income, (c) prices of related goods like apartments and residential houses, and (d) consumer taste and expectation, and the determinants of supply (a) flexibility of inputs, (b) mobility of inputs, (c) ability to produce substitute and (d) time.
- Suppose demand and supply are given by Qd = 40 − P and Qs = 1.0P − 10. b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $32 is imposed in this market.Quantity demanded: Quantity supplied: Surplus:Price(per pound) Quantity Supplied(pounds) Quantity Demanded(pounds) $7 80 30 $6 70 45 $5 60 60 $4 50 75 $3 40 90 $2 30 105 $1 20 120 The equilibrium price is $ per pound. Suppose that after a successful lobbying campaign by chocolate producers, the government imposes a price floor of $7 per pound. The price floor will lead to a surplus of pounds of chocolate. After a few years, chocolate producers are not happy. They realize that compared to the market equilibrium, their total revenue has fallen by $ . To compensate the chocolate producers, the government agrees to buy the entire surplus chocolate at the $7 price floor. Chocolate producers rejoice. Compared to the market equilibrium, their total revenue has now increased by $ .In a competitive market in which P = 100 − 2Q is the inverse demand for fuel and P = 10 + Q is the inverse supply of fuel. Calculations are preferred, but you may use a graph for partial Without a tax, what is the market-clearing price and output, P and Q? What is the consumer surplus and producer surplus (with no tax) If a tax on fuel is set at $15, how much fuel will be purchased? You can assume that the buyers pay the tax (but it doesn’t matter). What is the deadweight loss of the tax? Thanks!
- Suppose that the market for product X is characterized by a typical, downward-sloping, linear demand curve and a typical, upward-sloping, linear supply curve. If a $2 tax per unit results in a deadweight loss of $200, how large would be the deadweight loss from a $4 tax per unit?Pretend that a minimum price = $22 is imposed. This will reduce the quantity demanded to 40 units. At the imposed price of $22, what will be consumer surplus? $6 $80 $240 $480In a competitive market, the following supply and demand equations are given: Supply P = 5 + 0.36Q Demand P = 100 - 0.04Q, where P represents price per unit in dollars, and Q represents rate of sales in units per Year. 1. I. Determine the equilibrium price and sales rate. Determine the deadweight loss that would result if the government were to impose a price ceiling of £40 per unit.
- Consider that the market for soybeans is defined by the following demand and supply equations: QD = 200 - 10P and QS = 20P - 100, where P is the price in dollars and Q measures the quantity in tons per quarter. The market is currently in equilibrium. Now consider that after much lobbying by the United Farmers Association, the government imposes a price control of $12.50 in this market, with no additional government support. 1.Given the current market environment, what is the total surplus in the market? 2.Describe the current market outcome. As the result of the government’s policy, the current market outcome is __________(efficient ? not efficient?). The quantity traded is __________(less than ? greater than ?) the quantity traded before the government intervention, and price sellers ( farmers) receive per ton is __________(equal to 10? equal to 12.50? less than 10? less than 12.50 and greater than 10?). Additionally, as a result of the government’s policy sellers seem to be…The demand for petroleum is given by QD=85 − 0.4P where Q D is the quantity demanded in thousands of barrels per day and P is the price per barrel in dollars. The supply of petroleum is given by QS=55+0.6P. Calculate the equilibrium price and quantity in this market. 2. In the context of the problem in part (a), calculate the demand and supply for petroleum if the market price is $15 per barrel. What problem exists in the economy?The market for a particular consumer good has a demand function given by: q = 24 - p and supply given by p = q + q^2, where q is the quantity and p is the price. Question: If the government decided not to set the price, but instead imposed a tax on production of $1 per unit, effectively increasing the cost to supply by $1 dollar per unit for every level of quantity supplied, what would the new equilibrium quantity be?