18. Demand and Supply curves can be represented by: Qd = 90-2P; and Qs = 3P.
Using the same Demand and Supply curves that can be represented by: Qd = 90-2P; and Qs = 3P. Consumer Surplus is:
$1944 |
$342 |
$729 |
$486 |
Consumer surplus is the area below the demand curve and above market equilibrium price.
18. Demand and Supply curves can be represented by: Qd = 90-2P; and Qs = 3P....
17. Demand and Supply curves can be represented by: Qd = 90-2P; and Qs = 3P. Using the same Demand and Supply curves that can be represented by: Qd = 90-2P; and Qs = 3P. Producer Surplus is: $486 $243 $118 $900
16 . Demand and Supply curves can be represented by: Qd = 90-2P; and Qs = 3P. Calculate the equilibrium price and quantity: P = $18; and Q = 54 P = $90; and Q = 45 P = $30; and Q = 54 P = $30; and Q = 30
19. Still using the same Demand and Supply curves that can be represented by: Qd = 90-2P; and Qs = 3P. Suppose price is at $20, there will be …….. as many as ……..units. shortage; 10 units shortage; 18 units surplus; 10 units surplus; 18 units
20. Still using the same Demand and Supply curves that can be represented by: Qd = 90-2P; and Qs = 3P. Suppose price is at $15, there will be …….. as many as ……..units. shortage; 60 units surplus; 45 units shortage; 15 units surplus; 15 units
industry supply and demand are given by QD=900-2P and QS=3P
Suppose the demand equation can be represent as QD = 100 -2P and the Supply equation can be represented as QS = -10 + P. a. Find the equilibrium price and quantity. b. At a price ceiling of $20, what is the QD and QS. What is the deadweight loss, consumer surplus and producer surplus amount?
Consider the following supply and demand functions qD = 12 - 3p qS = -3 + 2p Using the supply and demand functions, suppose a price ceiling of p = 2 were implemented. How much is supplied to the market and how much is demanded? What is the excess demand? Calculate the consumer surplus, producer surplus, and welfare level without the priceceiling. Calculate the consumer surplus, producer surplus, welfare level, and dead weight loss withthis price ceiling. What if the...
Consider the following demand and supply curves: Qd = 200 – 2P and Qs = 20 + 4P. What are the equilibrium quantity and price? At that equilibrium what is the price elasticity of demand?
1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes is given by: QS= 9P -120. Calculate the Gains from Trade (also known as Economic Surplus) that would exist in this market in a competitive equilibrium. 2 Suppose the demand for jackets was given by: QD= 140 -0.4P. The supply of jackets is given by: QS= 4P -80. Suppose the price was $49 per jacket. Calculate whether there is a surplus or shortage of...
2. Let the demand and supply functions be as follows: (a) Qd-51 – 3P (6) Qd = 30 – 2P Qs = 6P - 10 Qs = -6 +5P find P* and Q* by elimination of variables. (Use fractions rather than decimals.) 3. According to (3.5), for Q* to be positive, it is necessary that the expression (ad – bc) have the same algebraic sign as (b+d). Verify that this condition is indeed satisfied in the models of Probs. 1...