Qd = 600 – P Qs = 2P a. Calculate equilibrium price and quantity b. Determine...
Qd = 600 – P Qs = 2P
a. Calculate equilibrium price and quantity
b. Determine the value for consumer surplus at equilibrium
c. Determine the value for producer surplus at equilibrium
d. At what range of prices could a binding price ceiling be enforced?
Homework Answers
B.CS=Area ABC
AC=400
BC=400
CS=400*400/2
CS=80000
C.PS=Area BCD
BC=400
CD=200
PS=400*200/2
PS=40000
D.A binding price ceiling is imposed at a price below the equilibrium price.A bind price ceiling range would thus be 0<P<200.
Please leave a comment in case of a query
Add Answer to:
Qd = 600 – P Qs = 2P
a. Calculate equilibrium price and quantity
b. Determine...
Suppose the demand equation can be represent as QD = 100 -2P and the Supply equation...
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?
Qd =8 - P. Qs = 2P + 2. What is the equilibrium price and quantity?...
Qd =8 - P. Qs = 2P + 2. What is the equilibrium price and quantity? a. P* = 2, Q* = 6 b. P* = 2, Q* = 4 c. P* = 3, Q* = 6 d. P* = 4, Q* = 8
The demand function for Product X is Qd = 100 – 2P and its supply function is Qs = -20 + P where P is the price of Product X in dollars while Qd is the quantity demanded and Qs is the quantity supplied (both expressed in thousands of units).
Part 2 The demand function for Product X is Qd = 100 – 2P and its supply function is Qs = -20 + P where P is the price of Product X in dollars while Qd is the quantity demanded and Qs is the quantity supplied (both expressed in thousands of units). Part 1What are the equilibrium price and quantity? (3 points)What is the consumer surplus in the market for Product X? (2 points)What is the producer surplus in the market...
Problem 1 Deadweight Loss Given the following information: Qs = 2P P = Qs/2 QD= 180...
Problem 1 Deadweight Loss Given the following information: Qs = 2P P = Qs/2 QD= 180 - 4P P = (QD -180)/-4 AR = P = 45-.25Q TR = 45 - .25Q2 MR = 45 - .5Q Hint: MC – supply curve MR = 45 - 5Q Qs = supply Qd = demand A) Using the above information, 1) Graph and calculate the price-output solution under competitive market assumptions. 2) How much is the consumer surplus producer surplus and...
Deadweight Loss Given the following information: Qs = 2P P = Qs/2 QD= 180 - 4P...
Deadweight Loss Given the following information: Qs = 2P P = Qs/2 QD= 180 - 4P P = (QD -180)/-4 AR = P = 45-.25Q TR = 45 - .25Q2 Hint: MC – supply curve MR = 45 - 5Q Qs = supply Qd = demand Using the above information, Graph and calculate the price-output solution under competitive market assumptions. How much is the consumer surplus producer surplus and total surplus? Calculate the price and the...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538 5. Orange juice and apple juice are substitutes. Suppose bad weather sharply reduced the orange harvest. What would the impact be? a increase consumer surplus in the market for orange juice but decrease producer surplus in the market for apple juice b. increase consumer surplus in...
QUESTION 12 Assume that Qd-80-2P and Qs-2P-20 and the market is in equilibrium. If the governmenti...
QUESTION 12 Assume that Qd-80-2P and Qs-2P-20 and the market is in equilibrium. If the governmenti producer surplus? mposes a price B. S75 o C $100 e D. s200 o E. There is no loss because the price ceilling is not effective
1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes...
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...
Q. Given the following supply and demand functions, calculate consumer surplus. P = 600 − Qd...
Q. Given the following supply and demand functions, calculate consumer surplus. P = 600 − Qd P = 300 + 2QS Q. Consider the market for jet fuel in a remote regional airport. The domestic demand and supply curves are given as (Qs are gallons in thousands): P = 55 − 3QD P = 5 + 7 QS a) What is the market equilibrium price and quantity? b) If the government imposes a price ceiling of $28, what will be...
Consider the following supply and demand functions qD = 12 - 3p qS = -3 +...
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...
4. Market demand is given as QD-210-3P. Market supply is given as QS competitive equilibrium, what will be the value of consumer surplus? a. $1400 2P+50. In a perfectly b. $2166 .$3267 d. $6538 5. Orange juice and apple juice are substitutes. Suppose bad weather sharply reduced the orange harvest. What would the impact be? a increase consumer surplus in the market for orange juice but decrease producer surplus in the market for apple juice b. increase consumer surplus in...
QUESTION 12 Assume that Qd-80-2P and Qs-2P-20 and the market is in equilibrium. If the governmenti producer surplus? mposes a price B. S75 o C $100 e D. s200 o E. There is no loss because the price ceilling is not effective
Most questions answered within 3 hours.
-
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 1 minute from now -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 29 minutes ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 1 hour ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 1 hour ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 1 hour ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 1 hour ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 1 hour ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 1 hour ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 1 hour ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 1 hour ago -
what is the density ( in g/L) of hydrogen gas at 29 degrees C and a...
asked 2 hours ago -
5-6. You are considering three investment alternatives for some
spare cash: Old Reliable Corporation stock (A1),...
asked 1 hour ago