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2. Suppose that consumer demand for hybrid cars can be represented by the equation P =...
5) (28 points) Suppose the demand and supply for flu shots are given by pd =...
5) (28 points) Suppose the demand and supply for flu shots are given by pd = 1200-Q ps = 440 + Q Suppose flu shots generate a positive externality, and the marginal external benefit (MEB) is MEB=60 -0.050. (a) Derive the marginal social benefit (MSB) curve. (b) Draw the Demand, Supply, and MSB curves on the same graph (with P on the vertical axis and Q on the horizontal axis) and clearly indicate the curves in your graph. (c) Calculate...
Consider a hypothetical market for the hepatitis A vaccine. The market demand (or private marginal benefit...
Consider a hypothetical market for the hepatitis A vaccine. The market demand (or private marginal benefit schedule) is given as: P = 80 -0.25Qd where Qd denotes the number of vaccinations demanded per month and P is the price per vaccination. The market supply for the vaccine (the private marginal cost schedule) is: P = 15 + 0.4Qs where Qs denotes the number of vaccinations supplied per month. a. Sketch a graph of the market and solve for the number...
Consider the market for a Hepatitis A vaccine. The market demand or private marginal benefit schedule...
Consider the market for a Hepatitis A vaccine. The market demand or private marginal benefit schedule is given by P = 80 – 0.25Qd, where Qd is the number of vaccines demanded per month and P is the price per vaccination. The market supply for the vaccine is (Private marginal cost schedule) is P = 15 + 0.4Qs, where Qs is the number of vaccines supplied per month. a. Draw a graph of the market and solve the number of...
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?
Suppose a monopolist faces consumer demand given by P 400-5Q with a constant marginal cost of $20 per unit (where margi...
Suppose a monopolist faces consumer demand given by P 400-5Q with a constant marginal cost of $20 per unit (where marginal cost equals average total cost. assume the firm has no fixed costs) If the monopoly can only charge a single price, then it will earn profits of S(Enter your response rounded as a whole number.) Correspondingly, consumer surplus is S However, if the firm were to practice price discrimination such that consumer surplus becomes profit, then, holding output constant...
5. Suppose the demand for ice cream sundaes can be represented by the equation Qp- 10-P,...
5. Suppose the demand for ice cream sundaes can be represented by the equation Qp- 10-P, and the supply is given by the equation Qs = P. Which of the following is the best estimate of the producer surplus in this market? a. $5 b. $10 c. $12.5 d. $22.5
5. Suppose the demand for flu shots can be described by the inverse function P=80-Q and...
5. Suppose the demand for flu shots can be described by the inverse function P=80-Q and the inverse supply curve is given as P=8+2Q. What is the market equilibrium price and quantity in this market? Suppose that flu shots generate consumption externalities such that the marginal social benefit is given by the equation MSB=80 - 12Q. What are the values of Price and Quantity that maximize social welfare/surplus? Is there over- or under consumption of flu shots? What is the...
Scenario: Suppose the demand schedule in a market can be represented by the equation Q -500-10P,...
Scenario: Suppose the demand schedule in a market can be represented by the equation Q -500-10P, where is the quantity demanded and P is the price. Also, suppose the supply schedule can be represented by the equation Q* - 200+ 10P, where is the quantity supplied. Refer to Scenario: What is the elasticity of demand at the equilibrium and which one is more elastic, supply or demand at the equilibrium)? O a elasticity of demand is 3/7 and both demand...
Suppose demand is QD = 16 - P supply is QS = P. There is a...
Suppose demand is QD = 16 - P supply is QS = P. There is a constant positive externality of $4 per unit (Marginal External Benefit, MEB = $4). a. Draw the graph of the MC, MB and MSB curves. Identify the level of the intercepts. b. Calculate total surplus if the market is at the point where MC=MB. c. What is the DWL loss at this point (MC=MB)? Identify on your graph. d. Calculate total surplus if the market is at...
Suppose demand is QD = 16 - P supply is QS = P. There is a...
Suppose demand is QD = 16 - P supply is QS = P. There is a constant positive externality of $4 per unit (Marginal External Benefit, MEB = $4). a. Draw the graph of the MC, MB and MSB curves. Identify the level of the intercepts. b. Calculate total surplus if the market is at the point where MC=MB. c. What is the DWL loss at this point (MC=MB)? Identify on your graph. d. Calculate total surplus if the market...
5) (28 points) Suppose the demand and supply for flu shots are given by pd = 1200-Q ps = 440 + Q Suppose flu shots generate a positive externality, and the marginal external benefit (MEB) is MEB=60 -0.050. (a) Derive the marginal social benefit (MSB) curve. (b) Draw the Demand, Supply, and MSB curves on the same graph (with P on the vertical axis and Q on the horizontal axis) and clearly indicate the curves in your graph. (c) Calculate...
Consider a hypothetical market for the hepatitis A vaccine. The market demand (or private marginal benefit schedule) is given as: P = 80 -0.25Qd where Qd denotes the number of vaccinations demanded per month and P is the price per vaccination. The market supply for the vaccine (the private marginal cost schedule) is: P = 15 + 0.4Qs where Qs denotes the number of vaccinations supplied per month. a. Sketch a graph of the market and solve for the number...
Suppose a monopolist faces consumer demand given by P 400-5Q with a constant marginal cost of $20 per unit (where marginal cost equals average total cost. assume the firm has no fixed costs) If the monopoly can only charge a single price, then it will earn profits of S(Enter your response rounded as a whole number.) Correspondingly, consumer surplus is S However, if the firm were to practice price discrimination such that consumer surplus becomes profit, then, holding output constant...
5. Suppose the demand for ice cream sundaes can be represented by the equation Qp- 10-P, and the supply is given by the equation Qs = P. Which of the following is the best estimate of the producer surplus in this market? a. $5 b. $10 c. $12.5 d. $22.5
5. Suppose the demand for flu shots can be described by the inverse function P=80-Q and the inverse supply curve is given as P=8+2Q. What is the market equilibrium price and quantity in this market? Suppose that flu shots generate consumption externalities such that the marginal social benefit is given by the equation MSB=80 - 12Q. What are the values of Price and Quantity that maximize social welfare/surplus? Is there over- or under consumption of flu shots? What is the...
Scenario: Suppose the demand schedule in a market can be represented by the equation Q -500-10P, where is the quantity demanded and P is the price. Also, suppose the supply schedule can be represented by the equation Q* - 200+ 10P, where is the quantity supplied. Refer to Scenario: What is the elasticity of demand at the equilibrium and which one is more elastic, supply or demand at the equilibrium)? O a elasticity of demand is 3/7 and both demand...
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