Total surplus = area of triangle = 0.5*10*20
P |
Qd |
Qs |
20 |
0 |
20 |
19 |
1 |
19 |
18 |
2 |
18 |
17 |
3 |
17 |
16 |
4 |
16 |
15 |
5 |
15 |
14 |
6 |
14 |
13 |
7 |
13 |
12 |
8 |
12 |
11 |
9 |
11 |
10 |
10 |
10 |
9 |
11 |
9 |
8 |
12 |
8 |
7 |
13 |
7 |
6 |
14 |
6 |
5 |
15 |
5 |
4 |
16 |
4 |
3 |
17 |
3 |
2 |
18 |
2 |
1 |
19 |
1 |
0 |
20 |
0 |
For a product, the demand is: P- 20-Q when Q is less than or equal to...
Market demand for a good is given as Qd = 90 - P. Market supply is given as Q. = 5P. a) What is equilibrium price and quantity traded in this market? a. P = 15 and Q = 75 b. P = 45 and Q = 45 C. P = 40 and Q = 50 d. P = 10 and Q = 70 b) What is the point price elasticity of demand when P 20? a. Ep = 3.45,...
Problem 4: Competitive markets, equilibriua, and surplus. The market demand is Q-15-P, and the market supply is Q-P/2. (a) Assume that the markct is perfectly compctitive. What are the cquilibrium price and (b) Assume that the market is perfectly competitive. What is the equilibrium consumer, (c) In order to support producers by i quantity? producer, and total surplus? tion quota of Q-4 units. What will the market clearing price be? At that price, g prices, the government imposes a produc-...
Suppose that in a perfectly competitive market, demand is given by Q=63.0-P and supply is given by Q=P-9.0. What is aggregate surplus in the competitive market equilibrium? No units, no rounding.
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QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit Total QUESTION 14 The equilibrium price and quantity of a good are found where the supply and demand curves intersect. True False QUESTION 16 If price elasticity of demand is less than 1, it is Elastic Unit Elastic Inelastic Perfectly Elastic QUESTION 17 Perfectly competitive firms set the price at the point where they can maximize their profits. True False QUESTION 18 What is...
1. The demand function for a certain product is p = 300 - sold while p is the unit price when q units are produced where is the quantity of the product produced and a. (8 points) Find the point elasticity of demand when - 12. b. (2 points) Is the demand elastic, inelastie, or unit elastic when - 127 2. Let f(t) = the a. (4 points) Find /'!). b. (6 points) Find f"(t).
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Suppose that in a perfectly competitive market, demand is given by Q=59.0-P and supply is given by Q=P-28.0. The government imposes a per-unit excise tax of $1 on the good. What is consumer surplus after that tax is imposed? No units, no rounding.
Suppose that in a perfectly competitive market, demand is given by Q=58.0-P and supply is given by Q=P-27.0. The government imposes a per-unit excise tax of $1 on the good. What is producer surplus after the tax is imposed? No units, no rounding.
Question 1 (1 point) Suppose that in a perfectly competitive market, demand is given by Q=54.0-P and supply is given by Q=P-36.0. What is aggregate surplus in the competitive market equilibrium? No units, no rounding. Your Answer: Your Answer View hint for Question 1 Question 2 (1 point) Suppose that in a perfectly competitive market, demand is given by Q=71.0-P and supply is given by Q=P-31.0. The government imposes a per-unit excise tax of $1 on the good. What is...