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QUESTION 12 Assume that Qd-80-2P and Qs-2P-20 and the market is in equilibrium. If the governmenti...
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?
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...
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?
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...
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...
Use the following demand and supply functions to answer this question; Qd=100-2p; Qs=60+2p; The equilibrium quantity in this market is 60, 80, or 100?
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...
Use the following demand and supply functions to answer this question; Qd=100-2p; Qs=60+2p ; If a ceiling price of $8 is established by the government, then a new equilibrium price will emerge. a shortage of 84 will result. a shortage of 8 will result. a surplus of 8 will result.
The market demand and supply is described by the following equations QD = 250 - 2P QS 3P 1) Find the market equilibrium. 2) What is the CS, PS, and W in this market? 3) Assume that the government introduces a equilibrium? price ceiling of p = 15. What is the new 4) Find the change in CS, PS, and W. Is there Dead Weight Loss? if so, of how much? 5) What does this tell you about the welfare...
Assume: Demand Curve: QD = 80 – 10P; and Supply Curve: QS = 10P 7. Given the information derived above, identify on the graph consumer surplus and producer surplus for each situation as well as deadweight loss, if any. b. Government imposes a minimum price of $6.00 Calculate and assess (describe the impact) of the following: 1. Consumer Surplus 2. Producer Surplus 3. Deadweight Loss 4. Total Surplus 5. Government Revenue 6. Is the market operating efficiently: Yes or No....