The Demand and Supply functions, D (a) and S(9), for a particular commodity are given. Specifically,...
Thank you so much! (2 points) Suppose D(g)-1932 and S(12q+1 are the demand and supply functions for a particular commodity. That is, q thousand units of the commodity will be demanded (sold) at a price of p D() dollars per unit, while q thousand units will be supplied by producers when the price is p S(q) dollars per unit. a. Find the equilibrium price Po where supply equals demand Answer: Po dollars per unit b. Compute the consumers' surplus at...
S(p) = 0 for p A demand function and a supply function for the same commodity is given. D(P) = 35 - 7 In p million units; ſo for p <7 million units; 13(1.081P) for p 27 p dollars per unit (a) Locate the shutdown point. (Round your answers to three decimal places.) (Ps, SP)) = Write a sentence of interpretation for this point. Producers are willing to supply million units at a market price of $ per unit. Below...
A demand function and a supply function for the same commodity is given D(p)35 7 Inp million units; S(p) = p dollars per unit (a) Locate the shutdown point. (Round your answers to three decimal places.) (ps, S(Ps))- for p < 9 for p million units; 9 3( 1.081°) Write a sentence of interpretation for this point. Producers are wlling to supply million units at a market price of $ per unit. Below $ per unit, producers will shutdown (b)...
2. Suppose the market demand and supply functions of commodity X (it is a normal good) are as below: Qp = 120,000 - 20,000 P Qs = 20,000 p ve y em . a) Calculate consumer surplus (CS), producer surplus (PS), and total surplus in part (a) of that question b) Calculate CS, PS, and total surplus in part (c) of that question. How do these values compare to those in part (a) above? Explain the change (that is, explain...
4) In a certain state, it is found that the distribution of income for lawyers is given by the Lorenz curve L (r) = while that of surgeons is given by L2(r) = {x4 + }r Compute the Gini index for each Lorenz curve. Which profession has the more equitable income distribution? 5) An investment will generate income continuously at the constant rate of $1000 per year for 6 years. If the prevailing annual interest rate remains fixed at 7%...
The demand function for a certain commodity is given by p = 100e-9/2. (p is the price per unit and q is the number of units.) (a) At what price per unit will the quantity demanded equal 4 units? (Round your answer to the nearest cent.) $ (b) If the price is $1.99 per unit, how many units will be demanded, to the nearest unit? units
Find the consumers' surplus and the producers' surplus at the equilibrium price level for the given price-demand and price-supply equations. Include a graph that identifies the consumers' surplus and the producers' surplus. Round all values to the nearest integer. p=D(x) = 70 -0.07%; p = S(x) = 30 e 0.001x What is the consumers' surplus, CS? CS = (Round to the nearest integer as needed. Round all intermediate steps to the nearest integer.) What is the producers' surplus, PS? PS...
The management of the Titan Tire Company has determined that the quantity demanded x of their Super Titan tires/week is related to the unit price p by the relation p-172-x where p is measured in dollars and x is measured in units of a thousand. Titan will make x units of the tires available in the market if the unit price is p- 76+3 dollars. Determine the consumers surplus and the producers' surplus when the market unit price is set...
The demand function for a certain commodity is given by p 100e2. (p is the price per unit and q is the number of units.) (a) At what price per unit will the quantity demanded equal 4 units? (Round your answer to the nearest cent.) (b) If the price is $2.95 per unit, how many units will be demanded, to the nearest unit? units
The demand and supply functions for a certain commodity are as follows: Demand: p=f(q)-156-0.8q: Supply: puga)=40+5q, where p is the price per unit of the commodity in dollars, 9 is the quantity in units. Then the equilibrium price is ♡ ♡ ♡ Select one: O a. qs = 350p - 5075; qd = -1000p + 1000; O b.qs = 1000p - 1000; qd = –350p + 5075; o c.qs = –350p + 5075: qd = 1000p - 1000; O d....