The market for calculators has a demand curve given by Qp = 75 - Pp, and...
Assume that the market can be represented by the supply and demand curves: Qs = 6P - 60 Qp = 60 - 4P If the price is 14 (P=14) then the quantity (Q) at market disequilibrium would result in A shortage of 20 units A surplus of 20 URT A surplus cf2units A shortage units n
Question 1 (10 pts) Consider the following market. Demand is given by Qp 5-P where Qp is the quantity demand and p is the price. Supply is given by Qs - F where Qs is the quantity supplied. a. What is the market equilibrium quantity and price? b. Calculate consumer, producer, and total surplus. Depict your answer in a graph. c. Suppose the government imposes a price floor of P- 4. Calculate the consumer surplus, producer surplus, and deadweight loss....
32. Chapter 4 Market demand is given as Qd = 150 – 3P. Market supply is given as Qs = 2P. What would result if the market price were $25? Show your work. a. a shortage of 25 b. a surplus of 25 c. a surplus of 105 d. a shortage of 105
need answer quickly 1. Market demand is given as QP = 220 - 4P. Market supply is given as QS = 2P + 40. Each identical firm has MC = 0.5Q and ATC = 0.25Q. What is a firm's average total cost?
Suppose the market supply and demand for a good is given by QP = 390 - 30P, and QS = 20P - 10, where Pis the price measured in dollars, QS is the quantity supplied, and QP is the quantity demanded. The government imposes a per-unit tax of $2. By how much will the quantity sold change because of the tax? What is the per-unit burden of tax on buyers? What is the per-unit burden of tax on sellers?
6. Given the following demand and supply curve, Qd = 500 - 4P and Qs = 5P - 400 a. Calculate and graph the market equilibrium, P and Q b. If the government raises the price to $105, calculate and graph the surplus or shortage that it creates
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...
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
please label 10. Market Equilibrium: a. where the supply curve meets the demand curve, and thus we get a Price (P*) where the Quantity demanded is exactly equal to the quantity demanded (Q* =Qs=Qd) b. When P is high compared to what should have been P*, we get Qs>Qd, resulting in excess supply or what is called a surplus (a bad thing!) c. When P is low compared to what should have been P*, we get Qs<Qd, resulting in excess...
Demand, Supply and Equilibrium: Given the following equations representing the behavior of producers and consumers: Price Quantity Demanded Qd Quantity Supplied Qs 52 48 44 40 35 32 29 26 24 Consumers: Qd = 3,380 - 35P, Producers: Qs =95P, (P: Price) (Qd: quantity demanded, Qs: Quantity supplied ) What price corresponds to the equilibrium price for this market? (1%) What is the equilibrium quantity? Over what range of prices does a Surplus result? Over what range of...