Use the following equations to answer the remaining homework questions: Demand: P = 80 – 3Q...
Use the following equations to answer the remaining homework questions:
Demand: P = 80 – 3Q
Supply: P = 2Q + 20
What is the equilibrium price? What is the equilibrium quantity? What is the consumer surplus? What are total expenditures for consumers? What is producer surplus? What is the total revenue for the producer?
Homework Answers
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Use the following
equations to answer the remaining homework questions:
Demand: P = 80 –
3Q...
1. Use the following supply and demand equations. Supply: p = 4 + 3q. Demand: p=2,132-9....
1. Use the following supply and demand equations. Supply: p = 4 + 3q. Demand: p=2,132-9. Use these equations to respond to the following questions. (a) What is the market equilibrium? (4%) (b) Under the market equilibrium, what is Total Surplus? (4%) (c) Suppose the government enacts a price ceiling of p= 2, 000. What is Producer Surplus, Consumer Surplus, Total Surplus, and Deadweight Loss? (4%) (d) Instead, suppose that the government enacts a price ceiling of p = 1,100....
Use the following supply and demand equations. Supply:p= 4 + 3q. Demand:p= 2,132−q. Use these equations...
Use the following supply and demand equations. Supply:p= 4 + 3q. Demand:p= 2,132−q. Use these equations to respond to the following questions. (a) What is the market equilibrium? (b) Under the market equilibrium, what is Total Surplus? (c) Suppose the government enacts a price ceiling of ̄p= 2,000. What is ProducerSurplus, Consumer Surplus, Total Surplus, and Deadweight Loss? (d) Instead, suppose that the government enacts a price ceiling of ̄p= 1,100. What is Producer Surplus, Consumer Surplus, Total Surplus, and...
Use the following supply and demand equations. Supply:p= 4 + 3q. Demand:p= 2,132−q. Use these equations to respond to th...
Use the following supply and demand equations. Supply:p= 4 + 3q. Demand:p= 2,132−q. Use these equations to respond to the following questions. (a) What is the market equilibrium? (b) Under the market equilibrium, what is Total Surplus? (c) Suppose the government enacts a price ceiling of ̄p= 2,000. What is ProducerSurplus, Consumer Surplus, Total Surplus, and Deadweight Loss? (d) Instead, suppose that the government enacts a price ceiling of ̄p= 1,100. What is Producer Surplus, Consumer Surplus, Total Surplus, and...
Consider the following supply and demand curves. Supply: q = 800 + 400 p Demand: q...
Consider the following supply and demand curves. Supply: q = 800 + 400 p Demand: q = 2400 − 400 p . Use these equations to respond to the following questions. (a) What is the market equilibrium price and quantity? (b) What is the Consumer Surplus? (c) What is the Producer Surplus? (d) What is Total Surplus? (e) At the equilibrium price, what is the elasticity of demand?
The supply and demand for broccoli are described by the following equations:
The supply and demand for broccoli are described by the following equations:Qs=4P-80 Qd=100-2Pwhere Q is the quantity of broccoli and P is its price.(a) Graph the supply curve and the demand curve.(b) What is equilibrium price and quantity?(c) Calculate consumer surplus, producer surplus, and total surplus at the equilibrium. Indicate consumer surplus and producer surplus on your diagram.(d) Suppose a dictator who hated broccoli was to tax the sellers of the vegetable. Explain what determines who bears the largest burden -...
1.(32 pts. Consider the following equations describing the market for good X Demand: =4- Supply: -p-2...
1.(32 pts. Consider the following equations describing the market for good X Demand: =4- Supply: -p-2 Equilibrium: q-q=9 a. Find the inverse domand and supply equations. (4 pts.) b. Algebraically find the equilibrium price (p) and quantity (q) of good X. (4 pies) c. Carefully and nearly draw the inverse supply and demand curves you found in purta. In constructing your graph, use the following values of : 0.2 and 4 i.e., coordinates (9), (2.__): (4. ): ctc.). Be sure...
ECON 2012 Homework 4 Due: 3/5 P=3Q+15 and P=-Q+ 55 1. Identify which equation is supply...
ECON 2012 Homework 4 Due: 3/5 P=3Q+15 and P=-Q+ 55 1. Identify which equation is supply and which one is demand. How do you know? 2. Calculate the equilibrium price and quantity. 3. Draw a graph depicting consumer and producer surplus at the equilibrium 4. Interpret what is meant by producer surplus and explain how it is calculated. 5. Calculate the social surplus at equilibrium 6. Draw another graph indicating a decrease in supply and provide 2 examples of what...
Inverse demand for a good is given by the function p = 55 – 3q and...
Inverse demand for a good is given by the function p = 55 – 3q and inverse supply is given by the function p = 10 + 2q. The resulting per-unit price is $28, and the quantity supplied and demanded is 9. The government now sets a price ceiling of $26, and for simplicity. assume that any goods produced are sold to consumers with the highest willingness to pay. What is the resulting consumer surplus? * 121.5 (Round to the...
Use the accompanying graph to answer these questions. a. Suppose demand is D and supply is...
Use the accompanying graph to answer these questions.
a. Suppose demand is D and supply is S0. If a price
ceiling of $6 is imposed, what are the resulting shortage and full
economic price?
Shortage:
Full economic price: $
b. Suppose demand is D and supply is S0. If a price
floor of $12 is imposed, what is the resulting surplus? What is the
cost to the government of purchasing any and all unsold
units?
Surplus: units
Cost to government: $...
For the following set of demand and supply, equations do the following, Find the equilibrium price...
For the following set of demand and supply, equations do the following, Find the equilibrium price and equilibrium quantity for each set of equations. Draw each set of equations in a clearly labeled graph and show the equilibrium P and Q. Calculate the producer surplus at the equilibrium P and Q found in b. If the price were to increase, calculate the total new producer surplus. Calculate the gain in the producer surplus If the price were to decrease, calculate...
1. Use the following supply and demand equations. Supply: p = 4 + 3q. Demand: p=2,132-9. Use these equations to respond to the following questions. (a) What is the market equilibrium? (4%) (b) Under the market equilibrium, what is Total Surplus? (4%) (c) Suppose the government enacts a price ceiling of p= 2, 000. What is Producer Surplus, Consumer Surplus, Total Surplus, and Deadweight Loss? (4%) (d) Instead, suppose that the government enacts a price ceiling of p = 1,100....
1.(32 pts. Consider the following equations describing the market for good X Demand: =4- Supply: -p-2 Equilibrium: q-q=9 a. Find the inverse domand and supply equations. (4 pts.) b. Algebraically find the equilibrium price (p) and quantity (q) of good X. (4 pies) c. Carefully and nearly draw the inverse supply and demand curves you found in purta. In constructing your graph, use the following values of : 0.2 and 4 i.e., coordinates (9), (2.__): (4. ): ctc.). Be sure...
ECON 2012 Homework 4 Due: 3/5 P=3Q+15 and P=-Q+ 55 1. Identify which equation is supply and which one is demand. How do you know? 2. Calculate the equilibrium price and quantity. 3. Draw a graph depicting consumer and producer surplus at the equilibrium 4. Interpret what is meant by producer surplus and explain how it is calculated. 5. Calculate the social surplus at equilibrium 6. Draw another graph indicating a decrease in supply and provide 2 examples of what...
Inverse demand for a good is given by the function p = 55 – 3q and inverse supply is given by the function p = 10 + 2q. The resulting per-unit price is $28, and the quantity supplied and demanded is 9. The government now sets a price ceiling of $26, and for simplicity. assume that any goods produced are sold to consumers with the highest willingness to pay. What is the resulting consumer surplus? * 121.5 (Round to the...
Use the accompanying graph to answer these questions.
a. Suppose demand is D and supply is S0. If a price
ceiling of $6 is imposed, what are the resulting shortage and full
economic price?
Shortage:
Full economic price: $
b. Suppose demand is D and supply is S0. If a price
floor of $12 is imposed, what is the resulting surplus? What is the
cost to the government of purchasing any and all unsold
units?
Surplus: units
Cost to government: $...
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