None 015Suppose a market has five potential buyers with their respective Willing To Pay $400, $68, $190, $76 and $395 to purchase one unit of a certain good. Assuming the market price of the good is $150, determine the totalconsumer surplus of this market.Your Answer: 585I

Consumer Surplus is the difference between what the consumer is willing to pay for a particular good…

Answered: 015 Suppose a market has five potential…

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 1SQP

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a) If the daily demand curve for gasoline is as provided in the graph attached, then how much consumer surplus would consumers receive if the market price for gasoline was $3.50 per litre? (PLEASE SHOW CALCULATIONS). b) What about for a price of $2.50 per litre? (PLEASE SHOW CALCULATIONS).
The attached figure shows Rosa's demand for ice cream. If the price of ice cream were $2 per litre, then Rosa's consumer surplus for the 4th litre: (a) Is greater than the surplus for the 8th litre. b) Is the same as the surplus on the 8th litre. c) Is less than the surplus on the 8th litre d) It could be greater than, equal to or less than the surplus of the 8th litre. Note: Please make your calculations to get the correct answer
.Given a demand curve of P = 21 - 5QD and a market price P* of $8, how much is the consumer surplus? Note: Show your answer in units of dollars, use plain numbers with at least two digits after the decimal (e.g., for $1,234.56, type 1234.56).
Find the consumers’ surplus and the producers’ surplus at the equilibriumprice level for the given price–demand and price–supply equations and draw the graph. (You may round all values to the nearest integer). p = D(x) = 185e-0.005x p = S(x) = 25e 0.005x
Based on this graph,Calculate the consumer surplus from 500 pairs of shoes?
only typed answer Is this right?
In Figure 1, suppose the marginal value for gasoline falls by $6 for every quantity demanded for all gas stations in the market. After the market changes, what is the consumer surplus? A) $18B) $12C) $9D) $6E) $2
Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p= D(z) = 40-2-0174176a dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(x) = 0.6z+4 dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and the producers' surplus. The consumers' surplus is. (Your answer must begin with S.) The producers' surplus is Your answer must begin with $.)
A cup of Starbucks Macchiato will cost you almost $6, and a similar cup at McDonald will cost about $3. The exotic Indonesian Civet Coffee will cost at least $25 per cup. What is the most that you are willing to pay for a cup? Is it worth to pay more? Do you have any consumer surplus on this consumption?
Please written by computer source Suppose that the demand curve for a product is given by Q = 100 −10p and the supply curve is Q = 10p. Assume that income effects (elasticities) are small so consumer surplus is a good measure of consumer welfare. (a) What is the equilibrium price and quantity with no distortions? (b) The government imposes a tax of $2.00 per unit sold. What is the new equilibrium quantity? Sketch the market equilibrium in a graph. (c) Given the tax what is the change in consumer surplus? What is the change in producer surplus? What is the change in government revenue? What is the net Dead Weight Loss from the tax? (d) Say the government proposes to use the revenue from the tax to pay for snacks in our last ECON 312A lecture. The total social benefits from the snacks would be $82.00. Will the tax increase overall welfare if the revenue is used to buy the snacks? What is the dollar value of the net gain or loss to society?
E1
Comsumer Surplus Study The goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity is based off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 of Chapter 3 in the Business Calculus book. The table below shows how supply and demand of gasoliine vary depending on the price: Price ($/gal) Demand (million of gal.) Supply (million of gal.) 753 513 550 1.2 700 1.4 640 600 1.6 580 639 1.8 543 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 3. 367 763 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places %3D • Assume that the Demand has a quadratic relationship with the…

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015 Suppose a market has five potential buyers with their respective Willing To Pay $400, $68, $190, $76 and $395 to purchase one unit of a certain good. Assuming the market price of the good is $150, determine the total consumer surplus of this market. Your Answer: 585 I