A price ceiling is given along with demand and supply functions, where D(x) is the price, in dollars per unit, that consumers will pay for x units, and S(x) is the price, in dollars per unit, at which producers will sell x units. Find (a) the equilibrium point, (b) the point (Xc Pc). (c) the new consumer surplus, (d) the new producer surplus, and (e) the deadweight loss. D(x)= 78-x, S(x)= 30 + 0.5x, Pc $41 a) Find the equilibrium point. (Type an ordered pair.) b) Find the point (XC Pc) (Type an ordered pair.) c) Find the new consumer surplus. (Type an integer or decimal rounded to two decimal places as needed.) d) Find the new producer surplus. (Type an integer or decimal rounded to two decimal places as needed.) e) Find the deadweight loss. (Type an integer or decimal rounded to two decimal places as needed.)

A price ceiling is given along with demand and supply functions, where D(x) is the price, in dollars per unit, that consumers will pay for x units, and S(x) is the price, in dollars per unit, at which producers will sell x units. Find (a) the equilibrium point, (b) the point (Xc Pc). (c) the new consumer surplus, (d) the new producer surplus, and (e) the deadweight loss. D(x)= 78-x, S(x)= 30 + 0.5x, Pc $41 a) Find the equilibrium point. (Type an ordered pair.) b) Find the point (XC Pc) (Type an ordered pair.) c) Find the new consumer surplus. (Type an integer or decimal rounded to two decimal places as needed.) d) Find the new producer surplus. (Type an integer or decimal rounded to two decimal places as needed.) e) Find the deadweight loss. (Type an integer or decimal rounded to two decimal places as needed.)

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter6: Simple Pricing

Section: Chapter Questions

Problem 8MC

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Total Surplus and Deadweight Loss

Economists generally define efficiency as when it is impossible to improve the situation of one party without imposing a cost on another. Conversely, if a situation gets inefficient, a party will benefit more than the other without imposing costs on others.

Question

A price ceiling is given along with demand and supply functions, where D(x) is the price, in dollars per unit, that consumers will pay for x units, and S(x) is the price, in dollars
per unit, at which producers will sell x units. Find (a) the equilibrium point, (b) the point (xC Pc). (c) the new consumer surplus, (d) the new producer surplus, and (e) the
deadweight loss.
D(x) = 78-x, S(x)= 30 +0.5x, Pc = $41
a) Find the equilibrium point.
(Type an ordered pair.)
b) Find the point (Xc Pc):
(Type an ordered pair.)
c) Find the new consumer surplus.
(Type an integer or decimal rounded to two decimal places as needed.)
d) Find the new producer surplus.
(Type an integer or decimal rounded to two decimal places as needed.)
e) Find the deadweight loss.
(Type an integer or decimal rounded to two decimal places as needed.)
DELL

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