Assume the demand and supply equations for sweatshirts is given by: P = 30 0.2Qd P = 2 + 1.2Qs The quantity is in units of "100s" and the equilibrium price and quantity represent the amount bought and sold in a given day. At the equilibrium price and quantity, what is the consumer surplus? (Hint: if you solve for "Q*" to be "90," this means 90*100 = 9000 sweatshirts. Be sure to convert the quantity when solving for consumer or producer surplus.)

Assume the demand and supply equations for sweatshirts is given by: P = 30 0.2Qd P = 2 + 1.2Qs The quantity is in units of "100s" and the equilibrium price and quantity represent the amount bought and sold in a given day. At the equilibrium price and quantity, what is the consumer surplus? (Hint: if you solve for "Q" to be "90," this means 90100 = 9000 sweatshirts. Be sure to convert the quantity when solving for consumer or producer surplus.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Low involvement purchases typically involve very limited, mostly internal/memory based information search for routinely purchased items such as: A Convenience products В Shopping products C Extended search products D Specialty items
Q=48+0.1p p=Price TC=820+10Q2 Q=Number of units Find the revenue maximizing price and output.
Please no written by hand solutions
Panther Acre Cattle Company - Chapter 7 Lab A typical farm or ranch problem is determining the optimum or profit-maximizing weight to sell fed cattle. Assume the feeder cattle are purchased at 600 pounds. The feed required and the weight gain is shown in the table below. Feed costs 7¢ per pound and feeder cattle prices are as follows: Weight Price per Pound 600-899 lbs 72¢ go to 3rd 900-1099 lbs decimal 1100 lbs or more 70¢ Point 67¢ Pay attention to the price changes when computing MVP. Input Output Feed Weight Selling Required Gain Weight Total Average Marginal Marginal Marginal Revenue Physical Physical Value Input (lbs) (lbs) (lbs) Product Product Product Cost 600 0 0 600 432 XXX XXX XXX XXX 500 50 So 650 468 0.10 0.083 1,100 145 as 745 536.40 0.132 6.158 1,700 235 aol 835 601.20 0.138 0.15 2,300 320 85 920 644 0.139 2,900 400 80 1,000 700 0.138 3,500 465 65 1,065 745, 50 0.133 4,100 525 60 1,125 753.75 0.128 4,700 575 SO 1,175 787.25 0.122 5,300 615 40 1,215 814.05 0.116 5,900 645…
Dear expert don't Use chat gpt
Market price is always more than factor cost. True /False
A manufacturer has been selling 1000 television sets a week at $400 each. A market survey indicates that for each $10 rebate offered to the buyer, the number of sets sold will increase by 100 per week. Round your answers to the nearest dollar. (a) Find the demand function (price as a function of units sold). p(x) = (b) How large a rebate should the company offer the buyer in order to maximize its revenue? $ (c) If the company experiences a cost of C(x) = 77,000+ 130x, how should the manufacturer set the size of the rebate in order to maximize its profit? $
Only typed solution
Design a process flowchart for hotel staff who are in charge of getting online room bookings and confirming rooms for customers through emails after receiving their orders with a required deposit. Your process flowchart needs to solve 3 following situations: •Out of room •Available rooms matching demand •Available rooms not matching demand
Which of the following is not considered an operating expense? FOB destination Cost of goods sold Advertising expense Administrative expense
Define American National Standards Institute (ANSI)
Acquiring a supplier because it becomes more profitable Question 4 options: will raise the asking price to offset any increase in cash flow over time will increase your profits will decrease your profits will make you alter operations