Please help me solve part b,c and d of this question. Also, solve all the surpluses using by mentioning them in the graph (and use integration). 9.7 Suppose that the demand for broccoli is given byDemand: Q = 1,000 – 5Pwhere Q is quantity per year measured in hundreds ofbushels and P is price in dollars per hundred bushels.The long-run supply curve for broccoli is given bySupply: Q = 4P – 80a. Show that the equilibrium quantity here isQ = 400. At this output, what is the equili-brium price? How much in total is spent onbroccoli? What is consumer surplus at thisequilibrium? What is producer surplus at thisequilibrium?b. How much in total consumer and producersurplus would be lost if Q = 300 instead ofQ = 400?c. Show how the allocation of the loss of totalconsumer and producer surplus between sup-pliers and demanders described in part bdepends on the price at which broccoli is sold.How would the loss be shared if P = 140?How about if P = 95?d. What would the total loss of consumer andproducer surplus be if Q = 450 rather thanQ = 400? Show that the size of this total lossalso is independent of the price at which thebroccoli is sold.

Demand function: Q = 1000 -5PLong run supply function: Q= 4P - 80

b. How much in total consumer and producer surplus would be lost if Q = 300 instead of Q = 400? c. Show how the allocation of the loss of total consumer and producer surplus between sup- pliers and demanders described in part b depends on the price at which broccoli is sold. How would the loss be shared if P = 140? How about if P = 95? d. What would the total loss of consumer and producer surplus be if Q= 450 rather than Q = 400? Show that the size of this total loss also is independent of the price at which the broccoli is sold.

b. How much in total consumer and producer surplus would be lost if Q = 300 instead of Q = 400? c. Show how the allocation of the loss of total consumer and producer surplus between sup- pliers and demanders described in part b depends on the price at which broccoli is sold. How would the loss be shared if P = 140? How about if P = 95? d. What would the total loss of consumer and producer surplus be if Q= 450 rather than Q = 400? Show that the size of this total loss also is independent of the price at which the broccoli is sold.

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

Heckscher-Ohlin: Consider an economy with two goods (corn and potatoes), both produced using capital and labor. Both factors can freely move across sectors. The technologies for the two sectors are given by the following Cobb-Douglas production functions:
Useboth General Equilibrium and Partial Equilibrium analyses toexplain the effects of a tariff in a small country case taking intoconsideration the seven effects of tariff. Also, illustrate youranswer graphically.
Suppose that the community of Markstown produces two goods: Michelob light beer(MLB) and bacon/lettuce/tomato sandwiches (BLTs). Assuming increasingopportunity costs, draw a production possibilities curve (PPC) for Markstown
14,15
12
Explain the theory of comparative advantage using an example, and describe five (5) assumptions.
Suppose that when farmers grow tomatoes, they use pesticides that leak into the ground water and cause people living near tomato farms to get sick. This is an example of a: Select one: a. negative production externality. b. positive consumption externality. c. positive production externality. d. negative consumption externality.
2. a. Consider an exchange economy which satisfies the conditions of the First Welfare Theorem (a competitive equilibrium is Pareto optimal and for which equilibrium exists starting from any vector of initial endorsements) Use these hypotheses to provide a quick indirect proof the Second Welfare Theorem.
Antje currently produces fish and fruit at point A in the graph. Use the graph to complete the following sentence. Antje's marginal cost of producing an additional unit of fish is OA. 2/52 units of fruit OB. 52 units of fruit O c. 3 units of fruit O D. 52/2 units of fruit C 60- Fruit (units) Fish (units) ģ PPF 10 12 >>> Click on the graph to work out the answer. Q
What are the correct answers?
please just answer c,d,e
I need help solving this problem. Thank you!