please explain and help me calculate correctly Consider the accompanying supply and demand graph.9-8-What is the value of consumer surplus?7-6-Supply$5-(5, 4.5)4What is the value of producer surplus?3-Demand2-1-$6.QuantityWhat is the value of total (also called social oreconomic) surplus?$Price ($) The Ministry of Misallocation has decreed that the production of widgets must be 5000 each month and the production ofgizmos must be 8000 each month. Calculate the deadweight loss in each market caused by these restrictions. Please notethe scale of the quantity axis is in thousands.Price of widgetsPrice of gizmosS100s109.90SupplySupply880770660550440330DemandDemand2201100 1 2 3 4 5 6 7 8 9 10o 2 4 6 8 10 12 14 16 18 20Quantity of widgets (in thousands)Quantity of gizmos (in thousands)What is the deadweight loss in the widgets market?What is the deadweight loss in the gizmos market?%24

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Consider the accompanying supply and demand graph. 9. 8- What is the value of consumer surplus? 7- 6- Supply $ (5, 4.5) What is the value of producer surplus? Demand 2- $ 6. 8 Quantity What is the value of total (also called social or economic) surplus? $

Consider the accompanying supply and demand graph. 9. 8- What is the value of consumer surplus? 7- 6- Supply $ (5, 4.5) What is the value of producer surplus? Demand 2- $ 6. 8 Quantity What is the value of total (also called social or economic) surplus? $

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 5.9P

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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…
8. Total economic surplus The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. (?) PRICE (Dollars per camera) 250 225 200 175 150 125 100 75 50 25 0 0 Demand Supply 30 60 90 120 150 180 210 240 QUANTITY (Millions of cameras) Total surplus in this market is $ 270 300 million. + Equilibrium A Consumer Surplus Producer Surplus
p ($/unit) 200k 160 120 80 40 5000 Equilibrium price =$ Equilibrium quantity a) What are the equilibrium price and quantity for the supply and demand curves in the figure above? = S (quantity) Consumer surplus =$ i 10000 b) Estimate the consumer and producer surplus. Producer surplus =$ i Round your answers to the nearest thousand. SUPPORT
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8. Total economic surplus The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. (?) PRICE (Dollars per headset) 350 315 280 245 210 175 140 105 70 35 0 Demand 0 Supply 40 4 80 120 160 200 240 280 320 360 QUANTITY (Millions of headsets) Total surplus in this market is $ 400 million. Equilibrium A Consumer Surplus ◇ Producer Surplus
8. Total economic surplus The following graph plots the supply and demand curves in the market for VR headsets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. ? PRICE (Dollars per headset) 350 315 280 245 210 175 140 105 70 35 0 0 Demand Supply 85 170 255 340 425 510 595 680 765 850 QUANTITY (Millions of headsets) Total surplus in this market is $ million. Equilibrium Consumer Surplus Producer Surplus
8. Total economic surplus The following graph plots the supply and demand curves in the market for motor scooters. Use the black point (plus symbol) to indicate the equilibrium price and quantity of motor scooters. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. ? PRICE (Dollars per scooter) 400 360 320 280 240 200 160 120 80 40 0 0 Demand Supply 75 150 225 300 375 450 525 600 675 750 QUANTITY (Millions of scooters) Total surplus in this market is s million. ++ Equilibrium A Consumer Surplus Producer Surplus
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Price of Tomato Price of Tomato Juice 7. Producer Surplus Suppose the demand for tomato juice falls. Mustrate the effect this has on the market for tomato juice. Quantity of Tomato Juice Producer surplus in the market for tomato juice -0- Supply Demand Demand -x- Supply Mustrate the effect the quantity change in tomato juice has on the market for tomato. Quantity of Tomato Producer surplus in the market for tomato -0 Supply Demand --- Demand Supply (7) (?)
5-6. Consider the market represented in the figure below. Calculate total surplus when supply is S1. Calculate total surplus when supply increases to S2.
10) 8. Use the following graph for the milk market to answer the question below. There would be excess supply (a surplus) of milk whenever the price is A) between $1.5 and $2.00 per gallon. B) lower than $1.50 per gallon. C) lower than $2.00 per gallon. D) higher than $1.50 per gallon. Price (per gallon) $2.00 $1.50 $1.00 0 3 G 20 27 28 30 35 Millions of Gallons of Milk per Week