It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the correspondingwholesale unit price isp =8418xdollars. Determine the consumers' surplus if the market price is set at $23/unit. (Round your answer to two decimal places.)$Additional MaterialsеBook

When quantity is 0 units price is: p=840-8xp=840-8×0p=841p=$29 thus the vertical distance above the…

It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = V 841 - 8x dollars. Determine the consumers' surplus if the market price is set at $23/unit. (Round your answer to two decimal places.)

It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = V 841 - 8x dollars. Determine the consumers' surplus if the market price is set at $23/unit. (Round your answer to two decimal places.)

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter7: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 2CQ

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Mostly need help with the graph, but a short explanation on how to arrive at the answer for the fill in the blank section would also be great. Thanks!
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Question 6 At the price of $5 per pack of batteries, Duracell sells 10,000 packs of batteries and Energizer sells 15,000 packs of batteries. When the price rises to $7.50, Duracell sells 12,000 packs of batteries and Energizer sells 16,000 packs of batteries. What is the market supply at a price of $7.50? 12,000 16,000 4,000 28,000 25,000 Question 7 Social welfare (i.e. the sum of producer and consumer surplus) is maximized when the government taxes most goods and services. very few consumers and producers exist within a market the market reaches its equilibrium price and quantity. supply and demand are perfectly inelastic. the government imposes price controls. Question 8 When demand is perfectly elastic, the demand curve is vertical. upward-sloping. U-shaped.…