Producers' Surplus A supplier of portable hair dryers will make x hundred units of hair dryers available in the market when the unit price is p=√64 +3.6x dollars. Determine the producers' surplus if the market price is set at $10/unit. (Round your answer to two decimal places.) $15.00 x Need Help? Read It Watch H

Producers' Surplus A supplier of portable hair dryers will make x hundred units of hair dryers available in the market when the unit price is p=√64 +3.6x dollars. Determine the producers' surplus if the market price is set at $10/unit. (Round your answer to two decimal places.) $15.00 x Need Help? Read It Watch H

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

P P₁=8 6 1900 500 1400 1100 1600 3000 Consider above graph. If a price floor is put in place at $8, the surplus will be 1100 D S Q
A Resource is said to be non-scarce if the total demand for exceeds its total supply at zero price level and its supply can be affected by price. Is it True or False??
The local weather treatment facility, a price taker, is able to supply the first gallon of water for $0.01. The second for $0.02. The third for $0.03 and so on. The current price of water is $0.06 per gallon. - choose each of the following that are correct a. Producer surplus will rise if the market price increases to $0.07 per gallon b. This water treatment facility will choose to produce seven gallons of water c. The firm will enjoy higher producer surplus if it unilaterally raises prices d. This water treatment facility will earn $0.15 in producer surplus
Price (per hour of tutoring) $25 20 15 10 7.50 2.50 100 200 300 400 500 600 700 800 900 Quantity (hours of tutoring per week) If the price increases from equilibrium at $10 to $15, consumer surplus for the market will decrease by, in numerals, $. (Do not include the dollar sign in your answer.)
Calculate the producers' surplus for the supply equation at the indicated unit price p. (Round your answer to the nearest cent.) p = 90 + q; p = 225 $ Note: Hand written not allowed
Seller Willingness to sell Trinity $26 Paige $17 Carmen $10 The women in the table above all lead trail rides. Using the data in the table, calculate total producer surplus for Trinity, Paige, and Carmen if the price to lead trail rides is $18 per hour. 2$
If total surplus is $200 and consumer surplus is $90 Find producer surplus
Price ($) 1000 500 300 0 300 500 Supply Demand What is the total cost of producing 300 iPads? 1000 Quantity
The market for used phones is perfectly competitive. The Marginal Willingness to pay (MWTP) and the Marginal Costs (MC) for the buyers and sellers in used phone market are given in the table below. If they buy a phone, each buyer purchases only 1 phone. If they sell a phone, each seller sells only 1 phone. What is Total Surplus in the used phone? Remember all market trades are voluntary. Enter a number only. Do not enter the $ sign. Buyer MWTP Seller MC A $346 U $871 B $689 V $428 C $222 W $228 D $933 X $455 $394 Y $715 $738 Z $926 EF
Hugo decides to buy his Christmas gifts on Black Friday. To simplify his life, he is giving his 10 closest friends scarves for Christmas and everyone else Christmas cards. Hugo is willing to pay up to $20 each for 10 scarves. When he arrives at Macy's at 5:00 A.M. on Black Friday, he discovers that scarves are on sale for $12 each. Hugo buys 10 scarves and uses the remaining $80 to buy himself some clothes. How much consumer surplus did Hugo receive from the tenth scarf he purchased? a. Consumer surplus from the tenth scarf: $ b. Assuming Hugo follows the Rational Rule for Buyers, why did Hugo only purchase 10 scarves when they were on sale? Shouldn't he have purchased more since they were such a good deal compared to what he was willing to pay? At a price of $12, Hugo determined that buying an eleventh scarf gave him more than $12 in benefit. buying an eleventh scarf gave him less than $8 in consumer surplus. buying an eleventh scarf gave him less than $12 in benefit. O the price…
Q) Suppose that the market for a good is characterized by a perfectly elastic supply curve at a price of 20, whereas market demand is given by Qd = (120 - P)/4. Which of the following statements is correct? (a) Consumer surplus is zero. (b) Producer surplus is 250 and the price equals 20. (c) Producer surplus is 500 and the quantity produced is 25. (d) Producer surplus is zero . (e) None of the above. .
You own a company that produces coasters. You set the price at $10 for a set of six coasters. Then you produced 10,000 sets. After one year, you realize you have a surplus of 4,000 sets. What steps would you take to reach equilibrium?