Question 1 In an unregulated competitive market, supply and demand have been estimated as follows: Demand P 25 0.10Q Supply P=4+0.116Q, where P represents unit price in dollars, and Q represents number of units sold per year. 1.1 Calculate annual aggregate consumer surplus. 1.2 Calculate annual aggregate producer surplus. 1.3 Define what consumer and producer surplus means
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- Explanation it correctlyPrice (dollars per flight) Price (dollars per flight) Based on the figure 14.1 problem 1 below answer the following FIGURE 14.1 questions Problem 1 a) What market structure (kind of market) it represents? 1,100| b) How many companies are included in this market and why? c) What is the total demand? 1,000 Please answer a), b) and c) separately 900 800 ATC FIGURE 14.1 700 Problem 1 600 1,100- 500 1,000 400 900 300 ATC 800 200 700 100 600 500 600 800 1,000 1,200 200 400 400 Quantity (international flights a year)Suppose Inverse market demand is given as P = 110 – 20. Market %3D supply is given as Q = 10 + P. Also assume ATC = 0.25*Q. How many units of the product would the perfectly competitive market supply? What would the equilibrium price be? a. What is the profit maximizing price and quantity if this market is a monopoly? Calculate the profit of the monopoly. b. Calculate the deadweight loss created and consumer surplus when this market became a monopoly. C.
- The demand and supply equations for product A are given by the following equations: ? = 40 − 5? ? = 10 + 2.5? A. Compute the price elasticity of demand at equilibrium B. Compute the price elasticity of supply at equilibrium C. What is the marginal revenue at equilibriumConsider the competitive market for ruthenium. Assume that no matter how many firms operate in the industry, every firm is identical and faces the same marginal cost (MC), average total cost (ATC), and average variable cost (AVC) curves plotted in the following graph. 80 72 56 · ཉི་ ཀ་ཇཱ་སྐ་ན་ COSTS (Dollars per pound) AVC 16 MC- 8 ATC B 12 16 20 24 28 QUANTITY (Thousands of pounds) 36 The following graph plots the market demand curve for ruthenium. ? Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms. PRICE (Dollars per pound) 80 72…Refer to the accompanying figure. Price ($) 10 00 8 2 Show Transcribed Text Multiple Choice If this market is unregulated, total economic surplus is $48. $20. $84. $32. S D 12 16 20 8 Quantity
- Consumer Surplus For a given commodity and pure competition, the number of units produced and the price per unit are determined as the coordinates of the point of intersection of the supply and demand curves. Given the demand curve p = 50 and the supply curve p = 10 + find the consumer surplus and the producer surplus. consumer surplus producer surplus - 30 10 Illustrate by sketching the supply and demand curves and identifying the surpluses as areas. р 50 40 884322 30 20 10 P 60 Producer Surplus -10 Consumer Surplus x 100 200 300 80 80 60 60 40 40 20 20 Producer Surplus x 100 200 300 P 60 50 40 30 20 10 Consumer Surplus Producer Surplus x x 100 200 300 100 200 300 -10 80 р Producer Surplus 60 60 40 40 20 20 Consumer SurplusQuestion 5 of 135 Macmillan Learning Consider the accompanying supply and demand graph. What is the value of consumer surplus? What is the value of producer surplus? What is the value of total (also called social or economic) surplus? S Price (5) 19 (5.4.5) Quantity Supply DemandQuestion One. A market consists of 5000 identical households and 100 identical producers. The demand a. equation for a typical household over a week is given by C = 30 - 2p + 0.001PCD-0.028P. Where i 1, 2, 3..5000 And the supply equation for a typical firm over a week I given by = -50 + 10p- 0.5PL-0.1P Where j 1,2,3...,100 i. Write the market demand and supply equations ii. Assume a households' per capita disposable income PCDI is $8,000. Further assume that Pe, PL, and PE are $20, $100, and $80, respectively. Determine the market equilibrium price and quantity. iii. What would be the equilibrium price and quantity if the households' per capita income increased to $8,500, ceteris paribus? iv. Assume that due to inflation, the cost of labor increases by 30 % and price of energy by 40 %. What is the new market equilibrium price and quantity? Measure the impact of the change in prices of labor and energy by comparing the new equilibrium values with values (You will be doing comparative…
- y = 20 – 3x2 y = 2x2 Where y = price and x = quantity Demand Supply %3D Assume perfect competition, find consumer's surplus and producer's surplus.1. The market demand function of a perfectly competitive market is Q=500-p, and the cost function of an individual company is C(q)=q^3-20q^2+110q. Suppose that the government imposes a tax of 10 per unit of transaction on companies. In the long-term equilibrium, find K-L when you indicate the number of companies as L and the market price as K. Find W1 - W2, W1 is when no tax is imposed, and W2 is when the government imposes a tax of 10 per unit of transaction on an enterprise.Given demand equation P=50-2Qd and supply equation P=10+2Qs calculate. (a) consumer surplus (b) producer surplus (c) total surplus assuming pure competition
