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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- 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.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
- a. If only two firms exists in the market and they act competitively, find the equilibrium price and quantity, and calculate producer and consumer surplus. If you know firms earn zero profit, what must their fixed cost be? b. Calculate the elasticities of market supply and market demand at the equilibrium point. Which one is more elastic?2/ The cities of Francistown and Nalady are five miles apart. Francistown enacts a rent control law that puts a ceiling on rents well below their equilibrium market value. Predict the short-run impact of this law on the competitive equilibrium rent in Nalady, which does not have a rent control law.Question in image. Answer is already provided. Need assistance on How to slove the problem to reach the designated answer. Been stuck on this question for hours. Thanks :)
- Answer the question on the basis of the accompanying demand schedule. Price Quantity Demanded $15 1 13 2 11 3 9 4 7 5 At what quantity demanded would the price and marginal revenue be equal? Group of answer choices Price and marginal revenue would be equal at all quantities demanded. at 2 units. at 1 unit. Price and marginal revenue would not equal at any quantity demanded. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Suppose that you are the vice president of operations of a manufacturing firm that sells an industrial lubricant in a competitive market. Further suppose that your economist gives you the following supply and demand functions: Demand: = 50 – 2P Supply: Q° = - 10 +P. What is the consumer surplus in this market? Consumer surplus is $ (Enter your response rounded to two decimal places.) What is the producer surplus? Producer surplus is $ (Enter your response rounded to two decimal places.)Use the following information for Problems 10-14: A company produces and sells a product with a monthly demand estimated to be Q = 500 - 5P, where P is the selling price per unit in dollars. The fixed cost of production is $ 1,000 per month and the varjable cost of production is $20 per unit. Total Revenue is at the profit - maximizing price and quantity. A. $14,050 B. $12,000 C. $ 13,575 D. $11, 505 E. None of the above Use the following information for Problems 10-14: A company produces and sells a product with a monthly demand estimated to be Q 500-5P, where P is the selling price per unit in dollars. The fixed cost of production is $1,000 per month and the variable cost of production is $20 per unit. Total Revenue is A. $14,050 OB. $12,000 OC. $13,575 OD. $11,505 OE. None of the above at the profit-maximizing price and quantity
- 7. A competitive firm participates in a market where market demand & supply are given by QD=85,000-5000P Qs = 40,000+ 2500 P Find the market equilibrium price. Plot a graph of the demand curve facing the firm. Given that the marginal cost curve of the firm is given by the following: MC = 2q, calculate the profit maximizing quantity that the firm will produce. Assume that FC=0. Calculate the profit of the firm at this quantity. a. b. C.Suppose five construction companies have the ability to build a factory overseas to produce a manufactured good The marginal cost of building a factory for each construction company is shown in the table below: Producer Company 1 Company 2 Company 3 Company 4 Company 5 Marginal Cost S1,000,000 $1.250,000 $1,300,000 $1,350.000 $1.500.000 If the market price of an overseas factory is $1.425,000, what is the surplus for these five companies? Producer surplus is S (Enter your response an a whole numberWhat is the value of the deadweight loss created by a perfectly competitive industry? Assume there are no market interventions such as taxes or price controls. Question 11Answer a. Equal to zero b. Equal to the industry’s economic profit c. Equal to the industry’s normal profit d. Cannot be determined
