Solve a Consumers' or Producers' Surplus Problem.A sports watch has a price-demand equation given byp= D(z) = 40-2-0174176adollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given byp= S(x) = 0.6z+4dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus andthe producers' surplus.The consumers' surplus is. (Your answer must begin with S.)The producers' surplus is Your answer must begin with $.)

Price- Demand equation: Price supply equation: Equilibrium quantity (x*) = 11Consumer surplus is the…

Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p=D(z)=40-2-0174176 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(z)=0.6z+4 dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and the producers' surplus. The consumers' surplus is The producers' surplus is (Your answer must begin with $.) (Your answer must begin with $.)

Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p=D(z)=40-2-0174176 dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(z)=0.6z+4 dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and the producers' surplus. The consumers' surplus is The producers' surplus is (Your answer must begin with $.) (Your answer must begin with $.)

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

We obtain the following demand curve of beef in a market: Q = 44506.941 - 3338.553 ln(P), where Q is quantity demanded of beef measured in pounds, P is price measured in dollars per pound. We know the average of P is 8.781 and the average of Q is 13016.956. Based on this information, if the price increases by 1 dollar, the quantity demanded decreases by ____%. the answer is 2.921, I need the step by step solution to get the answer
The demand function of a market is:- Qd = 24P - 360 If the equilibrium price is $17 Find equilibrium quantity
The government wants to raise 25,000 dollars in revenue by imposing ad valorem taxes (t_x and t_y) on two goods, called X and Y. Assume each good has a perfectly elastic supply. The demand for good X is given by Qx = 7500 - 6Px and the demand for good Y is given by Qy = 2000 - 8Py. Suppose the suppliers of Good X require $40/unit and the suppliers of good Y require $25/unit. How should the government set the tax rates to minimize the excess burden of raising the desired revenue?
3.3 Occidental Pacific University is a large private university in California that is known for its strong athletics program, especially in football. At the request of the dean of the College of Arts & Sciences, a professor from the economics department estimated a demand equation for student enrollment at the university Q. = 5,000 – 0.5P, +0.11 +0.25P, where Q, is the number of full-time students, P, is the tuition charged per full-time student per semester, I is real gross domestic product (GDP) ($ billions) and P, is the tuition charged per full-time student per semester by Oriental Atlantic University in Maryland, Occidental Pacific's closest competitor on the grid iron. a. Suppose that full-time enrollment at Occidental is 4,000 students. If 1 = $7,500 and P, = $6,000, how much tuition is Occidental charging its full-time students per semester? b. The administration is considering a $750,000 promotional campaign to bolster admissions and tuition revenues. The economics professor…
Consider a hypothetical market for copper (q), where q is measured in 1000 tons. Suppose the supply of virgin copper is Sv = 10+5q. Suppose that the supply for recycled copper is Sr = 15+2.5q. Demand for copper is P = 65 - 1.5q. Note, buyers don't distinguish between recycled and virgin copper. The equilibrium price and output for copper is (hint: draw a graph) q=8.46, p = $52.31. q=0, p = $65. q=12.50, p = $46.25. O q=4.44, p = $58.33.
In a particular market, demand and supply curves are defined by the following equations:QD = 300 – 20P,QS = -540 + 40P,where P is the price per unit in pounds. A) At the equilibrium point, what is the elasticity of demand? B) If the price is £12, what is the elasticity of demand?
Suppose the demand curve for a product is given by: Q=300-2P+41, where I is average income measured in thousands of dollars. The supply curve is: Q=3P-150. If 1=25, find the market-clearing price and quantity for the product. The market-clearing price is $ and the market-clearing quantity is (Enter your response as an integer.) CILE Price 260- 240- 220- 200 180- 160- 140- 120- 100- 80 60- 40- 20- 0- 0 100 200 300 Quantity O 400 5
If the demand equation of a product is p= 210-g and the supply equation for a product is p= 29+2 then, the equilibrium price equals
Gasoline for cars is produced in a market. There are equations for the Supply and Inverse Demand of car gasoline that model its Supply and Demand graph. These equations are (for supply), P = 20 + Qs, and (for Inverse Demand), P = 80 - Qd. Due to gasoline shortages, some sellers may be able to get access to more gasoline and produce it better than others. As a result, the federal government placed a quantity restriction of 15 units on the sellers. (Part I) Draw the market equilibrium with the government intervention (Q** and P**) of the quantity restriction. Please label the graph for slopes, the equilibrium point, etc. (Part II) What is the market equilibrium without the intervention of the government? (Part III) The government decided that the previous quantity restriction was not sufficient. So, it increased the restriction from 15 units to 20 units. Consequently, what is the new market equilibrium point with this new intervention? It is not necessary to label this point on the…
You are the Economic Consultant for Zuku Farms Ghana Limited. Zuku produces cowpea in a community where producers are able to switch back and forth between cowpea and groundnut depending on market conditions. Consequently, you were tasked by the management of Zuku and you estimated the demand function for cowpea as follows: where is the quantity of cowpea demanded in bags per month, is the average price of cowpea in Ghana Cedis, is the average price of groundnut in Ghana Cedis, and Y is the income of consumers. Assuming is initially GH¢31.00 per bag, Y is GH¢1001.50. Also that your estimated supply function for cowpea is as follows: QS = -25 + 3.5PC -1.5Pf – 0.5Pg + 0.25R Where Qs is the quantity supplied of cowpea in bags, Pc and Pg are as defined above, Pf is the price of fertilizer per bag, R is the amount of rainfall (in inches). If Pf = GH¢10, R= 40 inches and Pg= GH¢31.00 Find the resulting supply function for cowpea and determine the equilibrium price and quantity.…
Suppose that the market supply of baseball caps in the local area is given by the following equation: Qs = 362 + 3P where Qs is the quantity baseball caps per month that sellers in the local area would be willing to provide at a price of P dollars. What is the quantity supplied at a price of 14 dollars?
At a price of $2:29 per bushel, the supply of a certain grain is 7500 million bushels and the demand is 7600 million bushels. At a price of $2.4 per bushel, the supply is 7000 million bushels and the demand is 7500 million bushels (A) Find a price-supply equation of the form p mxb, where p is the price in dollars and x is the supply in milions of bushels (B) Find a price-demand equation of the form p mx +b, where p is the price in dollars and x is the demand in millions of bushels (C)Find the equilibrium point (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system. (A) The price-supply equation is p (Type an exact answer) -CTD