V1 Suppose students in Business Economicscourse have the following demand for anEconomics textbook: Qd=440-2p. Theseller, Harry Hartog, of the textbookpresents the supply curve given byQs=-40+4p. p is the price of the textbook,Qs is the quantity supplied and Qd is thequantity demanded. Suppose the universityasked the book seller in the campus, HarryHartog, to charge $70 per book. What is thechange in Producer Surplus?Enter numbers only. No symbols or word inthe answer.Answer: 2600

Given the quantity demand, Qd=440-2p and the quantity supply, Qs=-40+4p

Suppose students in Business Economics course have the following demand for an Economics textbook: Qd=440-2p. The seller, Harry Hartog, of the textbook presents the supply curve given by Qs=-40+4p. p is the price of the textbook,

Suppose students in Business Economics course have the following demand for an Economics textbook: Qd=440-2p. The seller, Harry Hartog, of the textbook presents the supply curve given by Qs=-40+4p. p is the price of the textbook,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: When managing time, consumers should consider time as if it were: (a) money or a scare resource (b)…

A: Having a resource that is scarce, including money and also time, is something that will be of…

Q: Use the following cell phone airport data speeds (Mbps) from a particular network. Find the…

A: Percentile is calculated by using the below formula :- Percentile = (no. of value less than the…

Q: Period Unit Sales Cost of Sales 1 $590 560 230 400 390 550 2 3 4 5 6 7 8 760 800 200 400 480 620 680…

A: The scatter diagrams are visible portrayals of historical expense and unit data. Sales are shown on…

Q: A worldwide drought has reduced food production. Inflation has increased, unemployment has risen…

A: Note :In this I represent inflation and U represents unemploymentIt can be defined as the graphical…

Q: How was TVC calculated?

A: TVC is total variable cost in a cost structure of a model. Total variable cost is showing the…

Q: hat i nd Ho rovid xplan astict kes elasti

A: The elasticity is the percentage change concept and not the absolute change concept between the…

Q: The merry-go-round in Ross Park, a public park, was first installed in 1920 and has been…

A: A public good is a kind of good or service that is non-excludable and non-rivalrous in nature,…

Q: Advantages and disadvantages of using technology - any ethical challenges?

A: Advantages of using technology Technology leads to increase in innovation.It creates new horizons of…

Q: P5 P6 P7 P8 B C Q4 Q3 Market X MCs MCP MB P1 P2 P3 P4 E G H Q2 Q1 Market Y MC MBS MBP

A: Positive externality occurs when there are spillover benefits to the third party who is not directly…

Q: What about 2& 3?

A: In an economy, an individual will make his consumption decision based on his preferences and that…

Q: MKT-1003/ If a consumer's ideal state is very near or identical to his or her actual state, which of…

A: The objective of the question is to identify the type of problem recognition a consumer would have…

Q: qwertyuioopoytttrt

A: Unfortunately, "qwertyuioopoytttrt" doesn't seem to be a question with a specific answer or problem…

Q: Q 1 2 3 4 5 6 7 8 9 10 FC $16 $16 $16 $16 $16 $16 $16 VC ATC $20 $36.00 $27.00 $38 $54 $23.33 $68…

A: In the long run, the market price equals the minimum average total cost (ATC) of producing any…

Q: What is the time value of money?

A: Time value of money (TVM) is a concept that emphasizes on the opportunity cost of money, and…

Q: So is it D or B

A: The answer is - B. Revoke the license of an insolvent insurer.

Q: How did you get 5.49 for AVC?

A: Introduction Total cost includes all implicit and explicit cost that comes during production. Total…

Q: PLS HELP ASAP ON BOTH

A: False. Descriptions of products and services should typically address the features, benefits, and…

Q: Jasmine was interested in how many days it would take an order from Amazon to arrive at her door.…

A: Given; Total number of shipment= 19 shipments Number of shipments arrived on day 1= 4 Number of…

Q: What is one pkus one

A: Step 1:One plus one equals two1+1 = 2 For example if you have one apple and you get one more apple ,…

Q: 1. Suppose you are considering to make a decent holiday dinner. In this year, to be creative, you…

A: Given The total utility of Salmon is describe by the function U1400Q .......(1) The total…

Q: What are speed payments? Could they potentially be ethical? Does it matter where speed money…

A: Speed payments, also known as 'facilitation payments' or 'grease payments', are small bribes paid to…

Q: Suppose the imposition of a $2-unit tariff on X leads to a fall in the international price of X from…

A: An imposition of a unit tariff refers to the levying of a fixed amount of tax or duty on the import…

Q: What are some of the benefits of segmentation within a company?

A: Company segmentation is the process where a company divides their current market into quadrants,…

Q: a) Draw a picture representing P(z<-1.2). b) Compute P(z<-1.2). 9.

A: Given: P(z<-1.2)

Question

Suppose students in Business Economics
course have the following demand for an
Economics textbook: Qd=440-2p. The
seller, Harry Hartog, of the textbook
presents the supply curve given by
Qs=-40+4p. p is the price of the textbook,
Qs is the quantity supplied and Qd is the
quantity demanded. Suppose the university
asked the book seller in the campus, Harry
Hartog, to charge $70 per book. What is the
change in Producer Surplus?
Enter numbers only. No symbols or word in
the answer.
Answer: 2600

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Producer Surplus if price = 80

VIEW

Producer surplus if price = 70

VIEW

Change in Producer Surplus

VIEW

Step by step

Solved in 5 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

where did 118.8 come from?
Jack and Diane work at a bakery. Jack can make either five batches of cookies or two cakes per hour, while Diane can make either four batches of cookies or three cakes per hour. At 9:00 a.m. they receive an order for 24 batches of cookies and nine cakes. What time is the soonest they can have the order ready?
how was EVwSample info calculated for this problem?
What is the AVC and MC?
As the cost of energy falls relative to labor in Figure 2-8, and the isocost curve shifts from HJ to FG, firms have an incentive to switch to technology in order to their costs. 4 Tonnes of coal 10 9 8 S 3 2 1 N G Cost-E50 Cost-E40 B F M Cost-E80 H 1 2 3 4 5 6 7 8 9 10 Number of workers
What benefits are their in operating a business to consumer online business model for consumers and the owner?
Whats a problem customers face with LCD Panels Battery issues?
What is the unit contribution margin?
hi you have not specified how you got 1.152
What are some of the difficulties and issues that consumers have while using a system that is not integrated?