Lesson 6- Individual and Market DemandQuestion 3 Suppose the demand for a good was given by: Q₁= 82 -P.Calculate consumer surplus when price is $14.00.(Do not include a $ sign in your response. Round to thenearest 2 decimal places if necessary.)Answer:

The consumer surplus would be $2312Explanation:Consumer surplus = (½) x Qd x ΔPQd = the quantity ΔP…

Answered: Suppose the demand for a good was given…

Economics (MindTap Course List)

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Publisher:Roger A. Arnold

Chapter19: Elasticity

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only typed answer A consumer has inverse demand of p=15−1q for a good and the market price is $4.00. Calculate consumer surplus and the total value of the good for the corresponding quantity consumed. Consumer surplus is $enter your response here. (Enter your response rounded to two decimal places.) The consumer's expenditure for the good is $enter your response here. (Enter your response rounded to two decimal places.)
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Question 3 Suppose the demand for a product is given by Q-100-5P, where Qp is quantity per year measured in kilogram and P is the price in AUD per kilogram. The supply curve for this product is given by Qs=4P-8. Answer the following questions and provide a graph illustration. a) Determine the equilibrium price? b) Calculate the elasticity of demand and supply at the equilibrium price. c) Determine the consumer surplus and producer surplus at the equilibrium price? d) Suppose that the government imposes a floor price of A$15 and promises to buy any surplus (e.g., Q³- QD) on the market. Determine the new consumer surplus, the new producer surplus, and the government expenditure of this policy e) Instead of using the floor price, now the government imposes a A$3 tax on each kg sold, determine the market price after having this tax policy. f) Calculate the consumer surplus, producer surplus and tax revenue. g) Using the concepts of demand and supply elasticity, predict which party, the…
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Hi! This is for our Microeconomics course. We are tasked to solve the following items. Please help me.
which one is correct?
< Suppose that the quantity supplied S and quantity demanded D of T-shirts at a concert are given by the following functions where p is the price. S(p)=-210+70p D(p) 1150-100p Answer parts (a) through (c). (a) Find the equilibrium price for the T-shirts at this concert. The equilibrium price is $ (Round to the nearest dollar as needed.) What is the equilibrium quantity? The equilibrium quantity is T-shirts. (Type a whole number.) (b) Determine the prices for which quantity demanded is greater than quantity supplied. For the price $ supplied. p $ the quantity demanded is greater than quantity (c) What will eventually happen to the price of the T-shirts if the quantity demanded is greater than the quantity supplied? OA. The price will increase. OB. The price will decrease.
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Suppose the demand for a good was given by: Q₁= 82 - P. Calculate consumer surplus when price is $14.00. (Do not include a $ sign in your response. Round to the nearest 2 decimal places if necessary.) Answer: