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- The supply curve for product X is given by QXS = -520 + 20PX . How much surplus do producer receive when Qx=400(1 point) Find producer's surplus at the market equilibrium point if supply function is p = 0.8x + 3 and the demand function is p = 150.4 +8 Answer:Find producer's surplus at the market equilibrium point if supply function is p = 0.4x + 4 and the demand function is p 96 I+9 Answer:
- The demand function of a market is:- Qd = 24P - 360 If the equilibrium price is $17 Find equilibrium quantityConsider the perfectly competitive market for fire extinguishers in the town of Emberton. The demand for fire extinguishers is Pp = 100 – 2Q and the supply of fire extinguishers is Ps = 10 + Q. The equilibrium price in this market is P = $40 and at that price, 30 fire extinguishers are bought and sold. Suppose the government of Emberton imposes a $6 per unit tax on fire extinguishers. Under this tax fire extinguishers are bought and sold. Of the $6 tax, V will be borne by consumers and v will be borne by producers. The tax causes consumer surplus to change from an initial level of V to a new level ofConsider a competitive market for red lentils with 10,000 identical farmers, a competitive market price of $5 and the following MC for each farmer: MC = $0.5+ $0.05Q Also consider the following market demand function: Q_D=1,100,000-40,000P a) Calculate the optimal level of production (in tonnes) for each farmer (show workings). b) Assuming 10,000 lentil farmers of equal size, determine the market supply function and the equilibrium market quantity (show workings). c) Consider that the government now imposes a 25% tax on producers, calculate the new market equilibrium price (two decimal places) and new market equilibrium output (two decimal places) (show workings). d) Calculate the value of the deadweight loss for the consumer and the producer following a 25% tax on red lentils, as well as, the amount of government revenue.
- A flour mill buys its wheat from two different farms, then processes the wheat into flour. Wheat from Farm X costs the mill $7 per bushel, and wheat from Farm Y costs the mill $15 per bushel. The selling price (in dollars per bushel) for the mill's wheat can be modeled by p(x, y) = 500 x y where x is the demand for the flour milled from Farm X's wheat and y is the demand for flour milled from Farm Y's wheat. Assume that x and y may be zero (so the mill only buys from one of the suppliers) and that the mill can by 1/2 of a bushel. Then the maximum profit is attained when x = y = bushels bushels The amount of the flour mill's maximum profit is $The Demand function for a product is pd(q) = 80(0:1q + 0:2)2, where q is in millions of tons and pd(q) is in dollars per ton. Market equilibrium occurs at the demand for 18 million tons. Compute consumer's surplus.A retail chain will buy 900 cordless phones if the price is $30 each and 800 if the price is $40. A wholesaler will supply 350 phones at $40 each and 1400 at $70 each. Assuming that the supply and demand functions are linear, find the market equilibrium point and explain what it means.
- Consider a competitive market for red lentils with 100 identical farmers in Horsham Victoria, a competitive market price of $5 and the following MC for each farmer: MC = $0.05Q Also consider the following market demand function: QD a) Calculate the optimal level of production (in tonnes) for each farmer (show workings) = = 1000 - 40P b) Assuming 100 lentil farmers of equal size how many tonnes of lentils in total will be supplied in the entire market? (show all workings) c) Consider that the government now imposes a 25% tax on producers, calculate i) the new equilibrium level of output for each firm (hint - think about how this affects each farmer's marginal cost), and ii) new total supply in the entire market (show all workings)Suppose that the demand for broccoli is given by: Q=1000-5P where Q is quantity per year measured in hundreds of bushels and P is the price in dollars per hundred bushels. The long-run supply curve for broccoli is given by: Q=4P-80 Show that the equilibrium quantity here is Q= 400. At this output, what is the equilibrium price? How much in total is spent on broccoli? What is consumer surplus at this equilibrium? What is producer surplus at this equilibrium? How much in total consumer and producer surplus would be lost if Q= 300 instead of Q= 400? Show how the allocation between suppliers and demanders of the loss of total consumer and producer surplus described in part (b) depends on the price at which broccoli is sold. How would the loss be shared if P= 140? How about if P= 95? What would be the total loss of consumer and producer surplus if Q= 450 rather than Q= 400? Show that the size of this total loss also is independent of the price at which the broccoli is sold. Now suppose the…The cost per unit of producing a product is 60 + 0.2x dollars, where x represents the number o produced per week. The equilibrium price determined by a competitive market is $220. a) How many units should the firm produce and sell each week to maximize its profit? What is the maximum profit?