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- (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 quantity
- Suppose there is an inverse supply function PS= 10 + 4.5Q and a market price P* = 44. What is the quantity supplied? What is the producer surplus?Consider 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 $Help meAssume a perfectly competitive market with MWTP(Q)=59–Q and MC(Q)=17+Q. What is the change is consumer surplus resulting from a price ceiling at $34?
- Suppose the market supply curve is p = 6Q. What is the producer surplus at a price of 15?Given a demand curve of P = 131 - 4Qd and supply of P = 2 + 6Qs, please calculate producer surplus, assuming this is the output marketA 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.