Answered: The equilibirum quantity and price is 5…

The equilibirum quantity and price is 5 units and $49 dollars respectivily. Demand function is p = 74 – Q2 and Supply function is P = (Q+2)2 . Calculate consumer surplus?

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 1SQP

See similar textbooks

Related questions

Q: If Demand Function is P=25-3Q Then What is value of P at Q=5 Find the Consumer's Surplus at Q=5

A: Demand function represents the relationship between price and quantity of a commodity. According to…

Q: The price-demand equation for a particular flashlight is given by p= 1180.002x, where x is the…

A: The demand curve represents the quantity demanded by consumers at different price levels. The supply…

Q: If the supply equation is P = (Q + 4)2 . find the consumer’s surplus when the consumer purchases 40…

A: Consumer surplus is the difference between what the consumer wants to pay and what the consumer…

Q: Consider the demand function D(p) = 99.0 - 4.0p. When the price changes from p1 = 4.0 to p2 = 8.0,…

A: Consumer surplus refers to the area above the price and below the demand curve. It is the difference…

Q: Calculate the Consumer surplus for 28 liras in a market with the demand function, p = - (q + 2) 2 +…

A: The difference between the price that customers pay and a particular price that they are willing to…

Q: C. Suppose that for Q units of a certain product, the demand function is P = 200e010 cedis and the…

A: Given information Demand function P=200e-0.01Q Supply function P=(200Q+49)0.5

Q: Given: (x is number of items) Demand function: d(x) = 128 – 0.3x² Supply function: s(x) = 0.2a² Find…

A: Equilibrium is achieved at the output level where quantity demanded by consumer equals quantity…

Q: If the demand for a pair of shoes is given by 2p + 5q = 200 and the supply function for it is p − 2q…

A: The demand curve illustrates the relationship between price and the quantity demanded of a good.…

Q: If the demand equation is Q=100-10p find the consumer’s surplus when the consumer purchases 8 units.…

A: Answer- Need to find- If the demand equation is Q=100-10p find the consumer’s surplus when the…

Q: The task I am struggling with: Determine the supply and demand function and the equilibrium point.…

A: Answer: Determination of the demand function: We have two combinations of price and quantity…

Q: consumer has inverse demand of p=15−1q for a good and the market price is $4.00.…

A: Consumer surplus is the difference between maximum price willing to pay and the market price.

Q: Calculate the producers' surplus (in dollars) for the supply equation at the indicated unit price p.…

A: Given: Supply function

Q: Let p = - - 2x + 20 be the demand function, where p is the unit price of a certain commodity, and a…

A: * SOLUTION :-

Q: The demand and supply functions for a particular commodity are D(x) = 80e-0.001x and S(x)= 30e0.001r…

A: Hello. Since you have posted multiple questions and not specified which question needs to be solved,…

Q: Question 6 A market has a demand function given by the equation Qd = 180 – 2P, and a supply function…

A: Demand equation, Qd = 180 -2PSupply equation, Qs = -15 + P Equilibrium quantity & Price, Qd=…

Q: Consider the market represented in the figure below. Price ($) 24 22 20 18 16 14 12 10 8 6 42 0 D₂…

A: Consumer Surplus: Consumer surplus is the net benefits that the consumer receives by purchasing…

Q: Assuming this market is at equilibrium, the consumer surplus is $ _______. a) 9 b) 12 c) 21 d) 54 e)…

A: Equilibrium quantity and price is determined where market demand and supply are in equilibrium.…

Q: = 1, 500 – 3x² . Find the consumer's surplus if The demand for a particular item is given by the…

A: Answer to the question is as follows :

Q: Consumers' Surplus The demand function for a certain make of replacement cartridges for a water…

A: Answer: Given, Demand function: p=-0.01x2-0.2x+26 Market price = $2 per cartridge The formula for…

Q: In this problem, p is in dollars and x is the number of units. The demand function for a certain…

A: Given: Demand function P = 144 - x2 Supply function P = x2 + 2x + 104 To find out equilibrium point,…

Q: Suppose the demand function is linear. At p 8, quantity demanded is Q = 16. At p quantity demanded…

A: The residual amount that a consumer has after paying less than he/she was ready to, is the “consumer…

Q: The demand function for a certain brand of CD is given by p = −0.01x2 − 0.2x + 7 where p is the unit…

A: Producer surplus is an economic measure that represents the difference between the actual amount a…

Q: The current price for a good is $25, and 90 units are demanded at that price. The price elasticity…

A: Price elasticity is 1 which means when price drops by 8%, quantity demanded increase by 8%. 8% of 90…

Q: Calculate the producers' surplus (in dollars) for the supply equation at the indicated unit price p.…

A: Producer surplus(PS) refers to the difference between how much a seller(s) is willing to accept for…

Q: Supply equation P= b. Demand equation P

A: The supply depicts the generation of supply by producers at given prices during a duration. The…

Q: For a certain product, the demand function is D(Q)=800-82Q and the supply function is S(Q)=80+Q2.…

A: Given: D(Q)=800-80QS(Q)=80+Q2

Q: The demand function for a commodity is given by D(z) = 2000 - 0.1z- 1.01z2. Find the consumer…

Q: if the price fall from p0 to p1, the change in consumer surplus is equal to what area?

A: Consumer surplus is the difference between the maximum willingness to pay for the good and actually…

Q: (a) Find consumers' surplus if the equilibrium quantity is 40 pounds. (Round your answer to the…

A: Consumer surplus measure the excess benefit that a consumer gets from buying a product or service…

Question

The equilibirum quantity and price is 5 units and $49 dollars respectivily. Demand function is p = 74 – Q² and Supply function is P = (Q+2)² . Calculate consumer surplus?

Consumer’s gain from trade. The consumer surplus is the area below the demand curve but above the equilibrium price and up to the equilibrium quantity. Consumer surplus is represented by area A.

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 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

In this problem, p is in dollars and x is the number of units. The demand function for a certain product is p = 144 – x² and the supply function is p = x² + 2x + 104. Find the equilibrium point. (x, p) = ( Find the consumer's surplus there. (Round your answer to the nearest cent.) 2$
The price-demand equation for a particular flashlight is given by p = 118 - 0.002x, where x is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flashlights if the price is $79 or less, and they will market 5,500 flashlights when the price is $101 per flashlight. (Assume the price-supply equation is linear.) (a) Find the consumers' surplus for this commodity. $ (b) Find the producers' surplus for this commodity. $
Consumers' Surplus The demand function for a certain brand of CD is given by p = −0.01x2 − 0.3x + 19 where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus (in dollars) if the market price is set at $9/disc. (Round your answer to two decimal places.) $
The demand for a particular item is given by the function D(x) = 1, 500 – 3x² . Find the consumer's surplus if %3D the equilibrium price of a unit $300. The consumer's surplus is $
The demand function for a commodity is given by D(z) = 2000 – 0.1z – 1.01z2. Find the consumer surplus when the sales level is 100. Round your answer to the nearest cent.
Calculate the producers' surplus (in dollars) for the supply equation at the indicated unit price p. (Round your answer to the nearest cent.) p = 7 + 2g p = 20 ,1/3.
Given: (x is number of items) Demand function: d(x) = 128 – 0.3x? Supply function: s(x) = 0.2a? Find the equilibrium quantity: Find the consumers surplus at the equilibrium quantity:
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.)
C. Suppose that for Q units of a certain product, the demand function is P = 200e 0.010 cedis and the supply function is = 200Q+49 cedis. a) Find the market equilibrium point. b) Find the consumer's surplus. c) Find the producer's surplus.
if the price fall from p0 to p1, the change in consumer surplus is equal to what area?
The task I am struggling with. Thank you.
The task I am struggling with: Determine the supply and demand function and the equilibrium point.Graph the results.Demand. If a given product is priced at $7 per unit, there is a demand for 4 units;if a given product is priced at $6 per unit, there is a demand for 8 units.Supply. If a given product is priced at $9 per unit, suppliers are willing to produce4 units; if a given product is priced at $23 per unit, suppliers are willing toproduce 12 units. Thank you very much.