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Suppose that Nabisco is willing to sell its first packet of Oreos for $1, the second for $2, the third for $3, and the fourth for $4. If the price of Oreos is $2.50, what is the
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- Suppose that you produce an award winning yogurt that you sell at a farmer's market. It is produced mainly from grass fed cows and you don't use antibiotics, growth hormones or other "artificial" inputs. A typical customer is willing to pay (in dollars) 10 for a 32oz bottle and 10 for a second bottle of the same size. Suppose that your unit cost is 2 per bottle. You currently charge 3 per bottle. What is the total surplus? Note: do not enter a dollar sign, $, in your answer. Just enter the number.John purchases a 1964 Mustang for $40,000 and gets consumer surplus of $5,000 A) What is his willingness to pay? B) If he had purchased the car for $$35,000, what would his consumer surplus be? B) If the price of the Mustang were $45,000, would would his conumer surplus have been?A “Spider-man" DVD is worth $30 to Marcus. But he buys one on sale for just $15. What is the consumer surplus that results from Marcus's purchase? $10 $25 $15 Incorrect cannot be determined from the information given Incorrect. $40
- 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…only typed answer Is this right?The diagram to the right illustrates the supply curve for hot dogs by Frank's Frankfurters, a local hot dog producer. Calculate the dollar value of producer surplus if equilibrium price is $0.40 per dozen. Supply of Hot Dogs 2.00- 1.80- 1.) Using the point drawing tool, find the quantity 1.60- S that Frank's Frankfurters is willing to supply if equilibrium price is $0.40 per dozen. 2.) Using the triangle drawing tool, illustrate the amount of producer surplus that Frank receives if equilibrium price is $0.40 per dozen. Carefully follow the instructions above and only draw the required objects. Price per dozen ($) 1.40- 1.20- 1.00- 0.80- 0.60- 7 0.40- 0.20 0.00 0 20 30 40 50 60 70 80 90 Quantity of hot dogs per month (millions) C
- If the deadweight loss in the market represented by the graph is $1,400, what is the actual economic surplus?Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by P D(z) 95-2 0.21171z = dollars, which gives the price per watch when x watches are demanded. The price-supply equation for the watch is given by p=S(x)=0.7x+5 dollars, which gives the price per watch when watches are supplied. If the equilibrium quantity is 13, find the consumers' surplus and the producers' surplus. The consumers' surplus is (Your answer must begin with $.) The producers' surplus is (Your answer must begin with S.)Don't use pen or paper Suppose market demand and supply are characterized by the following equations: p = 12 - 0.4 Qd p = 2 + 0.4 Qs When the market clears, what is the economic surplus? (Round your answer to one decimal place.)
- Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p= D(z) = 40-2-0174176a dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(x) = 0.6z+4 dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and the producers' surplus. The consumers' surplus is. (Your answer must begin with S.) The producers' surplus is Your answer must begin with $.)5-2. Consider a market in equilibrium. Suppose demand in this market increases. How will this affect producer surplus? Explain using a graph.Please help with parts c-e. My c is wrong.