Prce S25 20 15 10 10 15 20 26 Quantiy At the equilibrium price, the area of consumer surplus is just the number, no symbols or letters; and use decimals as it applies) dollars. (write
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A: Consumer surplus = ∫ D(q) dq - peqe P = √ 361 - 7X At p = 9 X = 7 So peqe = 9(7) = 63
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A:
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- The table below shows the total demand and supply for bushels of wheat per month. Price per bushel ($) Demand Supply (*000) ('000) 85 3.40 72 80 3.70 73 75 4.00 75 70 4.30 77 65 4.60 79 60 4.90 81 Required: The government concluded to establish a price ceiling for bushels of wheat at $3.70. Explain the effect of such action by the government. (i)The demand and supply schedule for gas is in a competitive market is shown in the Assume that you know the different prices and the different levels of quantity demanded and quantity supplied of gasoline in The Bahamas per month, other things remaining the same. a table below. NEW Quantity Supplied ('000 Gallons) Price Quantity DEMAND Demanded ($ per gallon) ($ per gallon) ('000 Gallons) 4.00 52,000 48,000 4.50 50,000 50,000 5.00 48,000 52,000 5.50 46,000 54,000 6.00 44,000 56,000. Construct the information given in the table in the space provided.Only typed answer If the demand in a market is Q = 63 – 4P and the supply is Q = -3 + 3P, then what is the equilibrium price (rounded to two decimal places)?
- The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000 gallons. The Price Elasticity of Demand is determined to be 0.80 while the Price Elasticity of Supply is determined to be 1.20. A price floor is set at 20% above the current equilibrium price. (a) Determine the dollar amount of the price floor. (b) Determine the Qs after the price is imposed. (c) Determine the Qd after the price is imposed.1. Propose an alternative method of solving the problem with the ceiling price for the masks for covid 19. Draw a diagram to to show the deman and supply (ceiling price)
- QUESTION 7 The demand for rubber erasers consists of two components. The first component is the demand for rubber erasers by art students. This demand is given by QA = 19,500 - 325P. The second component is the demand for rubber erasers by all others. This demand is given by Qo = 32,000 - 2,000P. (a) What is the total quantity demanded of rubber erasers if the price of an eraser is: (i) $10 (ii) $15 (iii) $20 (iv) $30 (v) $70 (b) Assume that the supply of rubber erasers is given by Qs = 14,000+ 175P. (i) Find the equilibrium price and the equilibrium quantity. (ii) Calculate the total consumer surplus. [Hint: It may be easier if you calculate the consumer surplus for art students and the consumer surplus for all others separately, and then add them up.] (c) Assume that the supply of rubber erasers is given by Qs = 8,390 + 180P. Find the equilibrium price and the equilibrium quantity. 10 (DC) EN510What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?What is consumer surplus? How is it illustrated on a demand and supply diagram?
- 3. To summary the market survey for local trip tour during school vacation, the right-hand table is shown. Quantity Quantity Demanded Supplied Price ($) Base on this table: 20 500 50 420 a) Define the equations of demand and supply for local trip tour. (20 marks) b) Find the equilibrium-price and equilibrium-quantity for local trip tour and draw a graph to show this market equilibrium. (15 marks) 40 150 60 340 250 80 260 350 100 180 450The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 167 132 $32 137 172 $56 Use this information to find the following. (b) the demand equation p (c) the supply equation p (d) the equilibrium quantity and pricep ($/unit) 200k 160 120 80 40 5000 Equilibrium price =$ Equilibrium quantity a) What are the equilibrium price and quantity for the supply and demand curves in the figure above? = S (quantity) Consumer surplus =$ i 10000 b) Estimate the consumer and producer surplus. Producer surplus =$ i Round your answers to the nearest thousand. SUPPORT
