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Market demand is given as QD = 140 – 5P. Market supply is given as QS = 2P. In a
Question 19 options:
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$1000
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$600
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$800
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$400 |
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- Market demand is given as QD = 140 - 5P. Market supply is given as QS = 2P. In a perfectly competitive equilibrium, what will be the value of producer surplus? $1000 $600 $400 $800Market demand is given as Qp = 150 - 0.5P. Market supply is given as Qs = 2P. In a perfectly competitive equilibrium, what will be the value of producer surplus? $4800 $3600 $7200 $5100Market demand is given as Qd = 400 - 2P. Market supply is given as Qs = 3P + 100. In a perfectly competitive equilibrium, what will be price and quantity? Question 18 options: Price will be $100 and quantity will be 200. Price will be $60 and quantity will be 280. Price will be $1 and quantity will be 500. Price will be $30 and quantity will be 140.
- When a firm reduces output from a state of equilibrium, producer surplus is increased because consumers have greater bargaining power. Question 1 options: True FalseThe market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the competitive market equilibrium? Question 17 options: $4.5 million $9 million $13.5 million $27 millionSuppose perfect competition prevails in the market for hotel rooms. The current market equilibrium price of a standard hotel room is $100 per night. Show that the current market equilibrium is efficient, assuming that both the marginal cost incurred by sellers and the marginal benefit perceived by buyers reflect all costs and benefits associated with production and use of hotel rooms. Suppose a $10 per night tax is levied on hotel occupancy. Show how this tax will prevent the market from achieving efficient output. Show the loss in net benefits from hotel use resulting from the tax.
- 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.)5) The cost per unit of producing a product is 60 + 0.2x dollars, where x represents the number of units 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? b) What is the maximum profit?The firm's supply and demand in the market are described by the equations: Qd = 200-5P; Qs = 50 + P. Determine the equilibrium parameters and whether the equilibrium in this market is stable.
- Suppose the market for a certain good is perfectly competitive and the demand is given by P=1000-Q and the supply is given by P=Q. The market is currently in equilibrium. What are the producer surplus and consumer surplus, respectively? $1250 and $1250 $2500 and $2500 $2500 and $1250 $1250 and $2500Suppose Tyco International has complete control over the plastic hangar market. Suppose the inverse demand for hangars is given by: P(Q) = 3 – Q/16000. Suppose that the total cost is given by: TC(Q) = 100 + Q What is the equilibrium price and quantity of hangars in the market if the market is competitive?Suppose the market for pizzas in the U.S. is perfectly competitive and is characterized by the following demand and supply equations (Q = quantity and P = Price): Demand for pizza: Qd = 100 – P Supply of pizza: Qs = 2P − 50 A) Find the market clearing equilibrium price P* and quantity Q*. B) Find the the consumer surplus and producer surplus at the equilibrium. C) Suppose that the U.S. imposes a price ceiling at $40. What is the quantity demanded by consumer (Qd’)? What is the quantity supplied by suppliers (Qs’)? D) Suppose that the U.S. imposes a price ceiling of $40. Is there a shortage or surplus for pizzas? E) Suppose that the U.S. imposes a price ceiling of $40. What is the new CS’ and PS’? Assuming that the government purchases/provides the surplus/shortage. Under the same assumption, what is the deadweight loss caused by the price floor?