If George is willing to pay P100 for a product and John is willing to pay P80 for the same, the consumer surplus when the product costs P60 is A) 20 B) 60
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- A movie theater has been charging $ 10.00 per person and selling about500 tickets on Saturday and Sunday nights. After surveyingtheir customers, theater owners estimate that for every 50 cents theylower the price, the number of attendees will increase by 50 per night.Find the demand function and calculate the consumption surplus whentickets are sold for $ 8.00.Consumers' Surplus The demand function for a certain brand of mattress is given by P = 300e where p is the unit price in dollars and x (in units of a hundred) is the quantity demanded per month. (a) Find the number of mattresses demanded per month if the unit price is set at $200/mattress. (Round your answer to the nearest integer.) 1352 mattresses -0.03x (b) Use the results of part (a) to find the consumers' surplus if the selling price is set at $200 per mattress. (Round your answer to the nearest dollar.) $Producers' Surplus The manufacturer of a brand of mattresses will make x hundred units available in the market when the unit price is p = 150 + 70eº.06x dollars. (a) Find the number of mattresses the manufacturer will make available in the market place if the unit price is set at $400/mattress. (Round your answer to the nearest integer.) x mattresses 21 (b) Use the result of part (a) to find the producers' surplus if the unit price is set at $400/mattress. (Round your answer to the nearest dollar.) $ 6096 Need Help? Read It Watch It
- The supply and demand curves of a product are shown in Figure 6.13. Approximate the difference in the total gains from trade if the price is artificially increased from the equilibrium price of p = 95 to p*= 110. p(Sunit) 200 180 888888888 160 140 120 100 50 100 150 200 Figure 6.13 O(a) $137.50 Ⓒ (b) $3,250 O (c) $4,675 (quantity)It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = sqrt of 289 - 3x dollars. Determine the consumers' surplus if the market price is set at $14/unit. (Round your answer to two decimal places.) $A company fnds that if they price their product at 25 dollars, then they can sell 540 items of it. For every dollar increase in the price, the number of items sold will decrease by 4. What is the maximal income possible? dollars What price should the company set to achieve this maximal income? dollars Question Help: O Message instructor Submit Question
- The supply and demand curves of a product are shown in Figure 6.13. Approximate the difference in the total gains from trade if the price is artificially increased from the equilibrium price of p* = 95 to p* = 110. p ($/unit) 200 180 160 140 120 100 80 60 40 20 XXX ☆ 50 100 (a) $137.50 O (b) $3,250 O (c) $4,675 O (d) $4,750 O (e) $7862.50 O (f) $8000 150 Figure 6.13 200 q (quantity) SUPPORMang Isko, a fisherman, is paid ₱180.00 for every 1 kilo of fish he catches. If within the day, he is able to catch 50 kilos of fish, how much is his gross pay for the day?The supply and demand curves of a product are shown in Figure 6.13. Approximate the difference in the total gains from trade if the price is artificially increased from the equilibrium price of p* = 95 to pt = 110. p (S/unit) 200 180 160 140 120 100 80 60 40 20 50 100 Figure 6.13 150 (a) $137.50 (b) $3,250 O (c) $4,675 O (d) $4,750 O (e) $7862.50 O (f) $8000 200 q (quantity)
- If it costs Mary P500 to produce a product and Anne P600, the producer surplus when the price of the product is 800 is A) 500 B) 200 C) 400 D) 300A company manufactures and sells x television sets per month. The monthly cost and price-demand equations are C(x)=74,000+40x and p(x)=250−x/20 0 ≤ x ≤ 5000. (A) Find the maximum revenue. (B) Find the maximum profit, the production level that will realize the maximum profit, and the price the company should charge for each television set. (C) If the government decides to tax the company $4 for each set it produces, how many sets should the company manufacture each month to maximize its profit? What is the maximum profit? What should the company charge for each set?(a) The inverse demand function for taxi-apps is estimated to be p = 100-2Q. If the price increases from 20 to 3O, then by how much does consumer surplus change?