Problem 15. Given the demand and supply functions: p° = -q – 4q + 68 p° = q² – 2q – 12 find (a) the consumer surplus and (b) the producer surplus assuming pure competition.
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Problem 15
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- With relevant examples distinguish between: (i) Producer's and Consumer's surplus, (ii) Maximum and Minimum PriceD(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point. D(x) = 5 - x, for 0sxs5; S(x) = Vx+ 1 (a) What are the coordinates of the equilibrium point? (Type an ordered pair.)D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point D(x)=2000-10x, S(x) = 950 + 25x THERE (a) What are the coordinates of the equilibrium point? (Type an ordered pair.) (b) What is the consumer surplus at the equilibrium point? (Round to the nearest cent as needed.) (c) What is the producer surplus at the equilibrium point? (Round to the nearest cent as needed.) AL AL
- D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point. 3 1 D(x) = -x+6, S(x) = +1 (a) Find the equilibrium point. (Type an ordered pair, using integers or decimals.)b) You are given the following demand and supply functions Qd = 12 - 0.3 P demand function Qs = -2 + 0.8 P Supply function (i) Find the consumer surplus (ii) Find the producer surplusthe demand and supply curves for a product are given as: 2q-15p=-120 q+2p = 35 Find the consumer surplus at the equilibrium Find the producer surplus at the equilibrium. Note: don't use chat gpt.
- 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.)Suppose the following demand and supply function:Qd = 750 – 25PQs = -300 + 20 Pi.Find equilibrium price and quantityii.Find consumer and producer surplusIf the supply and demand functions are given by p=20e0.4Q and p=100e-0.2Q, respectively, find the equilibrium price and quantity, and calculate the consumer’s and producer’s surplus.
- D(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point. D(x) = 8 – x, for 0Find the Consumer Surplus and the Producer Surplus at the equilibrium price if the price-demand (D(x)) and the price-supply (S(x)) functions are as follows: D(x)=600 0.07x S(x) = 100+ 0.03xD(x) is the price, in dollars per unit, that consumers are willing to pay for x units of an item, and S(x) is the price, in dollars per unit, that producers are willing to accept for x units. Find (a) the equilibrium point, (b) the consumer surplus at the equilibrium point, and (c) the producer surplus at the equilibrium point. X 2 D(x) = (x – 9)², S(x) =x² + 4x + 37 (a) What are the coordinates of the equilibrium point? |(Type an ordered pair.) (b) What is the consumer surplus at the equilibrium point? $4 (Round to the nearest cent as needed.) (c) What is the producer surplus at the equilibrium point? $4 (Round to the nearest cent as needed.)SEE MORE QUESTIONS