The demand for wheat is given by: QD= 280 -P. The supply of wheat is given by: Qs= 6P -280. Suppose the government imposes a a price ceiling of $64. Calculate the dollar amount of consumer surplus from the price ceiling. (Do not include a $ sign in your response. Round to the nearest two decimal places if necessary.)
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Lesson 10 Question 11
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- Consider the following market demand and supply: Demand: P = 16 - 4Qd Supply: P = 6+ 3Qs If the market is at equilibrium, what is the producer surplus? Note: Express your answer in units of dollars, to at least two digits after the decimal. 3.06Find the producers' surplus at a price level of p = $70 for the price-supply equation below. %3D p= S(x) = 10 + 0.1x + 0.0003x? The producers' surplus is $ (Round to the nearest integer as needed.)Suppose the daily supply equation for noise cancelling wireless headphones is given by p = S(x): = 40 + 80e0.1x where p is in dollars and x is the number of headphones produced daily. Determine the quantity supplied if the market price is 440 dollars. Quantity supplied (exact value) = Producer surplus (exact value) Determine the producer surplus at the market price of 440 dollars. = units Producer surplus (rounded to the nearest dollar) = dollars dollars
- The demand and supply equations for a product are: Q= 300 — 6P and Q.= -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumers pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producer surplus, and deadweight loss.Consumers' Surplus The demand function for a certain make of replacement cartridges for a water purifier is given by the following equation where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. p = -0.01x? - 0.2x + 26 Determine the consumers' surplus if the market price is set at $2/cartridge. (Round your answer to two decimal places.)In a certain market, the demand is given by Qd = 60 - 6P and the supply by Qs = 4P. Assume a price ceiling was imposed at $3. The full economic price is?
- US oil demand is given by P = 106 - 7 * Q, where P and Q are oil price and oil quantity (in barrel) demanded. How much does Consumer Surplus increase if the oil price per barrel in the world market decreases from $87 to $60?A new chemical cleaning solution is introduced to the market. Initially, the demand is QD 1,000 2P and the supply is QS = 100 + P. Determine the equilibrium price and quantity. The government then decides that no more than 300 units of this product should be sold per period, and imposes a quota at that level. How does this quota affect the equilibrium price and quantity? Show the solution using a graph and calculate the numerical answer.The demand and supply equations for a product are: Qd= 300 — 6P and Qs= -40 + 6P. Determine the market equilibrium and draw graphs. Suppose that the government decides to impose a flat tax of 10% on each unit sold. Show that the price that consumers pay would be the same if the government imposed a tax of Rs. 1.70 per unit sold. Draw graphs and explain. Also calculate the total revenue earned by sellers before and after the tax, the tax revenue raised by the government, changes in consumer and producers surplus, and deadweight loss
- Pretend that a minimum price = $22 is imposed. This will reduce the quantity demanded to 40 units. At the imposed price of $22, what will be consumer surplus? $6 $80 $240 $480The market demand function for corn is Q¹ = 30 - 2P. The market supply function is Q = 5P-2.5, both measured in billions of bushels per year. Suppose the government imposes a $8.10 tax per bushel. What will be the effects on aggregate surplus, consumer surplus, and producer surplus? What will be the deadweight loss created by the tax? Instructions: Round your quantities to the nearest whole number. Round prices, surpluses and deadweight losses to 2 decimal places. a. What are the initial equilibrium effects? Complete the table below. Initial equilibrium price Initial equilibrium quantity Initial equilibrium consumer surplus Initial equilibrium producer surplus After-tax equilibrium price After-tax equilibrium quantity After-tax equilibrium consumer surplus After-tax equilibrium producer surplus $ Government revenue After-tax equilibrium aggregate surplus Deadweight loss $ Initial equilibrium aggregate surplus b. What are the effects after the government imposes a $8.10 tax per bushel.…The demand (D) and supply (S) function for a commodity are P =100 – 2Q and P = 10 + Q, respectively. (a) Find the equilibrium price and quantity. That is, find the price and quantity where the D and S functions intersect. (b) A new 10% tax is imposed on this commodity. Find the burden of the tax on demanders and the burden on suppliers. Also find the total taxes. [In order to insure that we all do this problem in the same way, let’s assume that the tax is imposed on the supply side of the market. In addition, the burden of the tax on demanders is the difference in price demanders pay when the tax is in existence less the price they paid when there was no tax. The burden on suppliers is the difference in price suppliers received when there was no tax and the net price (after remitting tax to the government) they receive when the tax is in existence.]
