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The demand function for Product X is Qd = 100 – 2P and its supply function is Qs = -20 + P where P is the price of Product X in dollars while Qd is the quantity demanded and Qs is the quantity supplied (both expressed in thousands of units).
The demand for A product is QD = 150-4P, while the supply is QS = 100 + P. What are the equilibrium price and quantity? If a subsidy of $5 per unit is imposed calculate the new equilibrium and the changes is consumer, producer and total surplus.
Assume the demand curve for concert tickets is Qd= 300 - c*p and the supply curve is Qs= p - 20 (quantity expressed in thousands of tickets)What is the equilibrium price and quantityWhat are the consumer surplus and the producer surpluses.
Qd = 600 – P Qs = 2P a. Calculate equilibrium price and quantity b. Determine the value for consumer surplus at equilibrium c. Determine the value for producer surplus at equilibrium d. At what range of prices could a binding price ceiling be enforced?
1) In the market for cotton, the quantity demanded and quantity supplied are expressed as QD = 500 − 25p and QS = 30p − 75 where P is the price per pound of cotton. What is the equilibrium price and equilibrium quantity? Please graph the demand and supply curves, and include the equilibrium price and quantity.
Consider a perfectly competitive market where Demand is described as Qd 100-2P. a. If the market price is 10, how many units are consumed in the market? What is the consumer surplus in the market? b. Suppose the market Supply is described as Qs 10 P. What is the equilibrium price in the market? Quantity? C. Suppose the market Supply is described as Qs 10+ P. What is the excess quantity supplied in the market at P demanded in the...
Suppose that the demand curve and supply functions are qD = 300−5p and qS = 100+20p, respectively. (a) On the same graph, draw the demand and supply curves with price on the vertical axis. (b) What is the quantity and price in the equilibrium? (c) Calculate consumer surplus and producer surplus. (d) Suppose the government implements a $5 dollar per unit sales tax. i. Calculate the new quantity and the price paid by the consumer. ii. Calculate the consumer surplus,...
The market for rice in a country has the following demand and supply functions: Demand function: P = 6 – 0.5QD Supply function: P = 2 + 0.5QS Where QD is the quantity demanded, QS is the quantity supplied and P is the unit price of rice. Determine the equilibrium price, quantity, consumer surplus and producer surplus in the rice market. Illustrate your answers with a suitable rice market diagram. (8 marks) To help the rice farmers, the government has...
Supply Qs = 3P-30Demand Qd = 100-2PAfter setting a price ceiling of $20, determine the new equilibrium price and quantity. Also compute consumer and producer surplus and deadweight loss. I have no idea where to begin. Please help.
Suppose that the market demand and supply of soft drinks are described by the following equations: Qs = 2p – 350Qd = 600 – 8p a) Solve for the equilibrium price and quantityb) Find the consumer and producer surplus.c) The government is now imposing a sales tax on soft drinks, which is paid by the seller. The new supply curve is Qs = 2p – 360. What is the equilibrium price and quantity under this tax? Find out the deadweight loss. Show...
Suppose that a market is descrive by the following supply and demand equations: Qs=2p and Qd=240-P The equilibrium price in this market is________ and the equilibrium quantity is______ units. Suppose that a tax of T is placed on buyers, so the new demand equation is as follows: Qd=240-(P+T) The new equilibrium price is________ and the new equilibrium quantity is______ units. The price recieved by sellers _______, thr price paid by buyers________and the quantity sold________. Suppose that a market is descrive...