Calculate consumer and producer surplus in this market

Assignment Help Business Economics

Reference no: EM13893346

What is the equilibrium quantity and equilibrium price for the following demand and supply curves:

QD=5800-6p and QS= 4P-120

Calculate consumer and producer surplus in this market.

If a price floor of $600 is placed on this good, what is the new equilibrium price and quantity? Calculate the amount of any shortage or surplus. What is the change in consumer surplus?

If a price ceiling of $500 instead of a price floor were placed on this good, what is the new equilibrium price and quantity? Calculate the amount of any shortage or surplus. What is the change in producer surplus?

Reference no: EM13893346

Questions Cloud

Function that rotates a two-d array by ninety degree : Write and test the function that "rotates" 90° clockwise a two-dimensional square array of ints. For example, it would transform the array.

Interpret the meaning of the coefficient estimates : Write a 4-5 page paper in which you: Develop and discuss a relationship that can be modeled with a simple regression. State the model in mathematical terms. Estimate the model and interpret the meaning of the coefficient estimates. Discuss a hypothes..

How many firms will there be in long run equilibrium : Suppose there are n identical firms in a market. Each firm’s cost function is given by C = 25 + q2, where q is the amount that an individual firm produces. How much output will each of them produce? What will be the market price? How many firms will ..

Service contract a permissible focal point for coupling : Why is the service contract a permissible focal point for coupling in a service? What characteristics of the service contract will allow the service to evolve even when loosely coupled to logic and to customers?

Calculate consumer and producer surplus in this market : What is the equilibrium quantity and equilibrium price for the following demand and supply curves: Calculate consumer and producer surplus in this market.

Compute the tax basis of john''s stock in xyz : Compute the tax basis of John's stock in XYZ at the end of 2014

Demand for the three popular game consoles : Think about the demand for the three popular game consoles: XBox, PS3, and Wii. In each of the scenarios below, briefly describe the effect on (a) the demand for XBox games and (b) the quantity of XBox games demanded

Quantities above the minimum-cost output : At quantities above the minimum-cost output:

Hospitalist care is unattractive option financially : Median length of stay was 1.1 days shorter when a hospitalist cared for a Medicare patient. Median cost per case was $853 less (excluding physician fees). There were no significant differences in mortality, 30-day readmissions, or transfers. Hospital..

User Account

All Pages