User Account

All Pages

Producer surplus from equilibrium price and quantity

Assignment Help Business Economics
Reference no: EM131713944

A market has supply and demand curves that follow the following set of equations: Supply → P = 4QS + 10 Demand → P = -5QD + 280.

For both of these problems pictures are not required but the problems may be much easier if you draw some.

a) Find the equilibrium price and quantity in this market and the consumer and producer surplus from the equilibrium price and quantity.

b) If there is a ceiling price in this market of 90, find the new consumer and producer surplus. Use these numbers to find the size of the deadweight loss and explain from these numbers whether or not consumers, as a whole, would be in favor of this ceiling.

Reference no: EM131713944

Questions Cloud

Make a histogram of the daily sales : Coffee sales. Owners of a new coffee shop tracked sales for the first 20 days and displayed the data in a scatterplot (by day).
Starbucks strategy evolved through different periods : Explain how Starbucks’s strategy evolved through different periods since its founding.
Information about the economy : Explain, based on the given information about the economy, whether the current situation for the economy is Pareto efficient or not.
Illiterate workers can suffer from embarrassment and fear : Illiterate workers can suffer from embarrassment and fear that keep them from admitting their problem.
Producer surplus from equilibrium price and quantity : Find the equilibrium price and quantity in this market and the consumer and producer surplus from the equilibrium price and quantity.
What did you do to address the challenge : What did you do to address the challenge? Did you need to change your behavior? Did you enlist the help of others? What was the positive outcome?
Explain legitimacy for local-national government agencies : Explain the legitimacy for local and national government agencies to use taxpayer money to assist small companies in the effort to export.
Why is an inelastic demand curve insensitive : Why is an inelastic demand curve "insensitive"? Provide an example of a good or service that fits the description.
What other actions may be appropriate : what kind of training should be done? What other actions may be appropriate?

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd