User Account

All Pages

What is the equilibrium price and what is the equilibrium

Assignment Help Business Economics
Reference no: EM133600240

Question: Consumer demand for an item is described by: P = 14 - 2Q Firm supply is described by: P = 2 Q

1. What is the equilibrium price?

2. What is the equilibrium quantity?

3. What is the numerical value of consumer surplus at equilibrium?

4. What is the numerical value of producer surplus at equilibrium? Suppose there is a price ceiling of P = 4.

5. What is the numerical value of the deadweight loss?

6. What is the numerical value of the consumer surplus with the price ceiling?

7. What is the numerical value of the producer surplus with the price ceiling?

8. Include a graph of the demand function, supply function, the equilbrium price and quantity, and the price ceiling. Shade in the amount of the deadweight loss on the graph.

Reference no: EM133600240

Questions Cloud

Flow of motivational interviewing : Four overlapping processes form the flow of Motivational Interviewing (MI). These processes are sequential and repetitive.
How can a thing be a use-value without having value : How can a thing be a use-value without having value? How can a thing be a use-value without being a commodity? Can a thing have value without being an object
Create a yearbook presentation of psychological concepts : Create a yearbook presentation of psychological concepts and theories - past and present. For each course outcome, choose at least one time period.
What is the efficient outcome : what is the efficient outcome? Should the factory install the scrubber or not, and where should the farmer plant crops this year?
What is the equilibrium price and what is the equilibrium : What is the equilibrium price? What is the equilibrium quantity? What is the numerical value of consumer surplus at equilibrium?
Determine the profit maximizing price to charge for each : Determine the profit maximizing price to charge for each case assuming they are able to produce as many cases of ale as needed on site at the constant marginal
Are you risk-seeking or risk-averse : Suppose that you prefer to take a bet that offered a 50% chance of winning $80,000 and a 50% chance of getting nothing over a sure payment of $45,000.
Explain your long-term memory loss within the context : Explain your long-term memory loss within the context of the three-store memory theory and levels of processing memory theory.
What surprised you the most about examining the differences : what surprised you the most about examining the differences between your estimate and the real costs? OR If your estimate was similar, did you learn anything

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