market for N-95 masks is perfectly competitive. Market Demand is given by Q=434-2P and Market Supply is given by Q=2P. The government imposes a price ceiling of $52. What is the maximum Consumer Surplus in the market with the price ceiling?
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- Suppose that the demand curve for a particular high-end designer purse in a medium- sized city is given by P = 600 – 0.01QP supply is P = 100 + 0.04QS where price is in dollars and quantity is in numbers of purses. a. Find the equilibrium price and quantity. b. Calculate the consumer and producer surplus at the equilibrium price.What would be the producer surplus and the deadweight loss?Consider the market for some product X that is represented in the accompanying demand-and-supply diagram. a. Calculate the total economic surplus in this market at the free-market equilibrium price and quantity The total economic surplus is $ 120 per day (Round your response to the nearest cent as needed) b. Calculate the total economic surplus in this market when a price ceiling at $7 is in effect The total economic surplus is $90 per day. (Round your response to the nearest cent as needed) c. After imposition of the price ceiling at $7, how many units of this good are no longer being produced and consumed per day compared to the free-market equilibrium? unit(s) of this good are no longer being produced and consumed per day compared to the free-market equilibrium (Round your response to the nearest whole number as needed) Price ($) 19.00 17.00 15.00 13.00- 11.00- 9.00- 7.00- 5.00 3.00- 1.00- 0 10 15 20 25 Quantity (units per day) 30 S D 35 G
- Define Consumer and Producer Surplus and illustrate them graphically.Macmillan Learning Suppose the graph depicts a hypothetical market for concert tickets at a local college venue. Because students are paying such high prices, a price ceiling of $40 per concert is being considered. Move the price ceiling line to correctly depict the price ceiling of $40. By how much does consumer surplus (CS) increase if the price ceiling is imposed? $ 250 Price (S) 100 90 80 70 60 50 40 30 20 10 0 0 Market for Concert Tickets Price ceiling 10 20 30 D Quantity (tickets) S 40 50 60 70 80 90 100What happens to total surplus when producer surplus decreases and consumer surplus increases?