Perform the following work• Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttonscontain an article to compute trend-lines in Excel):S(p) =Round your answer to 3 decimal places• Assume that the Demand has a quadratic relationship with the price. Find this relationship (the helpbutton links to an article to compute trend-lines in Excel):D(p)Round your answer to 3 decimal places%3D• Use the trendlines to find the price corresponding to the equlibrium price between supply and demand:S per gallon Round your answer to 2 decimal places• From the price above what is the equilibrum quantity between supply and demand:million of gallons Round your answer to closest whole number• Under these conditions, what is the consumer surplus?million of gallons Round your answer to closest whole number• Under these conditions, what is the producer surplus?million of gallons Round your answer to closest whole number• Discuss what is a mathematical model in general, and how mathematical models are used in this Comsumer Surplus StudyThe goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity isbased off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 ofChapter 3 in the Business Calculus book.The table below shows how supply and demand of gasoliine vary depending on the price:Price ($/gal)Demand (million of gal.) Supply (million of gal.)7535135501.27001.46406001.65806391.85436602.24506802.44307002.64207202.83907353.367763Note: there is some randomization in the above data to account for price fluctuations. Make sure to check thatyou input the correct data in your device.Perform the following work• Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttonscontain an article to compute trend-lines in Excel):S(p) =Round your answer to 3 decimal places%3D• Assume that the Demand has a quadratic relationship with the price. Find this relationship (the helpbutton links to an article to compute trend-lines in Excel):

An individual’s willingness to pay for each unit of the quantity he or she wishes to consume is…

Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(P) = Round your answer to 3 decimal places • Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to 2 decimal places . From the price above what is the equilibrum quantity between supply and demand: million of gallons Round your answer to closest whole number Under these conditions, what is the consumer surplus? million of gallons Round your answer to closest whole number • Under these conditions, what is the producer surplus? million of gallons Round your answer to closest whole number

Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(P) = Round your answer to 3 decimal places • Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to 2 decimal places . From the price above what is the equilibrum quantity between supply and demand: million of gallons Round your answer to closest whole number Under these conditions, what is the consumer surplus? million of gallons Round your answer to closest whole number • Under these conditions, what is the producer surplus? million of gallons Round your answer to closest whole number

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter14: Monopoly

Section: Chapter Questions

Problem 14.13P

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