Referring to the following graph, calculate the consumer surplus, if there is a price control at $3: PG ($/mcf) 20 18- 16 14- 12 10 ∞ 9 2 P-$19.20 $7.73 Demand Po-$6.40 $50.7 $160.5 $64.9 $40.1 $118.1 Pau=53.00 max 10 Q₂-20.6 20 Quantity (Tcf) Q-23 30 Supply Q₂-29.1 40
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- Consumers' Surplus It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = V361 - 7x dollars. Determine the consumers' surplus if the market price is set at $9/unit. (Round your answer to two decimal places.) %24 Need Help? Watch It Read ItConsumers' Surplus The demand function for a certain brand of CD is given by p = -0.01x? - 0.1x + 19 where p is the wholesale unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. Determine the consumers' surplus (in dollars) if the market price is set at $7/disc. (Round your answer to two decimal places.) $ 225 The units in the original equation are in thousands. Need Help? Read It Master It Submit AnswerProducers of a certain brand of refrigerator will make 1600 refrigerators available when the unit price is $320. Ata unit price of $370, 5600 refrigerators will be marketed. Find the equation relating the unit price p of a refrigerator to the quantity supplied x if the equation is known to be linear How many refrigerators will be marketed when the unit price is s4207 refrigerators What is the lowest price at which a refrigerator will be marketed?
- The supply and demand for concert tickets are given in the table below.Price (R)0481216202428323640Quantity Demanded15141312111098765Quantity Supplied0000013579114.1.1. Plot the supply and demand curves to scale and establish the equilibrium price and quantity. 4.1.2. What is the excess supply or demand (as applicable) when price is R24? And when price is R36? 4.1.3. Describe the market adjustments in price induced by these two prices. 4.1.4. The functions underlying the example in the table are linear and can be presented as P = 18+2Q (supply) and P = 60−4Q (demand). Solve the two equations for the equilibrium price and quantity values. 4.2. Briefly explain how each of the following affects the demand for goods and services in a market place and highlight the effects on price and the equilibrium position.4.2.1. Price of the product or service 4.2.2. Price of related goods; 4.2.3. Income of consumers; 4.2.4. Number of consumers;“It’s hard for many of us to imagine a world without instant, limitless internet access. Some haveeven argued that it should, alongside access to clean water and electricity, be considered a basichuman right”.The argument above infers that the income elasticity of demand for internet access is most likelyto be…a) a) -5b) b) -0.3c) c) 0.18d) d) 8QuestHomework (Ch 05) On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter. TOTAL REVENUE (Dollars) 7830 7290 6750 8210 5670 5130 4590 4050 3510 2970 0 25 50 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter) Total Revenue gage Learning According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of scooters is currently $25 per scooter, shown as point B on the initial graph. Because the demand between points A and B is a $25-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must be
- The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 166 131 $31 146 181 $43 Use this information to find the following. (a) points on the demand linear equation (x, p) (smaller x-value) (х, р) %3 (larger x-value) points on the supply linear equation (х, р) (smaller x-value) (x, p) = ( ) (larger x-value) (b) the demand equation p = (c) the supply equation p (d) the equilibrium quantity and price Equilibrium occurs when the price of the clock is $ and the quantity isConsumers' Surplus The demand function for a certain brand of mattress is given by P = 300e where p is the unit price in dollars and x (in units of a hundred) is the quantity demanded per month. (a) Find the number of mattresses demanded per month if the unit price is set at $200/mattress. (Round your answer to the nearest integer.) 1352 mattresses -0.03x (b) Use the results of part (a) to find the consumers' surplus if the selling price is set at $200 per mattress. (Round your answer to the nearest dollar.) $QD ($) 16 3,000 2,800 20 18 2,600 2,400 2,200 2,000 22 24 26 28 1,800 30 1,600 Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 2,200 people. What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall? If tickets were sold for $18, what would happen (be
- Consumers' Surplus The demand function for a certain make of replacement cartridges for a water purifier is given by the following equation where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. p = -0.01x? - 0.2x + 26 Determine the consumers' surplus if the market price is set at $2/cartridge. (Round your answer to two decimal places.)It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = sqrt of 289 - 3x dollars. Determine the consumers' surplus if the market price is set at $14/unit. (Round your answer to two decimal places.) $10/variants/969445/take/13/ The minimum wage jumps from the current $7.25/hour to $15.00/hour. This has the effect of causing a shift in demand for restaurant dinners. Eventually, a large number of entre- preneurs see this demand and enter the restaurant business, creating a shift in supply. Using the graph outlines provided below, mark label the following: 1. Initial demand (D1), initial supply (S1) and initial equilibrium (E1). 2. The shift in demand (D2) and corresponding new equilibrium (E2). 3. The shift in supply (S2) and the corresponding new equilibrium (E3). Use arrows to show the direction of the supply and demand curve shifts from D1 to D2, and from $1 to $2. ہیں D 00000 + T THIN Price of Dinners BLACK – Supply and Demand for Restaurant Dinners X Quantity Demanded
