Assume a market demand function is given by the equation: [ Q^{d}=50-0.75 P ] where (Q^{d}) is
Question:
Assume a market demand function is given by the equation:
\[
Q^{d}=50-0.75 P
\]
where \(Q^{d}\) is the quantity demanded and \(P\) is the price. If \(P\) equals 10 , the value of the consumer surplus is closest to:
A. 67.
B. 1,205 .
C. 1,667 .
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Lets calculate the consumer surplus CS using the given market demand function Qd 50 075P Given that ...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Economics For Investment Decision Makers
ISBN: 9781118111963
1st Edition
Authors: Sandeep Singh, Christopher D Piros, Jerald E Pinto
Question Posted:
Students also viewed these Business questions
-
123 Compare the purely graphical properties of these two notations, and the ways in which the graphical properties of each display correspond to the information structure being defined. Describe...
-
Let r and s be solutions to the quadratic equation x 2 b x + c = 0. For n N, define d0 = 0 d1 = r s dn = b dn1 c dn2 (n 2) Prove that dn = r n s n for all n N. [4 marks] (b) Recall that a commutative...
-
A persons demand for gizmos is given by the following equation: q = 6 0.5p + 0.0002I Where, q is the quantity demanded at price p when the persons income is I. Assume initially that the persons...
-
Which of these situations would require auditors to append an emphasis- of- matter paragraph about consistency to an otherwise unmodified opinion? a. Entity changed its estimated allowance for...
-
At what angle will 510-nm light produce a second-order maximum when falling on a grating whose slits are 1.35 x 10-3 apart?
-
Student Transportation Now Inc. (STN) has a single supply depot that stocks and ships small maintenance items and replacement parts used by techni- cians that maintain STN's fleet of 45,000 school...
-
During your audit of Fletcher Corporation's June 30, 1999, financial statements, you become aware of the following control procedures over Fletcher's personnel and payroll activities: 1. All...
-
Spring Inc. had the following transactions pertaining to investments in common stock . Jan. 1 Purchased 2,500 shares of Angeltide Corporation common stock (5%) for $140,000 cash plus $2,100 brokers...
-
A stock price is currently $42. The risk-free interest rate is APR 4% with continuous compounding. What is the value of a six-month American put option with a strike price of $46 using two-step...
-
Which of the following best describes producer surplus? A. Revenue minus variable costs B. Revenue minus variable plus fixed costs C. The area above the supply curve and beneath the demand curve and...
-
A quota on an imported good below the market-clearing quantity will most likely lead to which of the following effects? A. The supply curve shifts upward. B. The demand curve shifts upward. C. Some...
-
Evangel Temple Assembly of God leased a facility from Wood Care Centers, Inc., to house evacuees who had lost their homes in Hurricane Katrina. One clause in the lease contract said that Evangel...
-
Charts of common variables from this class and constants from this class and other physics courses and their units are below. These will be used for problems 3-6. Some SI units are derived units that...
-
Various high symmetry points of the Brillouin zone are marked. the first Brillouin zone of a simple cubic lattice. In the empty lattice approximation the energy band structure ( k relation) is given...
-
Three point charges are located on a circular arc as shown in the figure below. (Take r = 3.92 cm. Let to the right be the +x direction and up along the screen be the +y direction.) +3.00 nC -2.00 nC...
-
Show me the steps to solve the support reactions and pin forces for this beam. Keep in mind that the roller support at A is at an angle 15 ft A 2 k/ft 16 ft- B
-
A witness stated that two people were working on one board simultaneously, as shown in Figure 6 below. This is prohibited. A 90 kg 500 mm- 70 kg 500 mm C D 1.5 m Figure 6 FBD of the scaffold board...
-
Describe GASB requirements for accounting for Investment Trust Funds. Include (a) A discussion of when the use of investment trust funds is appropriate; (b) The investments to be included and...
-
Using thermodynamic data from Appendix 4, calculate G at 258C for the process: 2SO 2 (g) + O 2 (g) 88n 2SO 3 (g) where all gases are at 1.00 atm pressure. Also calculate DG8 at 258C for this same...
-
Use the graph below to answer the following questions. a. Which of the points A, B, C, or D can represent a long-run equilibrium? b. Suppose that initially the economy is at point A. If aggregate...
-
In the following graph, suppose that the economy moves from point A in year 1 to point B in year 2. Using the graph, briefly explain your answer to each of the questions. a. What is the growth rate...
-
Why do businesses accept paper currency when they know that, unlike a gold coin, the paper the currency is printed on is worth very little?
-
Cute Camel Woodcraft Companys income statement reports data for its first year of operation. The firms CEO would like sales to increase by 25% next year. 1. Cute Camel is able to achieve this level...
-
Luthan Company uses a plantwide predetermined overhead rate of $22.80 per direct labor-hour. This predetermined rate was based on a cost formula that estimated $273,600 of total manufacturing...
-
The CEO has asked you to consider using online banking to pay suppliers for goods. You are asked to prepare a memo for the CEO. In your memo what controls could be in place to ensure online banking...
Study smarter with the SolutionInn App