Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Apr 19, 2024

Consider in a market where the supply and demand functions for a product are given as follows: Supply function : P S = 20 +

Consider in a market where the supply and demand functions for a product are given as follows:

Supply function : P_S = 20 + 2Q

Demand function : P_D = 50 - Q

where P_S is price given by supplier, P_Dis the price given to customer and Q is the quantity.

Find the equilibrium price and quantity in this market.

Calculate the producer surpluses.

Step by Step Solution

★★★★★

3.31 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

To find the equilibrium price and quantity we need to set the supply function equal to the demand ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Calculus

Authors: Jon Rogawski, Colin Adams, Robert Franzosa

4th Edition

1319055842, 9781319055844

More Books

Students also viewed these Economics questions

Question

★★★★★

In a free market economy, the demand curve is the graph of the function D that represents the demand for a specific product by the consumers in the economy at price q. It is not surprising that the...

Answered: 1 week ago

Question

★★★★★

The Cozy Radiator Company uses a normal-costing system with a single manufacturing overhead cost pool and machine-hours as the cost-allocation base. The following data are for 2020: (Click the icon...

Answered: 1 week ago

Question

★★★★★

Agarwal, Bergeron, and Cishek have been in partnership for a number of years. The partners allocate all profits and losses on a 4 : 2 : 2 basis, respectively. Recently, each partner has become...

Answered: 1 week ago

Question

★★★★★

Instructions: Read the footnotes included in the financial statements for H & B Bakery, then answer the following questions. *The exact requirement of this question, is to read the statements below...

Answered: 1 week ago

Question

★★★★★

How does the tipped minimum wage differ from the FLSA minimum wage?

Answered: 1 week ago

Question

★★★★★

=+14. You are the manufacturer of a new sports clothing line. Choose a professional athlete to represent your company. Who did you choose? Why?

Answered: 1 week ago

Question

★★★★★

3. After the test: Think back on what went well and what could be improved. Focus on controllable attributions study strategies, effort, careful reading of questions, relaxation strategies.

Answered: 1 week ago

Question

★★★★★

Marcellus Jackson, the CFO of Mac, Inc., notices that the tax liability reported on Macs tax return is less than the tax expense reported on Macs financial statements. Provide a letter to Jackson...

Answered: 1 week ago

Question

★★★★★

collaboration between Nike with Michael Jordan B 2 B partnership and product is Air Jordan . 1 . Overview of strategic alliance 2 . Market impact of alliance 3 . Customer engagement strategies for...

Answered: 1 week ago

Question

★★★★★

McDonalds and Buffalo Wild Wings: Comparing two restaurant chains (LO 6-1) McDonalds Corporation franchises and operates more than 36,000 fast-service restaurants around the world. Buffalo Wild Wings...

Answered: 1 week ago

Question

★★★★★

Ivanhoe is the creator of Y-Go, a technology that weaves silver into fabrics to kill bacteria and odour on clothing while managing heat. Y-Go has become very popular in undergarments for sports...

Answered: 1 week ago

Question

★★★★★

The 9-percent-coupon-rate bonds of the Melbourne Mining Company have exactly15 years remaining to maturity. The current market value of one of these $1,000-parvaluebonds is $700. Interest is paid...

Answered: 1 week ago

Question

★★★★★

23. Question 23 Adventure Works recently launched a new product, and the sales data is pouring in. You decide to visualize this data using scatter plots to understand the purchase patterns across...

Answered: 1 week ago

Question

★★★★★

Why is it crucial to adhere to the six-step financial planning process for comprehensive financial management? Question 24 options: Because everyone else does For clarity of your services and...

Answered: 1 week ago

Question

★★★★★

Cassandra wants to produce consistently sized baked goods, so she draws a sample of 12 cashew toffee tarts and weighs them (in ounces). She finds a 90% confidence interval of (3.8, 4.2). Which is the...

Answered: 1 week ago

Question

★★★★★

A researcher uses Likert scale items asking nurses how strongly they agree with various statements about professional identity. The items are totaled to form an overall score. This is an example of...

Answered: 1 week ago

Question

★★★★★

Read the following situation and write a formal email of compliant You and your family have stayed at London's International Hotel on 1 3 th to 1 4 th December 2 0 2 2 in rooms 7 , 8 , 1 0 , & 1 2 ....

Answered: 1 week ago

Question

★★★★★

On October 31 Juanita Ortega, owner of Outback Guide Service, received a bank statement dated October 30. Juanita found the following: 1. The checkbook has a balance of $2,551.34. 2. The bank...

Answered: 1 week ago

Question

★★★★★

Let v(s) = s 2 i + 2sj + 9s 2 k. Evaluate d/ds v(g(s)) at s = 4, assuming that g(4) = 3 and g '(4) = 9.

Answered: 1 week ago

Question

★★★★★

Find the critical points and the intervals on which the function is increasing or decreasing. Use the First Derivative Test to determine whether the critical point yields a local min or max (or...

Answered: 1 week ago

Question

★★★★★

Write as a telescoping series and find its sum. 00 n=3 1 n(n 1)

Answered: 1 week ago

Question

★★★★★

John Rawls is a philosopher famous for his maxi-min principle, which states that society should maximize the position of the people with the mini-mum amount of goods, and not focus only on the level...

Answered: 1 week ago

Question

★★★★★

Consider Table 21P-7, which shows several different types of goods sold in a hypothetical town. Imagine a new competitor enters who refuses to discriminate between locals and foreigners in hiring...

Answered: 1 week ago

Question

★★★★★

The left column of Table 21P-4 shows the income data for 10 people at age 40. The right column shows the income for one of their children at the same age (adjusted for inflation). a. How many people...

Answered: 1 week ago

Previous Question Next Question