\fRequired Information Problem 02-05 Excel Exercise Parts 1 and 2 The demand curve for product X Is given by Ox" - 500 - 48x. The price of product X Is $50. Problem 02-05 - Excel Exercise Part 2 of 2 Assume that the Information about product X from the problem changed to the following: Domand intercept 458 Demand slope -5 Price of product * $ 28 Instruction: Update the dots In your spreadsheet to the values above and enter the recomputed answers for the original questions. Required: 1. What Is the Intercept for the Inverse demand curve? Inversa demand curve intercept 2. What Is the slope for the Inverse demand curve? Instruction: Enteryour response rounded to two decimal places and negative answer should be indicated by a minus sign. Inverse demand curve slope 3. How much consumer surplus do consumers receive at the given price? Consumer surplus at given prionProblem 02-09 (algo) The supply curve for product X is given by Qx- S=-440 + 20PX. a. Find the inverse supply curve. P= b. How much surplus do producers receive when Q, = 480? When Qy = 1,060? When Ox= 480:$ When Qx = 1,060: $Problem 02-10 (algo) Consider a market where supply and demand are given by Qx = -18 + Px and Qx" = 84 - 2Px. Suppose the government imposes a price floor of $39, and agrees to purchase and discard any and all units consumers do not buy at the floor price of $39 per unit. Instructions: Enter your responses rounded to the nearest penny (two decimal places). a. Determine the cost to the government of buying firms' unsold units. b. Compute the lost social welfare (deadweight loss) that stems from the $39 price floor.Problem 02-06 (algo) Suppose demand and supply are given by QU = 60 - Pand Q$ =10p - 20. a. What are the equilibrium quantity and price in this market? Equilibrium quantity: Equilibrium price: $ b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 is imposed in this market. Quantity demanded: Quantity supplied: Surplus: c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $29 is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded: Quantity supplied: Shortage: Full economic price: $Problem 02-13 (ergo: From California to New York. legislative bodies across the United States are considering eliminating or reducing the surcharges that banks impose on noncustomers. who make $14 million in withdrawals from other banks' ATM machines. On average. noncustomers earn a wage of$2lllI per hour and pay ATM fees of $3.25 pertransaction. It is estimated that banks would be willing to maintain services for 5 million transactions at $1.25 per transaction. while noncustomers would attempt to conduct 22 million transactions at that price. Estimates suggest that. for every 1 million gap between the desired and available transactions. a typical consumer will have to spend an extra minute traveling to another machine to withdraw cash. Based on this information. what would be the nonpecuniary cost of legislation that would place a $1.25 cap on the fees banks can charge for noncustomer transactions? Instructions: Enter your responses rounded to the nearest penny ttwo decimal places}. $|:| Iill-that would be the full economic price of this legislation? vs: Problem 02-20 Viking InterWorks is one of many manufacturers that supplies memory products to original equipment manufacturers (OEMS) of desktop systems. The CEO recently read an article in a trade publication that reported the projected demand for desktop systems to be: @ddesktop =1600 - 2Pdesktop + 0.6M (in millions of units). where Pdesktop is the price of a desktop system and Mis consumer income. The same article reported that the incomes of the desktop system's primary consumer demographic would increase 4.2 percent this year to $61,300 and that the selling price of a desktop would decrease to $980, both of which the CEO viewed favorably for Viking. In a related article, the CEO read that the upcoming year's projected demand for 32 GB desktop memory modules is: Qdmemory = 11.200 - 100Pmemory - 2Pdesktop (in thousands of units). where Pmemory is the market price for a 32 GB memory module and Pdesktop is the selling price of a desktop system. The report also indicated that five new, small start-ups entered the 32 GB memory module market bringing the total number of competitors to 100 firms. Furthermore. suppose that Viking's CEO commissioned an industry-wide study to examine the industry capacity for 32 GB memory modules. The results indicate that when the industry is operating at maximum efficiency, this competitive industry supplies modules according to the following function: QSmemory = 1000 + 25Pmemory + N where Pmemory is the price of a 32 GB memory module and N is the number of memory module manufacturers in the market. Viking's CEO provides you, the production manager, with the above information and requests a report containing the market price for memory modules and the number of units to manufacture in the upcoming year based on the assumption that all firms producing 32 GB modules supply an equal share to the market. Instructions: Enter your responses rounded to two decimal places. Market price for memory modules: $ Number of units to manufacture: thousand