FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

How to calculate the Equilibrium price and the consumer surplus For a market characterized by these demand and supply functions: QD = 30-4p GS =

image text in transcribed

How to calculate the Equilibrium price and the consumer surplus

image text in transcribed
For a market characterized by these demand and supply functions: QD = 30-4p GS = 10+6p The market price in equilibrium is $ per unit, and the total consumer surplus is (Enter numbers, no symbols or units.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

blur-text-image

Step: 3

blur-text-image

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

International Marketing And Export Management

International Marketing And Export Management

Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr

8th Edition

1292016922, 978-1292016924

Students also viewed these Economics questions

Question

★★★★★
A piston/cylinder contains air at 300 K, 100 kPa. It is now compressed in a reversible adiabatic process to a volume 7 times as small. Use constant heat capacity and find the final pressure and...

Answered: 1 week ago

Question

★★★★★
On January 1, 2014, Poelman Corp. had 580,000 common shares outstanding. During 2014, it had the following transactions that affected the common share account: Feb. 1 Issued 180,000 shares. Mar. 1...

Answered: 1 week ago

Question

★★★★★
3. Laugh at the right time for the right time.

Answered: 1 week ago

Question

★★★★★
At September 30, 2016, the accounts of Spring Heights Medical Center (SHMC) include the following: Accounts Receivable...............$143,000 Allowance for Bad Debts (credit balance)....... 3,300...

Answered: 1 week ago

Question

★★★★★
The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for...

Answered: 1 week ago

Question

★★★★★
3 In this experiment, the Motion Sensor is employed to measure the simple harmonic motion of a mass-spring system. Graphs of position, velocity, and acceleration are shown above. Perform basic...

Answered: 1 week ago

Question

★★★★★
. Sunkanmi Ltd., commenced work on shopping complex for Ona Ara Local Government on 1st January, 2019. The contract price is N8,100,000. As at 31st December, 2019 the following cost have been...

Answered: 1 week ago

Question

★★★★★
Question 4 Lack of diversity claim is a misconception, says Bonia KUALA LUMPUR: Netizens have reignited the issue of a lack of diversity in the workplace amid a viral TikTok clip depicting Bonia...

Answered: 1 week ago

Question

★★★★★
Compute the kurtosis (a al for a data set with a sample size of n = 6, a sample mean value of = 9.83, a sample variance of 8 2 == 14.97. =1 455.5, and E(x-2) = 3814.9.

Answered: 1 week ago

Question

★★★★★
Foellinger Inc. has a WACC of 12.0%. Assuming that a DCF uses a midyear convention, what is the discount factor in year 4?

Answered: 1 week ago

Question

★★★★★
Based on porter's five forces - The threat of substitutes The more tech-oriented companies are, the fewer people have to work - How does tech threaten to replace/act as a substitute for human...

Answered: 1 week ago

Question

★★★★★
need resubmit teacher said add links to courses or other ways to update. what can i change? ? As the owner of the business, you have recently become aware of the fact that your RSA certification is...

Answered: 1 week ago

Previous Question Next Question