If the inverse demand function for toasters is p=70-2Q, what is the consumer surplus if price is $25? The consumer surplus is $506.25. (round your answer to two decimal places)
Q: Many persons prepare for retirement by making monthly contributions to a savings program. Suppose…
A: Compounding in economics refers to the process by which the value of an investment grows over time…
Q: 1. U(x,y)=lnx+yand2x+y=10 2. U(x,y)=3x+2yand3x+2y=24 3. U(a,z)=3a+2zand3a+6z=24 4. U(a,z)=a2z2…
A:
Q: Despite their differences, with which proposition are two economists chosen at random most likely to…
A: Economists often disagree with one another because there are no proper methods to reveal the truth.…
Q: 4. A history of deposit insurance on the web site of the FDIC notes: "Some have argued at different…
A: Deposit insurance is a government-backed program that provides insurance coverage for depositors in…
Q: Which of the following (historically inaccurate) examples best demonstrates the process of the…
A: The ratchet effect is a concept that states that once modifications are made, they cannot be undone…
Q: If a profit-maximizing, competitive firm is producing a quantity at which marginal cost is between…
A: A competitive firm is a business that operates in a highly competitive market, where there are many…
Q: Question: You read a newspaper report that compares wages paid to employees at Starbucks in India…
A: Hourly pay rates refer to the amount of money that an employee is paid for each hour worked. It is a…
Q: If consumers save 21 cents out of every dollar received, the Multiple Choice marginal propensity…
A: Introduction Economists use the marginal propensity to save to measure the connection between both…
Q: A researcher is investigating the determinants of firm labour productivity using data for the year…
A: We have given the following model: LP = b0 + b1 * CAPIN - b2 * W + b3 * SIZE + b4*RD Where LP is the…
Q: Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie…
A: Given:- Marie budget constraint=$24 Price of pie=$12 To calculate:- Max. number of pies she could…
Q: Can a “Black Market” be justified? First answer either YES or NO. Describe why be explaining your…
A: A black market is a platform in which lots of transactions are carried out either physically or…
Q: Describe what would cause the budget constraint to shift from BC1 to BC2.
A: Budget constraint defines the maximum expenditure that an individual can incur on two commodities…
Q: ou are considering hiring an employee whose marginal revenue product will be $17 per hour, and the…
A: Given information: The marginal revenue of the product is 17. The market wage is 15.
Q: Question 1 a. What is international trade? and justify the rationale for IT b. Identify and…
A: International trade is the cross-border exchange of commodities, services, and capital between…
Q: 19 Capital Goods w/ m O B с Multiple Choice T PP PP PP Consumer Goods Refer to the diagram. The…
A: Opportunity cost: The value of alternative opportunities foregone and sacrificed to acquire one unit…
Q: QUESTION 21 20 18. 16. 14. 12 10 S 6 4 Chile's Production Possibilities Frontier soybeans (in…
A: 21) The production possibilities curve (PPC) is a graph or a figure that depicts all the possible…
Q: An economist estimated that the cost function of a single-product firm is: C(Q) = 60 + 30Q + 25Q2 +…
A: Introduction The cost function calculates the lowest cost of making a specified level of output at…
Q: Solve for the Equilibrium Situation A B C D E Price and Equilibrium Quantity Price Quantity Demanded…
A: Equilibrium price and equilibrium quantity occur where the quantity demanded and quantity supplied…
Q: A consumer has an original income M to spend on goods X and Y. The market price of these two goods…
A: Budget constraint shows the combination of two goods that can be purchased with the given income.…
Q: (Table Investment Projects) Use Table: Investment Projects. If the market interest rate declines…
A: Given: Project ROR(%) Cost of investment (in $'s) F 20 500 G 18 300 H 16 1000 I 14 200…
Q: Aretail chain will buy 900 cordless phones if the price is $30 each and 100 the price is $70 A…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Suppose there is a perfectly competitive industry where all the firms are identical with identical…
A: The measure that depicts the point where the quantity demanded of a product is equal to the quantity…
Q: If the value of a bank's loan declines, what is the corresponding reduction on the other side of its…
A: Bank loans are on the assets side of the bank's balance sheet because these are promises to pay…
Q: Which of the following would be a topic you could expect to study in microeconomics? Oa. GDP growth…
A: Microeconomics is the study of individual items like a consumer's demand or supply, market of a…
Q: What is the difference between a loan and an investment? A. Investments are not made to sole…
A: The key difference between the investment and loan is that, the loan amount is considered as…
Q: Consider Country A that produces a large amount of chicken, keeping part of them for local…
A: Price ceiling is a defined as the legal maximum price that is determined by the government above…
Q: A piece of equipment has a first cost of $170,000, a maximum useful life of 7 years, and a market…
A: Given The first cost of equipment FC =170,000 Salvage value S=120,000-21000k Annual operating cost…
Q: Near money means: Select one: They do not function as a medium of exchange but they serve as a…
A: Money consists of coins, currency notes and demand deposits of the bank. It is directly used for…
Q: Explain how the application of monetary and fiscal policy might be used to simulate a country’s…
A: Macroeconomic policy is concerned with the overall operation of the economy. Macroeconomic policy,…
Q: You are the Minister of Trade for a small island country in the South Pacific with the following…
A: The opportunity costs for a good or service will be the loss of other alternatives or oprions when…
Q: нес 150 100 50 0 P O R S 10 P S incorrect question R 50 100 150 Around the World Trips If we were at…
A: A production possibility curve shows the output of goods which is maximum with the fixed amount of…
Q: What is the advantage of using real GDP over nominal GDP in evaluating the economic growth of a…
A: The value of all products and services produced inside a nation's boundaries during a certain time…
Q: In the above graph, if the economy is currently producing at point C and then shifts production to…
A: The curve is the production possibilities frontier which shows different combinations of two goods…
Q: True/false Variable cost changes or vary with the change in the level of output in a production…
A: Cost is an economic concept that refers to the amount of resources, including time, money, and…
Q: QUESTION 20 When the government borrows in the market, it can get indemnite કુમાવના materist in the…
A: Government borrowing refers to the act of a government raising funds through the issuance of debt…
Q: a. Suppose that in an economy with no government, the aggregate expenditure function is: AE =…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: INV Choose... Choose... False True EDUC Choose Choose... False True RIGHTS Choose Choose... False…
A: For an explanatory variable if the P-Value is lower than the significance level then the variable is…
Q: Determining opportunity cost Suppose that Ciana is deciding whether or not to buy a pair of sandals…
A: Total cost is referred to the monetary payment that has to be paid by the trader or the producer in…
Q: The elasticity of Toyota Camrys is_____ elastic than the elasticity of cars because O less, buyers…
A: Elasticity of demand refers to the responsiveness in quantity to the change in demand factors such…
Q: Identify the correct statement: Select one: In the long run there is no significant trade off…
A: In economics, inflation and unemployment are two of the major macroeconomic factors that are…
Q: Suppose that a consumer in Germany buys a Ford Mustang for a price of $30,000. Do U.S. exports…
A: Exports refer to goods and services that are produced with in the country but are supplied to…
Q: ow do you define opportunity cost
A: We can characterize opportunity cost as the potential advantages that are lost when an individual,…
Q: and the price of one of the goods rises, what happens to the demand for the other good? Expla why…
A: The law of demand expresses that, any remaining things being equivalent, the amount demanded of a…
Q: QUESTION 27 Mazen is refinishing an antique china cabinet and has already spent AED 180 on the…
A: Cost is the sum of money required to buy something, whether it's a good or a service. It can involve…
Q: Describe two (2) weaknesses of development theory in conventional economic systems.
A: Development theories have been the subject of much discussion and debate among economists and…
Q: Anna has an income of $1000 this year, and she expects an income of $2500 next year. She can borrow…
A: Formula for the present value is given as: P = F(1+_r)tP : Present valueF: Future valuer: rate of…
Q: Amira earns $25,000 per year (after taxes), and Amira's husband, Abbas, earns $35,000 (after taxes).…
A: Given:- Amira earning=$25,000 Abbas earning=$35,000 Childcare cost=$12,000 To know:- Amira's value…
Q: Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour.…
A: Production possibilities frontier shows different combinations of goods feasible to produce with the…
Q: Small nation of 10 people loves baked goods. All that these 10 people produce and consume are…
A: a) CPI or Consumer Price Index is a measure of overall cost of goods purchased by the people. To…
Q: Marginal cost is the change in the price of a good for a one unit change in output. fixed cost…
A: Total cost is the sum of fixed cost and variable cost.
only typed answer
Is this right?
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- The price-demand equation for a particular flashlight is given by p = 118 - 0.002x, where x is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flashlights if the price is $79 or less, and they will market 5,500 flashlights when the price is $101 per flashlight. (Assume the price-supply equation is linear.) (a) Find the consumers' surplus for this commodity. $ (b) Find the producers' surplus for this commodity. $Consider the demand function D(p) = 99.0 - 4.0p. When the price changes from p1 = 4.0 to p2 = 8.0, what is the change in the consumer's surplus? Give your answer to one decimal. 1300Suppose the demand function is linear. At p = 8, quantity demanded is Q = 16. At p = 15, quantity demanded is Q = 10. For the price increase from 8 to 15, the loss in consumer surplus due to fewer goods being purchased is -- surplus due to a higher price on the goods still purchased is and the loss in consumer
- Suppose the demand function for a product is given by the function: D(q) = -0.014g + 54.6 Find the Consumer's Surplus corresponding to q = 1,400 units. (Do no rounding of results until the very end of your calculations. At that point, round to the nearest tenth, if necessary. It may help you to sketch the demand curve, which crosses the horizontal at q = 3,900.) Answer: dollarsConsider the demand function for processed pork in Canada, Q= 171- 20p + 20p, + 3p. + 0.002Y where Q is the quantity of pork demanded (measured in millions of kg per year), p is the price of pork, p, is the price of beef, p. is the price of chicken, and Y is the income of consumers. If the price of beef decreases from $4 per kg. to $2.53 per kg., then the demand curve for processed pork will shift to the right left : 30 étv Help Me Solve This eText Paui. ar All MacBook Air esc 80 F1 DI DD F2 F3 F5 F6 F7 F8 F9 F10 @ #3 & 1 2 3 4 6. 7 8 Q W E R T Y tab P 多:The demand for a particular item is given by the function D(x) = 1, 500 – 3x² . Find the consumer's surplus if %3D the equilibrium price of a unit $300. The consumer's surplus is $
- Consumers' Surplus The demand function for a certain brand of CD is given by p = −0.01x2 − 0.3x + 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 $9/disc. (Round your answer to two decimal places.) $Consider the demand function for processed pork in Canada, Q= 171- 20p + 20p, + 3p, + 0.002Y where Q is the quantity of pork demanded (measured millions of kg per year), p is the price of pork, P. is the price of beef, p, is the price of chicken, and Y is the income of consumers. If the price of beef decreases from $4 per kg. to $2.53 per kg., then the demand curve for processed pork will shift to the left by million kg. per year. (Enter a numeric response using a real number rounded to two decimal places.) tv MacBook Air DII DD 80 esc F6 F7 F9 F10 F12 FI F3 @ $ % & 1 2 3 4 6 7 8 de Q W E R T Y P qe A F J K ck ? .. ..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.)
- Calculate the Consumer surplus for 28 liras in a market with the demand function, p = - (q + 2) 2 + 64.110 The demand for a particular item is given by the function D(x) Find the consumer's surplus if the %3D x + 3 equilibrium price of a unit $5. The consumer's surplus is $Consider the demand function for processed pork in Canada, Q = 590.00 – 36p + 20p, + 3p. + 0.002Y The supply function for processed pork in Canada is: Q = 442.00 + 52p – 60ph p is the price of pork Ph is the price of beef = $4 per kg Pc is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg Q is the quantity of pork demanded (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $3.72 and the equilibrium quantity of pork is 545.23 million kg per year. (Enter numeric responses using real numbers rounded to two decimal places.) OCT étv 2 MacBook Air 80 DII DD PSC F1 F2 F6 F7 F8 F9 F10 F3 F4 @ $ & 1 2 3 4 5 6 7 8 9 多。