Managerial Economics & Business Strategy (Mcgraw-hill Series Economics)
9th Edition
ISBN: 9781259290619
Author: Michael Baye, Jeff Prince
Publisher: McGraw-Hill Education
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Chapter 2, Problem 9CACQ
To determine
(a)
To find:
The inverse supply curve
To determine
(b)
To find:
The
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Find producer's surplus at the market equilibrium point if supply function is p=3x+3 and the demand function is p = 100.8/(x+15)
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Find producer's surplus at the market equilibrium point if supply function is
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150.4
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Answer:
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.
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(b) Find the producers' surplus for this commodity.
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Chapter 2 Solutions
Managerial Economics & Business Strategy (Mcgraw-hill Series Economics)
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- Find the producers' surplus at a price level of p=$45 for the supply equation S(q)=31.5+0.015q2, where q is quantity.arrow_forwardProducers' Surplus The demand function for a certain brand of CD is given by p = -0.01x² -0.2x + 9 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x² + 0.1x + 4 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.) X $arrow_forwardConsumers' 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.) $arrow_forward
- Suppose the daily supply equation for noise cancelling wireless headphones is given by p = S(x): = 40 + 80e0.1x where p is in dollars and x is the number of headphones produced daily. Determine the quantity supplied if the market price is 440 dollars. Quantity supplied (exact value) = Producer surplus (exact value) Determine the producer surplus at the market price of 440 dollars. = units Producer surplus (rounded to the nearest dollar) = dollars dollarsarrow_forwardProducers' Surplus The demand function for a certain brand of CD is given by p = −0.01x2 − 0.2x + 7 where p is the unit price in dollars and x is the quantity demanded each week, measured in units of a thousand. The supply function is given by p = 0.01x2 + 0.1x + 2 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determine the producers' surplus if the market price is set at the equilibrium price. (Round your answer to the nearest dollar.) $arrow_forwardGiven the demand function p = −3x + 12 and the supply equation p = 4x + 5, find the the producer surplus (13A) 16 (13B) 2 (13C) 7 (13D) 3/2 (13E) 21/2arrow_forward
- Help mearrow_forwardThe demand function for a certain brand of CD is given by p = -0.01x^2 - 0.2x +10 where p is the unit price in dollars and x stands for the quantity that will be made available in the market by the supplier, measured in units of a thousand. Determiine the producer's surplus if the market price is set at the equilibrium price. (round answer to neareset dollar) P = 0.01x^2 + 0.4x +2arrow_forwardIn this problem, p is in dollars and x is the number of units. The demand function for a certain product is p = 194 − 2x2 and the supply function is p = x2 + 33x + 41. Find the producer's surplus at the equilibrium point. (Round x and p to two decimal places. Round your answer to the nearest cent.)arrow_forward
- Consider the following example of a supply function, Qsx = -875 + 1250Px – 25C where Qsx refers to the quantity supplied of product X, Px is the price of product X, and C represents the cost of production (in hundreds). How much will be the quantity supplied of product X assuming X is sold for P5 and the cost of production is P1,500.arrow_forwardthe supply curve for product x is given by QxS= -340 + 10Px a. find the inverse supply curve P= + Q b. how much surplus do producers recieve when Qx= 350. when Qx= 1000arrow_forwardThe demand function of a market is:- Qd = 24P - 360 If the equilibrium price is $17 Find equilibrium quantityarrow_forward
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