Suppose the demand curve is given by QD = 400-50 P, where P is the price. The
supply curve if given by QS = 50P
Calculate the producer surplus

Suppose that the government made a rule that the price must be 5dollars.
Calculate producer surplus.

answer

watching

185

views

For unlimited access to Homework Help, a Homework+ subscription is required.

You have 0 free answers left.
Get unlimited access to 3.8 million step-by-step answers.

Get unlimited access

Already have an account? Log in

Namita kumariLv6

28 Sep 2019

Unlock all answers

Get 1 free homework help answer.

Already have an account? Log in

Related questions

Given the demand and supply equations are Q^D = 950 - P and Q^S=2P-160, suppose the free trade (world) price is $200.
a. Solve for the amount imported, consumer surplus, and producer surplus.
b. Suppose a per unit tariff of $30 is imposed by the government. Solve for the consumer surplus, producer surplus, government revenue and total surplus with the tariff.
c. Solve for the change in consumer surplus, the change in producer surplus, the change in government revenue and change in total surplus.

sangriaworm73

Home's demand curve for wheat is P = 40 - 1/2 (QD) and supply is p = 10 + 1/2 (QS)

Determine the price of wheat in the absence of trade and economic surplus ( consumer surplus and producer surplus).

jadeant83

Taxation Question (SHOW ALL WORK)

Suppose that the demand curve (hundreds) for apples is given by Qd = 140 - 5P, where Qd is the number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 5P, where Qs is the number of pounds provided.

What is the equilibrium price? (Hint: At the equilibrium, quantity demanded and quantity supplied are equal, Qd = Qs.)

What is the equilibrium quantity supplied and demanded?

Calculate the consumer surplus at the equilibrium price.

Calculate the producer surplus at the equilibrium price.

Calculate the total surplus at the equilibrium price.

Now suppose that the government imposes a tax of $8 per each pound sold, paid by the producers. In this case, what are the price and the consumer surplus?