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Qd = -0.25P+10 Qs = 0.5P-5

What is Q* and P*?

What is the consumer surplus?

What is the total surplus?

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Casey Durgan
Casey DurganLv2
3 Aug 2018
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Related questions

QD = Quantity Demanded QS = Quantity Supplied P = Price

1. If QD = 390 – 2P AND QS = -60 + 3P, find the equilibrium price and quantity.

2. If price is equal to $100, is there a shortage or a surplus? Please explain your answer.

3. Find the Consumer Surplus and the Producer Surplus at equilibrium.

4. Calculate the Total Surplus. Is it at its maximum?

5. If the price is equal to $87, what happens to the Consumer Surplus and the Producer Surplus?

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).

3. Demand, Supply, consumer surplus, and Market Equilibrium. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum
QD + 92 - 2Px (Demand)
QS = -16 + Px (Supply)
where Q is a quantity measured in pounds of scrap aluminum and P is the price in dollars.
Complete the following table:
A.
What is the condition for market equilibrium?
B
Calculate the market equilibrium price and equilibrium output?
C.
What is the inverse demand curve P = f (QD)?
D.
Compute the consumer surplus at the equilibrium price.
E.
What is the inverse supply curve P = f (Qs)?
F.
Compute the producer surplus at the equilibrium price.

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