If QD=353 - 4P and QS = -481 + 59P What is the consumer surplus in this market? (ROUND TO TWO DECIMAL PLACES)

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Related questions

The market demand function for corn is

Q^d = 12 - 4P

The market supply function is

Q^S = 6P - 7

both quantities measured in billions of bushels per year.

Instructions: Round all quantities to the nearest whole number and prices to 2 decimal places.

a. What is consumer surplus at the competitive market equilibrium?

$____________.

b. What is producer surplus at the competitive market equilibrium?

$______.

c. What is aggregate surplus at this equilibrium?

$_______________.

Suppose that the Demand Function for a certain product is given by Qd = 180 –4P and Supply Function is given by Qs = -10 + P.

a. Compare the Consumer Surplus, Producer Surplus, Deadweight Loss, and Government Revenue, before and after, imposing a per unit tax of Rs. 3 on Seller.

b. What would happen to Consumer Surplus, Producer Surplus, Deadweight Loss, and Government Revenue if due to rise in Income New Demand Function takes a form of Qdn = 190 – 3P?