Calculate consumer surplus if maximum willingness to pay is $400 and Market price is $360

Q: The above table gives the willingness to pay for a brand new iPhone for 4 potential customers. If…

A: The demand curve would result in the downward sloping curve which would result in various levels of…

Q: If maximum willingness to pay is $48 and market price is $23 Calculate consumer surplus

A: The information given to us is as follows:- Maximum willingness to pay of the buyer = $48 Market…

Q: $30 25 20 15 10 50 150 250 Quantity In the diagram above, if the market price is $10 per unit, the…

A: Equilibrium is found at the point where the D(demand) and the S(supply) cut each other which gives…

Q: Which area represents producer surplus when the price is P1? BCG АCH АBGD DGH Price Supply D H P2 |B…

A: Producer surplus is the amount above the willingness to accept of the producer. Willingness to…

Q: Present your solutions neatly and orderly. 1) Assume that the inverse demand and supply function for…

A: Inverse demand function = P = 6000 / (q+50) Supply function: P = q + 10 Equilibrium where demand =…

Q: Find the market price when the maximum willingness to pay is $56 and the consumer surplus is $32

A: Generally in the given numerical The maximum willingness to pay is = $56 Consumer surplus = $32 We…

Q: f the market price of a good decreases, the quantity demanded will     Multiple Choice   decrease…

A: Demand curve shows different combinations of price and quantity demanded.

Q: Calculate total surplus in a market where consumer surplus is $30 and the producer surplus is $43

A: The data presented in the question above is:- Consumer surplus = $30 Producer surplus = $43 We have…

Q: The consumer surplus is $25 and the market price is $40 Find the maximum willingness to pay of…

A: The data presented in the question above is:- Consumer surplus = $25  Market price = $40  Maximum…

Q: Demand: Q = 150 – 2P , supply: Q = 2P - 50 . What is the equilibrium price(Pe) and quantity(Qe)? Cal

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Define Consumer and Producer Surplus and illustrate them graphically.

A: Consumer Surplus: The difference between the amount that the consumer is willing to pay and the…

Q: Find consumer surplus is total surplus is $55 and producer surplus is $30

A: The data presented in the question above is:- Total surplus = $55 Producer surplus = $30  Consumer…

Q: Mustafa's reservation price for his économics textbook is $75. The week before the semester began,…

A: Consumer-surplus(CS) is the difference of the market price(P) and the consumer’s reservation price.…

Q: Calculate consumer surplus given:- Maximum willingness to pay = $44 Market price = $32

A: The data presented in the question above is:- Maximum willingness to pay = $44   Market price = $32…

Q: John buys a T-shirt for $100 and his consumer surplus is $0. What is John’s maximum willingness to…

A: Consumer surplus is the price consumer is willing to pay minus the price that is actually paid. In…

Q: A market has demand given by P = 35-4Q. If the market price is $15, what is consumer surplus? $100…

A: "A consumer surplus occurs when buyer of the product pay less price for that product than his/her…

Q: What is the consumer and producer surplus when the price of penicillin remain the same when both…

A: Consumer surplus refers to the difference between the amount which the consumer is willing to pay…

Q: Calculate the consumers' surplus at the indicated unit price p for the demand equation. HINT [See…

A: Consumer surplus refer to the area under the demand curve which is the difference between what a…

Q: Calculate the producer surplus and consumer surplus at equilibrium price. Give mathematical…

A: Consumer Surplus( CS): Is a difference between what consumer is willing to pay and what does he…

Q: If a subsidy of $3 is given to consumers in the market above, what is the new price consumers pay?

A: A subsidy is a benefit given by the government to the society or to individuals to promote something…

Q: Use definite integrals to solve for the consumer surplus, producer surplus and total surplus, given…

A: First, find the equilibrium price and quantity: Demand =…

Q: Calculate the producer surplus if a price ceiling of $5 is implemented. Answer:

A: When price ceiling of 5$ is implemented, the producer surplus will be zero because the producer will…

Q: If maximum willingness to pay of john is $30 and market price is $20 Find consumer surplus

A: The information being given is:- Maximum willingness to pay = $30 Market price = $20 We have to…

Q: Determine the output level creates a maximum total surplus.

A: Total surplus i.e. (consumer surplus + producer surplus) is maximized when there is no deadweight…

Q: The maximum willingness to pay is $100 and market price is $85 Calculate consumer surplus

A: According to the above mentioned question, we have:- Maximum willingness to pay = $100 Market price…

Q: Consider the following demand and supply functions. D(x) = 83-0.4x, S(x) = 2x + 75.8,0 ≤ x ≤ 90 Step…

A: The consumer surplus alludes to the contrast between the thing a consumer will pay and what they…

Q: uppose the market supply curve is p = 6Q. What is the producer surplus at a price of 15?

A: The producer surplus is the difference between the actual price producer receives and minimum price…

Q: Quantity Demanded (units) Price (dollars per unit) 250 200 40 150 80 100 120 50 160 200 Refer to the…

A: A consumer surplus occurs when customers pay less for a commodity or service than they are willing…

Q: Calculate the consumers' surplus at the indicated unit price p for the demand equation. HINT [See…

A: Given:P=5P=8-2q5=8-2q2q=8-52q=3q=32q=1.5

Q: If the current market price is $8, average income is $40,000 and the demand curve is Qd = 120-4P…

A: The market demand for a good describes the quantity demanded at every given price for the entire…

Q: The area underneath a demand curve down to the equilibrium price is: a. consumer surplus b. always…

A: Equilibrium price occurs at the intersection point of the demand and supply curve.  Producer surplus…

Q: Find consumer surplus given the following information:- Maximum willingness to pay = $40 Market…

A: The data presented In the question above is:- Maximum willingness to pay = $40 Market price = $27…

Q: if the supply curve is q = 3 + 1.5p, what is the producer surplus if the price is 12?

A: Producer surplus Is that area which are lies above the supply curve and below the price level. On…

Q: Total surplus in this market is $ million.

A: Total Surplus = Consumer Surplus + Producer Surplus

Q: Calculate the producers' surplus (in dollars) for the supply equation at the indicated unit price p.…

A: Producer surplus(PS) refers to the difference between how much a seller(s) is willing to accept for…

Q: Find the producer surplus

A: According to the image given in question: Demand function: Qd=10-3P Supply function: Qs=-3+5P…

Q: Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones.…

A: equilibrium is achieved in the market at the output level where Qs=Qd thus required equilibrium…

Q: Consider the market for theater movies. The price-intercept for the supply curve is $5. The…

A: Producer surplus is the area above the supply curve and below the market equilibrium price.

Q: If total surplus is $200 and consumer surplus is $90 Find producer surplus

A: The data presented in the question above is:- Total surplus = $200 Consumer surplus = $90 We need to…

Q: Total surplus is maximized at the equilibriumprice and quantity. When demand increases,price…

A: Equilibrium(E) refers to the situation where quantity(Q) demanded equals quantity(Q) supplied. The…

Q: Find quilibrium  What is consumer surplus when equilibrium quantity is 10 units

A: When a product's demand is perfectly elastic, its consumer surplus is zero. This is due to the fact…

Q: The consumer surplus is $33 and the maximum willingness to pay of buyer is $85  Calculate Market…

A: The data presented in the question above is:- Consumer surplus = $33 Maximum willingness to pay of…

Q: The following table gives the demand schedule (willingness to pay) for eight consumers, each of…

A: Consumer surplus refers to the difference between consumer’s willingness to pay and actual price of…

Q: Explain how buyers’ willingness to pay, consumer surplus, and the demand curve are related

A: Buyers willingness to pay is the maximum price that the consumer is willing to forgo in order to…

Q: Calculate the producer surplus when the market price is $34 and the willingness to sell the product…

A: # Producer surplus is referred to be as the difference between the prevailing market price and the…

Q: The attached figure shows Rosa's demand for ice cream. If the price of ice cream were $2 per litre,…

A: The consumer surplus shows the difference between the consumer's willingness to pay and the price…