Question

In: Math

The supply function for oil is given​ (in dollars) by S(q)​, and D(q). S(q)=q^2+15q, D(q)=1024-17q-q^2 a....

The supply function for oil is given​ (in dollars) by S(q)​, and D(q).

S(q)=q^2+15q, D(q)=1024-17q-q^2

a. Graph the supply and demand curves.

b. Find the point at which supply and demand are in equilibrium.

c. Find the​ consumers' surplus.

d. Find the​ producers' surplus.

Solutions

Expert Solution

milcah answered 2 years ago
Next > < Previous

Related Solutions

The supply function for good X is given by Q x s = 200 + 4P...
The supply function for good X is given by Q x s = 200 + 4P X - 3P Y - 5P W, where P X is the price of X, P Y is the price of good Y and P W is the price of input W. If P X = 500, P Y = 250, P W = 30, then the supply curve is: Please solve step by step. I think the answer is -700+4Px, but to get...
Assume that domestic demand function for oil is Q=200-P and the domestic supply function is Q=-20+P....
Assume that domestic demand function for oil is Q=200-P and the domestic supply function is Q=-20+P. Calculate the perfectly competitive equilibrium quantity and price. Calculate the consumer surpluss and the producer surpluss at perfect competition. The country opens up for trade and the world price for oil is only $50. How much oil will be imported? Calculate the consumer and producer surpluss and deadweight loss/gain (compared to no trade) under free trade. Assume that the government imposes $10 per unit...
Assume that domestic demand function for oil is Q=200-P and the domestic supply function is Q=-20+P....
Assume that domestic demand function for oil is Q=200-P and the domestic supply function is Q=-20+P. Calculate the perfectly competitive equilibrium quantity and price. Calculate the consumer surpluss and the producer surpluss at perfect competition. The country opens up for trade and the world price for oil is only $50. How much oil will be imported? Calculate the consumer and producer surpluss and deadweight loss/gain (compared to no trade) under free trade. Assume that the government imposes $10 per unit...
2. Consider an inverse demand curve and inverse supply curve given by Q D = 52,...
2. Consider an inverse demand curve and inverse supply curve given by Q D = 52, 000 − 200P Q S = −8, 000 + 400P a. Find equilibrium price. b. Find equilibrium price. c. Now solve for producer surplus at equilibrium. Show your work! HINT: You will need to know find what price is when the supply curve crosses the y-axis. d. And do the same for consumer surplus at equilibrium. Show your work! e. What if the government...
2. A markets demand function is given by D(p) = 40 -.5P, and the market supply...
2. A markets demand function is given by D(p) = 40 -.5P, and the market supply function is given by S(P) = (1/3)P - 10. a. Draw the demand and supply curves, and calculate and label the market price and quantity on the graph. b. Calculate and label the consumer surplus and the producer surplus. c. If the government imposes a $10 per unit tax on producers, draw the old and new demand and supply curves. d. Calculate the new...
The market demand function for corn is Q(d) = 30- 2P and the market supply function...
The market demand function for corn is Q(d) = 30- 2P and the market supply function is Q(s)= 5P - 2.5, both measured in billions of bushels per year. Suppose the import supply curve is infinitely elastic at a price of $3.50 per bushel. a. Calculate consumer surplus, producer surplus, and aggregate surplus. b. Whatwouldbethewelfareeffectsofatariffof$1.00perbushel?
Consider a product whose demand function is D(q) = 900 − 20q − q2 (in dollars)...
Consider a product whose demand function is D(q) = 900 − 20q − q2 (in dollars) and whose supply function is S(q) = q2 + 10q (in dollars) for producing q items. (a) Find the consumers’ surplus. (b) Find the suppliers’ surplus.
Assume that the market demand function is: Q(D) = 2000 - 5P And the market supply...
Assume that the market demand function is: Q(D) = 2000 - 5P And the market supply function is: Q(S) = 100 + 5P Assume that the government passes legislation that sets the maximum price to $100 a unit. Which of the following statements are correct (multiple statements may be correct)? 1.) At a legally mandated price of $100 a unit, quantity demanded is equal to 1050 and quantity supplied is equal to 1050, therefore the legally mandated price has no...
The market demand function for a good is given by Q = D(p) = 800 −...
The market demand function for a good is given by Q = D(p) = 800 − 50p. For each firm that produces the good the total cost function is TC(Q) = 4Q+( Q2/2) . Recall that this means that the marginal cost is MC(Q) = 4 + Q. Assume that firms are price takers. In the short run (with 100 firms), and assume that the government imposes a tax of $3 per unit. (a) What would be the new equilibrium...
Let D = demand, S = supply, P = equilibrium price, and Q = equilibrium quantity....
Let D = demand, S = supply, P = equilibrium price, and Q = equilibrium quantity. What happens in the market for electric vehicles if the government offers incentives to manufacturers to produce more electric vehicles? Provide a graphical representation to your answer in question 5. The graph can either be hand-drawn or copied from the textbook or other online sources.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT