Question
In: Economics
1. Suppose the demand and supply for gas generators in a coastal Florida town are as...
1. Suppose the demand and supply for gas generators in a coastal Florida town are as follows:
Qd = 1800 – 3P
Qs = 2P – 200.
a. Find the equilibrium price and quantity of generators.
b. Find the consumer surplus, producer surplus, and total gains from trade at the equilibrium price.
c. Question 2 asks you to consider the economic impacts of “price gouging.” Price gouging refers to suppliers raising their prices on essential goods (bottled water, gas, generators, airline tickets) during a crisis. Using the links that follow or a Google search, describe the costs and benefits of price gouging as described by economists. Then, discuss your opinion on the issue.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
Suppose that the short-run supply and demand for pineapples in a certain town are described by...
Suppose that the short-run supply and demand for pineapples in a
certain town are described by the following two equations:
QS= 1,000,
QD= 2,000−200p.
Pineapples are an imported produce in this market, so the
government imposes a tax of $1 per pineapple. Which of the
following statements is true?
The after-tax equilibrium is given by pS=5,
pB=6 and QT= 1,000.
The after-tax equilibrium is given by pS=4,
pB=5 and QT= 1,000.
The deadweight loss of this tax is zero.
Only...
Question 2 Let’s consider the supply and demand curves for natural gas. Suppose that the supply...
Question 2 Let’s consider the supply and demand curves for
natural gas. Suppose that the supply curve is: Qs = 10+ 0.6PG +
0.05PO and the demand curve is: Qd = 0.01−2PG + 0.5PO, where Qs and
Qd are the quantities supplied and demanded measured in trillion
cubic feet, PG is the price of natural gas in dollars per thousand
cubic feet, and PO is the price of oil in dollars per barrel.
Suppose that the price of oil is...
The Thomas Supply Company Inc. is a distributor of gas-powered generators. As with any business, the...
The Thomas Supply Company Inc. is a distributor of gas-powered
generators. As with any business, the length of time customers take
to pay their invoices is important. Listed below, arranged from
smallest to largest, is the time, in days, for a sample of the
Thomas Supply Company Inc. invoices.
13 13 13 20 26 27 27 32 34 34 35 35 36 37 38 41 41 41 42 44 44
47 48 50 51 55 56 62 67 82
(Round...
The Thomas Supply Company Inc. is a distributor of gas-powered generators. As with any business, the...
The Thomas Supply Company Inc. is a distributor of gas-powered
generators. As with any business, the length of time customers take
to pay their invoices is important. Listed below, arranged from
smallest to largest, is the time, in days, for a sample of The
Thomas Supply Company Inc. invoices.
13
13
13
20
26
29
32
34
34
34
35
35
36
37
38
41
41
41
42
44
47
47
49
51
53
55
56
62
67
82
Determine...
The Thomas Supply Company Inc. is a distributor of gas-powered generators. As with any business, the...
The Thomas Supply Company Inc. is a distributor of gas-powered
generators. As with any business, the length of time customers take
to pay their invoices is important. Listed below, arranged from
smallest to largest, is the time, in days, for a sample of the
Thomas Supply Company Inc. invoices. 13 13 13 20 26 27 31 34 34 34
35 35 36 37 38 41 41 41 45 47 47 47 50 51 53 54 56 62 67 82 (Round...
The Thomas Supply Company Inc. is a distributor of gas-powered generators. As with any business, the...
The Thomas Supply Company Inc. is a distributor of gas-powered
generators. As with any business, the length of time customers take
to pay their invoices is important. Listed below, arranged from
smallest to largest, is the time, in days, for a sample of the
Thomas Supply Company Inc. invoices.
13
13
13
20
26
27
29
32
34
34
35
35
36
37
38
41
41
41
42
44
46
47
48
50
53
55
56
62
67
82
(Round...
The Thomas Supply Company Inc. is a distributor of gas-powered generators. As with any business, the...
The Thomas Supply Company Inc. is a distributor of gas-powered
generators. As with any business, the length of time customers take
to pay their invoices is important. Listed below, arranged from
smallest to largest, is the time, in days, for a sample of the
Thomas Supply Company Inc. invoices.
13
13
13
20
26
29
32
34
34
34
35
35
36
37
38
41
41
41
42
44
47
47
49
51
53
55
56
62
67
82
Click...
The Thomas Supply Company Inc. is a distributor of gas-powered generators. As with any business, the...
The Thomas Supply Company Inc. is a distributor of gas-powered
generators. As with any business, the length of time customers take
to pay their invoices is important. Listed below, arranged from
smallest to largest, is the time, in days, for a sample of the
Thomas Supply Company Inc. invoices.
13
13
13
20
26
28
32
33
34
34
35
35
36
37
38
41
41
41
42
43
45
47
49
50
51
55
56
62
67
82
(Round...
The Thomas Supply Company Inc. is a distributor of gas-powered generators. As with any business, the...
The Thomas Supply Company Inc. is a distributor of gas-powered
generators. As with any business, the length of time customers take
to pay their invoices is important. Listed below, arranged from
smallest to largest, is the time, in days, for a sample of The
Thomas Supply Company Inc. invoices.
13 13 13 20 26 30 31 32 34 34 35 35 36 37 38 41 41 41 45 46 47
47 48 52 54 56 56 62 67 82
(Round...
The Thomas Supply Company Inc. is a distributor of gas-powered generators. As with any business, the...
The Thomas Supply Company Inc. is a distributor of gas-powered
generators. As with any business, the length of time customers take
to pay their invoices is important. Listed below, arranged from
smallest to largest, is the time, in days, for a sample of The
Thomas Supply Company Inc. invoices.
13 13 13 20 26 28 30 33 34 34 35 35 36 37 38
41 41 41 42 46 46 47 48 52 53 55 56 62 67 82
Determine...
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