QUESTION 6 Suppose that a Supply curve is given by Qs = 86 +4P, and P*...

 

Transcribed Image Text:

QUESTION 6 Suppose that a Supply curve is given by Qs = 86 +4P, and P* = 56. What is the value of Producer Surplus? Round your answer to two (2) decimal places if necessary QUESTION 7 WARNING: The following has a "trick" component. Please read the text thoroughly, don't just "use the formula" Suppose that the Supply and Demand of maple syrup are given by Q = 100 - P Q = 13 + 6 P If the government sets a binding price floor at P=$87.80, what will be the value of Consumer Surplus? Round your answer to two (2) decimal places if necessary QUESTION 8 Suppose that Demand is given by Qd = 769 - 5P and the government sets a Qtax of 17. What is the value of the buyer's price (Pbuy)? Round your answer to two (2) decimal places if necessary QUESTION 6 Suppose that a Supply curve is given by Qs = 86 +4P, and P* = 56. What is the value of Producer Surplus? Round your answer to two (2) decimal places if necessary QUESTION 7 WARNING: The following has a "trick" component. Please read the text thoroughly, don't just "use the formula" Suppose that the Supply and Demand of maple syrup are given by Q = 100 - P Q = 13 + 6 P If the government sets a binding price floor at P=$87.80, what will be the value of Consumer Surplus? Round your answer to two (2) decimal places if necessary QUESTION 8 Suppose that Demand is given by Qd = 769 - 5P and the government sets a Qtax of 17. What is the value of the buyer's price (Pbuy)? Round your answer to two (2) decimal places if necessary

Answer rating: 100% (QA)

6 To find the producer surpluswe need to first determine the equilibrium price and quantitySince the ... View the full answer