Suppose there are two producers and two consumers in the market. SP, PZO (0, others Producer...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Suppose there are two producers and two consumers in the market. SP, PZO (0, others Producer 1's supply curve is q Producer 2's supply curve is q = = Consumer 1's demand curve is q Consumer 2's demand curve is q -2+2p, p≥ 1 0, others - = = (5-p, 0, (3-p, 0, 0≤p ≤ 5 others 0≤p ≤ 3 others Please answer the following questions: (1) What is the market supply curve q = S(p)? (5 points) (2) What is the market demand curve q = D(p)? (5 points) (3) What is the market equilibrium? Please calculate the consumer surplus and the producer surplus. (15 points) Suppose there are two producers and two consumers in the market. SP, PZO (0, others Producer 1's supply curve is q Producer 2's supply curve is q = = Consumer 1's demand curve is q Consumer 2's demand curve is q -2+2p, p≥ 1 0, others - = = (5-p, 0, (3-p, 0, 0≤p ≤ 5 others 0≤p ≤ 3 others Please answer the following questions: (1) What is the market supply curve q = S(p)? (5 points) (2) What is the market demand curve q = D(p)? (5 points) (3) What is the market equilibrium? Please calculate the consumer surplus and the producer surplus. (15 points)
Expert Answer:
Answer rating: 100% (QA)
1 To find the market supply curve we add the individual supply curves of the two producers q1s q2s p ... View the full answer
Related Book For
Posted Date:
Students also viewed these economics questions
-
The market demand curve in a commodity chemical industry is given by Q = 600 - 3P, where Q is the quantity demanded per month and P is the market price in dollars. Firms in this industry supply...
-
Examine changes in price and quantity caused when governments take actions to modify market outcomes. In a perfectly competitive market, the equilibrium price and quantity represent the most...
-
Suppose there are two types of e-book consumers: 100 standard consumers with demand Q = 20 - P and 100 rule-of-thumb consumers who buy 10 e-books only if the price is less than $10. (Their demand...
-
Aggie, inc. purchased a truck at a cost of $12,000. the truck has an estimate salvage value of $2,000 and an estimated life of 5 years, or 100,000 hours of operation. The truck was purchased on...
-
Explain in simple terms the notion of equivalent units of production (EUP). Why is it necessary to use EUP in process costing?
-
Oakdale Fashions, Inc.'s, 2021 income statement is reported below. (Use corporate tax rate of 21 percent for your calculations.) Oakdale Fashions, Inc., Income Statement for 2021 Net sales (all...
-
The two-dimensional velocity field for an incompressible Newtonian fluid is described by the relationship \[ \mathbf{V}=\left(12 x y^{2}-6 x^{3} ight) \hat{\mathbf{i}}+\left(18 x^{2} y-4 y^{3} ight)...
-
Draw a decision table for the reimbursement policy in Problem 1.
-
What is the maximum axial force that can be applied to a part if the cross-sectional area is given as A = 0.05 cm2 , n=2 and tensile strength is given as 100 MPa.
-
The first quarter tax return needs to be filed for Prevosti Farms and Sugarhouse by April 15, 2021. For the taxes, assume the second February payroll amounts were duplicated for the March 5 and March...
-
1. Declare a pointer to an Order object namely p_order_list and properly initialize it at declaration 2. Dynamically allocate an array of 1024 Order objects and assign it to p_order_list. NOTE: this...
-
Write the interval as an inequality or double inequality. (-6, -1] The interval as an inequality or double inequality is
-
Divide and simplify. -14_11 - 24p-14q -5-16 - 57p5q
-
4. Consider the two-player game with players, strategies and payoffs described in the following game matrix. L Player B M R t 0,3 6,2 1,1 Player A m 2.3 0,1 7,0 b 5.3 4,2 3, 1 Figure 6.28: Payoff...
-
Factor the polynomial completely. 12x3 - 22x - 20x x)
-
condiser the system of linear equation x + y = 9 . 0 0 . 5 0 x + 0 . 2 0 y = 3 . 0 0 find the vlaues of x and y
-
On December 31, 2019, The following accounts were taken from Moons Co.'s unadjusted trial balance: Debit Credit Accounts receivable 750,000 Allowance for uncollectible accounts 8,000 Net credit sales...
-
Imagine a sound wave with a frequency of 1.10 kHz propagating with a speed of 330 m/s. Determine the phase difference in radians between any two points on the wave separated by 10.0 cm.
-
The menu at Joes coffee shop consists of a variety of coffee drinks, pastries, and sandwiches. The marginal product of an additional worker can be defined as the number of customers who can be served...
-
There are three groups in a community. Their demand curves for public television in hours of programming, T, are given respectively by W1 = $200 - T, W2 = $240 - 2T, W3 = $320 - 2T. Suppose public...
-
Jennifer is shopping and sees an attractive shirt. However, the price of $50 is more than she is willing to pay. A few weeks later, she finds the same shirt on sale for $25 and buys it. When a friend...
-
Explain the difference between value-added and non-value-added activities in a process and provide examples.
-
Explain how the center-of-gravity method works.
-
A nnapolis Hospital is trying to reduce costs, yet it aims to improve the patient count and medical services. The hospital pharmacy, which is considered a primary process, uses two types of...
Study smarter with the SolutionInn App