Question: The demand function for a given good is P= 1200/(Q+20) and the supply function is P=Q+10. According to these find the consumer surplus and the

The demand function for a given good is P= 1200/(Q+20) and the supply function is P=Q+10. According to these find the consumer surplus and the producer surplus

(Take Ln40 = 3,7 and Ln20 = 3)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

Determine the resultant internal loadings acting on the cross sections at points D and E of the frame. 4 ft 75 Ib/ft LA B. 2 ft 2 ft 1 ft 1 ft 30 1 ft 150 lb

Q:

Solve this Given the demand function P D =200-0.02Q 2 and the supply function P s = 100 + Q under pure competition, find consumer surplus and producer surplus.

Q:

Solve the following attachments The Pristine River Case The Pristine River has two polluting firms on its banks. Acme Industrial and Creative Chemicals each dump 100 tons of glop into the river each...

Q:

Problem 2 (30 pts) Explain your answers! The market demand function for computer games is qD (p) = BOOSp and the market supply function is qs(p) = 4}). (a) Find the equations of (express price in...

Q:

Answer the following questions. 2. At this point, we can analyze (stability, steady-state gain, sinusoidal steady-state gains, time-constant, etc.) of first-order, linear dynamical systems. We...

Q:

a) What do you understand by the concept of marginal utility? [2 Marks] b) What do you understand by the concept of a diminishing marginal rate of substitution? [2 Marks] c) If the total utility...

Q:

Given the market demand and supply functions as follows: Demand function: p = 8 0 0 - 1 5 q - q 2 Supply function: p = q 2 + 8 q Where p is the price and q is the quantity a ) Find the market...

Q:

1)A single monopolistic firm provides pick-up of recyclable goods (bottles, cans, paper, etc.) in a city. The demand for this good is given by P = 125 - 2Q. The firm's marginal cost is MC = 5 + 6Q,...

Q:

1)A single monopolistic firm provides pick-up of recyclable goods (bottles, cans, paper, etc.) in a city. The demand for this good is given by P = 125 - 2Q. The firm's marginal cost is MC = 5 + 6Q,...

Q:

1)A single monopolistic firm provides pick-up of recyclable goods (bottles, cans, paper, etc.) in a city. The demand for this good is given by P = 125 - 2Q. The firm's marginal cost is MC = 5 + 6Q,...

Q:

answer allk A firm produces output using the technology y = 1 1,000 KL1 2 , where capital, K, is measured in machine-hours, labor, L, is measured in person-hours, and y denotes the yearly output. The...

Q:

The following information was taken from the 2011 annual report of Orleans Enterprises: Related footnote: The 2011 and 2010 balances in the trading securities account consist of 1, 600 and 1,800...

Q:

A random sample of 780 births in New York State included 377 boys, and that sample is to be used for a test of the common belief that the proportion of male births in the population is equal to...

Q:

Is this a correct option? B Taxpayer has a 4 5 7 plan from a former employer and has changed jobs. Taxpayer is unable to rollover the 4 5 7 plan into a Traditional IRA. This question may have more...

Q:

The current in a 100-uF capacitor is shown in Figure P5.9. Determine the waveform for the voltage across the capacitor if it is initially uncharged. t)(mA) 10 tms) Figure P5.9

Q:

Revise the class OneWayNoRepeatsList, as given in Listing 7.9, so that it allocates an extra element in the array entry and ignores entry[0], as suggested earlier near the end of the section entitled...

Q:

A subset of the nodes of a graph G is a dominating set if every other node of G is adjacent to some node in the subset. Let DOMINATING-SET = {G, k| G has a dominating set with k nodes}. Show that it...

Q:

What is a model? How does the scientific usage of the word model differ from the everyday definition of a model? How is it similar?

Q:

Determine the Z parameters for the two port network shown.

Q:

The Small Bakery store has the resources t o produce 5 different kinds o f muffins. I n order t o satisfy their customers, they have decided t o sell a t most 3 different kinds o f these muffins....

Q:

3. What is happening here and now (1 is oriented towards the proactive, 2 towards the reactive and 3 is a balance between the two). c. Source of inspiration: When I communicate it is important for me...

Q:

1. What will happen in the future

Q:

3. Avoid making mistakes when reaching our goals