Market demand problem sets

Suppose that the market demand for broccoli is given by Q=1000-5P and the market supply of broccoli is given by Q=4P-80 where Q is quantity per year measured in hundreds of bushels an P is price in dollars per hundred bushels. (I had already submitted problem 1 and received an answer [Posting 1888], however, question c and d had no dollar amount. Please be as specific as possible, I learn best from the examples..thank you) a. find the equilibrium price/quantity combination b. How much in total is spent on broccoli? c. What is consumer surplus in dollars at this equilibrium? d. What is producer surplus in dollars at this equilibrium? e. Graph your results 2. Since the federal gove... click for more

Supply and demand questions

Suppose that the market demand for bus rides is given by Q=420-30P and the market supply of bus rides is given by Q=30P where Q is bus rides per week in thousands and P is the price per bus ride in dollars. a. Find the equilibrium price/quantity combination for bus rides. b. How much is spent on bus rides? What is consumer surplus in dollars at this equilibrium? How much is the total benefit in dollars from bus rides? c. How much does it cost to provide these bus rides? What is producer surplus in dollars at this equilibrium? How much is the bus companies' total revenue? d. Graph you results (please be explicit) Suppose that the state government decides to tax bus rides in a... click for more

Demand and Supply Curve, Consumer Surplus and Producer Surplus, Deadweight Loss (DWL)and Tax

Suppose that the market demand for bus rides is given by Q=420-30P and the market supply of bus rides is given by Q=30P, where Q is bus rides per week in thousands and P is the price per bus ride in dollars. a. Find the equilibrium price/quantity combination for bus rides. b. How much is spent on bus rides? What is consumer surplus in dollars at this equilibrium? How much is the total benefit in dollars from bus rides? c. How much does it cost to provide these bus rides? What is producer surplus in dollars at this equilibrium? How much is the bus companies' total revenue? d. Graph your results (please be explicit). Suppose that the state government decides to tax bus rides in an... click for more

Calculating utility, with graph

You are choosing between two goods, X and Y, and your total utility from each is shown below. Units TUx TUy 1 10 8 2 18 15 3 24 21 4 28 26 5 31 30 6 33 33 a. If your income is $9 and the prices of X and Y are $2 and $1, respectively, what quantities of each will you purchase in maximizing utility. b. Specify the amount of total utility you will realize. c. Assume that, other things remaining unchanged, the price of X falls to $1. What quantities of X and Y will you now purchase? d. Using the two prices and quantities for X, graphically derive a demand curve for X.

Tables and problem solving

PLEASE REPLY IN TABLE FORMAT FOR THE FIRST SECTION AND EXPLAIN A,B,C,& D. Complete the following table, where L is units of labor, Q is units of output and MP is the marginal product of labor. L Q MP TVC STC MC ATC 0 0 $0 $12 1 6 3 15 2 15 6 3 21 9 4 24 12 5 26 15 a. At what level of labor input do the marginal returns of labor begin to diminish? b. What is the average variable cost when Q = 24? c. What is the firm's fixed costs? d. What is the wage rate? See attatched file for a copy of this question.