Price as a tool for surplus in microeconomics

Is price a tool for changing surplus situations?

Calculating Consumer and Producer Surplus and Deadweight Loss

a)Calculate total consumer surplus at a price $8 and production of 6 million meals per day. b)For the same equilibrium, calculate total producer surplus If price remained at $8 but production were cut to 3 million meals per day: c)Calculate Producer Surplus and Consumer Surplus d)Calculate the deadweight loss from underproduction My answer: a)24CS 1/2bh b)24PS 1/2bh c)12CS 1/2bh 12PS 1/2bh d)12DW I'm rather lost in this subject of microeconomics. An explanation would be helpful, so I could apply it to my other problem sets. What am I missing?

Elasticity-Midpoint

Using the midpoint formula, calculate elasticity for each of the following changes in demand by a household: P1 P2 Q1 Q2 .25 .15 300 400 My Answer: 400-300/(400+300)/2*100%=28.5% .15-.25/(.15+.25)/2*100%=.5% ChangeQ%/ChangeP%= 57 I'm terrible at math. Is this problem correct? Is my formula correct? Thanks

Marginal Products and Average Products

The number of repairs produced by a computer repair shop depends on the number of workers as follows: #of Workers #of Repairs 0 0 1 8 2 20 3 35 4 45 5 52 6 57 7 60 Assume that all inputs other than labor are fixed in the short run. a)Add 2 additional columns to the table, and enter the marginal product and average product for each number of workers b)Over what rang... click for more

Explain the concepts of total utility, marginal utility, and utility maximization.

Can you please explain the concepts of total utility, marginal utility, and utility maximization. Can you please define diminishing marginal utility and illustrate with two real-life examples - one for a business and one for an individual?