Question suppose the supply function for a product is p 40, Ask an Expert

Economics

Question: Suppose the supply function for a product is p = 40 + 0.001x² and the demand function is p = 120 - 0.2x, where x is the number of units and p is the price in dollars. If the market equilibrium price is $80, find

(a) the consumer's surplus and

(b) the producer's surplus.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92607541

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question samsung runs a 5-year old semiconductor plant that

Question: Samsung runs a 5-year old semiconductor plant that makes 100,000,000 memory chips per year and cost $150,000,000 when it was built. Now they want to build a plant to make 250,000,000 memory chips per year. If t ...

Question a what is corporate governance why is corporate

Question: a. What is corporate governance? Why is corporate governance an important concern for companies that are pursuing the social responsibility approach? How does it improve or change the nature of executive and ma ...

Question discuss the concepts of engineering projects and

Question: Discuss the concepts of engineering projects and their investment profile. How would you assess the economic feasibility of engineering projects in your organization? Give examples from your organization to sup ...

Question you are the human resources manager for a famous

Question: You are the human resources manager for a famous retailer and are trying to convince the president of the company to change the structure of employee compensation. Currently, the company's retail sales staff is ...

Explain briefly but clearly the concepts of scarcity and

Explain briefly but clearly the concepts of scarcity and opportunity cost. Provide an example of opportunity cost from either your personal or professional experiences. Remember to include explicit costs (able to be meas ...

Question the banking sector was deregulated in 1982 before

Question: The banking sector was deregulated in 1982. Before then, the US economy had eight recessions in the post-WWII period, an average of one recession every 4½ years. Since then, there have been only two recessions ...

Question discuss in scholarly detail organizational

Question: Discuss in scholarly detail organizational leadership in the context of a leader's action and why is it important for a leader to clarify strategic intent in his or her actions? How does a leader do this? The r ...

A in 1994 the marginal cost of producing the power mac was

a) In 1994, the marginal cost of producing the Power Mac was about $1,500 per unit, and a rough estimate of the monthly demand curve was: P = 4,500 - .15Q. At the time, what was Apple's optimal output and pricing policy? ...

Question you were recently hired to replace the manager of

Question: You were recently hired to replace the manager of the Roller Division at a major conveyor manufacturing firm, despite the managers strong external sales record. Roller manufacturing is relatively simple, requir ...

Question in the small closed economy of banana republic the

Question: In the small closed economy of Banana Republic, the currency is the dollar. Statistics for last year show that private saving was 60 billion dollars, taxes were 70 billion dollars, government purchases of goods ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Microeconomics Expert