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WINSTONCH [101]
2 years ago
11

The market demand function for corn is Qd = 5 15 - 2P and the market supply function is Qs= 5P- 6, both quantities measured in b

illions of bushels per year. Suppose the government wants to raise the price to $4 per bushel. What are the aggregate surplus, consumer surplus, and producer surplus at the competitive equilibrium?
Business
1 answer:
GaryK [48]2 years ago
8 0

Answer:

The Producer surplus = 19.6.

consumer surplus = 12.25.

Aggregate supply = 31.85.

Explanation:

Normally, the demand equilibrium function equals to supply equilibrium function will get us the price which is $3 that is Qd = Qs. Hence, if we equate both function together like;

15 - 2P = 5P - 6.

15 +6 = 5P + 2P.

21 = 7P.

P = $3.

Thus, Qd = 15 - 2P= 15 - 2(3) = 15 - 6 = 9 units.

Qs = 5P - 6 = 5(3) - 6 = 15 - 6 = 9.

Therefore, if the price is going to be Increased by $4, we will have that;

Qd = 15 - 2P= 15 - 2(4) = 15 - 8 = 7 units.

=> The Producer surplus = 1/2 × 14 (4 - 1.2) = 19.6.

=> consumer surplus = 1/2 × 7 (7.5 - 4) = 12.25.

Aggregate supply = Producer surplus + consumer surplus = 19.6 + 12.25 = 31.85.

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Hi there
First find the book value of the truck
Book value=
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=6,000

disposed of for $5,000 cash
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3 years ago
Ken, a real estate agent, assures Lily that a certain parcel of commercial property fronts on the most highly trafficked street
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Options :

a. ​mistake.

b. ​opinion.

c. ​an adhesion contract.

d. ​fraud.

Answer: Fraud

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3 years ago
The Clemson Company reported the following results last year for the manufacture and sale of one of its products known as a Tam.
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Answer:

See below

Explanation:

According to the information above, there would be no sales if TAM is discontinued as there would be no cost traced to it safe for $145,000 for fixed manufacturing overhead.

We already know that the net operating loss was $55,000 the fixed manufacturing overhead of $145,000 would further increase the loss by $90,000

5 0
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Answer:

d. Establish a $10,000 credit limit for a new customer

s. Collect payments on customer accounts

r. Sell a DVD player

l. Sell concert tickets

a. Purchase raw materials

e. Pay for raw materials

o. Pay utility bills

Expenditure

c. Hire a new assistant controller

f. Disburse payroll checks to factory workers

k. Record factory employee timecards

n. Send new employees to a business ethics course

q. Pay federal payroll taxes

u. Pay sales commissions

Human Resources/Payroll

g. Record goods received from a vendor

j. Complete a picking ticket for a customer order

i. Decide how many units to make next month

v. Send an order to a vendor

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p. Pay property taxes on an office building

t. Obtain a bank loan

Financial Cycle

Explanation:

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