1.1- A tax on Producers a) i) Equilibrium Price and Quantity before tax: 100-10Q = 20 +10Q ∴ 20Q = 80 ∴ Q = 4 When Q = 4‚ P = 60 ∴ Equilibrium price equals $60 and equilibrium quantity is 4 million ii) Consumer Surplus = ½ x 4 x 40 = 80 Producer Surplus = ½ x 4 x 40 = 80 iii) An efficient market occurs when total surplus is maximized
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Consumer Surplus The term surplus is used in economics for several related quantities. The consumer surplus (sometimes named consumer’s surplus or consumers’ surplus) is the amount that consumers benefit by being able to purchase a product for a price that is less than the most that they would be willing to pay. The producer surplus is the amount that producers benefit by selling at a market price mechanism that is higher than the least that they would be willing to sell for. Note that producer
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remaining questions.) b. What is the equilibrium price of bicycles? $ 300.00 c. What is the equilibrium quantity of bicycles? 50 d. If the price of bicycles were $100‚ is there a surplus or a shortage? How many units of surplus or shortage are there? Will this cause the price to rise or fall? Shortage e. If the price of bicycles were $400‚ is there a surplus or a shortage? How many units of surplus or shortage are there? Will this cause the price to rise or fall? Surplus‚ 20‚ Rise 2. Please share
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Tata’s Nano: A Small Car with Large Consumer Surplus? Ref. No.: ME0012 op y Tata’s Nano: A Small Car with Large Consumer Surplus? “Since‚ promise is a promise the standard dealer version will cost Rs 1 lakh‚”1 – Ratan Tata‚ Chairman‚ Tata Sons “We designed the Nano to offer a new form of transport to the people of India and maybe later‚ to the rest of the world.”2 – Ratan Tata‚ Chairman‚ Tata Sons “…if economists are to play their part in shaping the canons of economic policy
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Consumer Surplus: The difference between the maximum price that consumers are willing to pay for a good and the market price that they actually pay for a good is referred to as the consumer surplus. The determination of consumer surplus is illustrated in Figure 1‚ which depicts the market demand curve for some good. | | | | The market price is $5‚ and the equilibrium quantity demanded is 5 units of the good. The market demand curve reveals that consumers are willing to pay at least
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--- // consumer-producer.c #include #include #include #include #include "buffer.h" #define RAND_DIVISOR 100000000 //random function setup pthread_mutex_t mutex; //setup mutex lock sem_t full‚ empty; //setup binary semaphores buffer_item buffer[BUFFER_SIZE]; //setup buffers int counter; //setup buffer counter pthread_t tid; //setup thread ID pthread_attr_t attr; //setup thread attributes void *producer(void *param); //producer thread void *consumer(void *param);
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problem in computer science‚ namely in synchronization. The “Producer-Consumer” problem or‚ the “bounded-buffer” problem is extremely important in understanding the fundamentals of multi-process synchronization. The problem uses two processes‚ a producer and a consumer. These two processes share a common buffer‚ of a fixed size. It is the job of the producer to churn out data items‚ piece by piece‚ into the buffer. And at the same time‚ the consumer is picking up that data‚ removing it from the buffer at
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CASE STUDY ON CONSUMER SURPLUS – NESTLE Background Nestlé is one of the world’s largest food and beverage manufacturer‚ employing around 250‚000 people and operating in 180 countries. In the UK we have been considering the disposal of waste from our 22 sites for some time. A significant concern for Nestlé in the past has been that surplus stock‚ perhaps near the end of its shelf life‚ once out of Nestlé’s control could re-enter the market. With environmental concerns a key part of Nestlé
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Producers Autotrophic- make their own food Convert energy from the sun through photosynthesis Phytoplankton- Small plant organisms that drift water currents and use carbon dioxide‚ release oxygen and convert minerals through a form animals can use most abundant and widespread producers in the marine environment Consumers Heterotrophic- cannot make their own food‚ consume other organisms or absorb dissolved material herbivores or carnivores Decomposers Bacteria that break down dead
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International Trade and Finance Speech What happens when there is a surplus of imports into the U S: A surplus of imports is good for consumers but bad for local business. We have to produce and manufacture in order to export. As our export trade shrinks‚ so does our workforce and economy. The surplus of imported cars for 2012 has exceeded the exportation by $152 billion. Also the shelf life of cars is 1 year. Every year at the end of the cycle the existing models are sold off at huge discounts
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