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The demand and supply functions of a product are given by the following
equations: Qd =1500 - 2P and Qs = -1300 + 2P
The government announces a program to support a price increase of $30 per kg of
this grain, which imposes a price floor of $730.
A. What are the equilibrium price and quantity before price support policy?
B. What quantity of grain is purchased by the consumers, supplied by the
producers and purchased by the government at the support price?
C. What is the change in consumer surplus, producer surplus and total surplus?
What is the cost of government to implement this price support policy?
D. Later on, the government changes the price support policy and provides
subsidy of $20 per kg sold. What is the price paid by buyers, price received by
sellers, change in consumer surplus, change in producer surplus and
government cost?
A firms production function is Q(L)=15l^2-0.1l^3. Find the number of workers required to maximise total product. for what number of workers is average product maximum
given a 10% fall in petroleum price and a 6.2 percent rise in daily wage paid to hired labour used for the production of rice in ghana. estimate the net effect of these changes on the production of rice, given that the elasticities production due petroleum price and daily wage are 1.15 and 1.25. respectively.
The Federal board of revenue imposed a tax lemon soda which needs to be paid by the sellers, what will be the effect in lemon soda market.
When 𝐼 = 10, 𝑎 = 2 and 𝑛 = 5, calculate the value of 𝑑 in the formula below:
𝐼 = 𝑎 + (𝑛 − 1) 𝑑
[1] 𝑑 = 2
[2] 𝑑 = 3
[3] 𝑑 =48
[4] 𝑑 = 8
Simplify the following expression as far as possible: √64𝑝 2 × √𝑝 64 × √𝑝 2 [1] 8p 11 [2] 32p 11 [3] 8p 34 [4] 32p 34
The cost for labour and materials for painting is R60,00 per square metre. How much will it cost to paint a square parking area of sides with length 32 metres. [1] R193 019,45. [2] R1 920,00. [3] R3 840,00. [4] R61 440,00
A cylindrical jug that carries 5 ℓ of water when it is filled to the brim, has a height of 20 𝑐𝑚.
Determine the diameter of the base surface of the jug (in 𝑐𝑚)? Round off your answer to the nearest
integer.
[1] 9 𝑐𝑚
[2] 18 𝑐𝑚
[3] 4 𝑐𝑚
[4] 80 𝑐�
Determine the volume of a cube with sides 50 𝑚𝑚 long. Give the answer in 𝑐𝑚3 . [1] 125 𝑐𝑚3 [2] 125000 𝑐𝑚3 [3] 12500 𝑐𝑚3 [4] 150 𝑐𝑚3
Determine the volume of a cube with sides 50 𝑚𝑚 long. Give the answer in 𝑐𝑚3 . [1] 125 𝑐𝑚3 [2] 125000 𝑐𝑚3 [3] 12500 𝑐𝑚3 [4] 150 𝑐𝑚3
