Q=3-P
Q=7-P
If Q is a private good, MC=8, how much is optimal?
To calculate consumer surplus without a graph, you can use the formula: Consumer Surplus Total Value - Total Expenditure. Total Value is the maximum price a consumer is willing to pay for a good or service, and Total Expenditure is the actual price paid. Subtracting Total Expenditure from Total Value gives you the consumer surplus.
In 2001, the total value of goods shipped was $704.3 million
To determine the economic surplus in a market, calculate the difference between the total value that consumers place on a good or service and the total cost of producing it. This surplus represents the benefit gained by both consumers and producers in the market.
calculate 20% of the total bill and leave that much.
Whether the benefits to society are greater than the total cost determines if something is produced for the public good. or cost
The total benefits to society are greater tham the total cost.
To determine the percentage of bad and good eggs, we need to calculate the ratio of bad eggs to the total number of eggs and then convert it to a percentage. Calculate the number of good eggs: Total number of eggs - Number of bad eggs = 60 - 6 = 54 Calculate the percentage of bad eggs: (Number of bad eggs / Total number of eggs) × 100% = (6 / 60) × 100% = 10% Calculate the percentage of good eggs: (Number of good eggs / Total number of eggs) × 100% = (54 / 60) × 100% = 90% Therefore, 10% of the eggs are bad and 90% of the eggs are good.
To calculate nominal GDP, you add up the total value of all goods and services produced in a country within a specific time period, without adjusting for inflation. This is usually done by multiplying the quantity of each good or service produced by its price and then summing up all these values.
Whether the benefits to society are greater than the total cost determines if something is produced for the public good. or cost
To calculate the unit selling price given total sales revenues, divide the total sales revenues attributed to the particular good or service for which unit selling price is desired by the number of units sold.
There are lots of ways to calculate such values; it's kind of a matter of which one you believe in.
aggregate production