The demand for a good is P= 100 – 3Q. The supply is P= 40 + 2Q. Assuming a perfectly competitive market : a) What is the equilibrium price and quantity?b) What is the consumer surplus? c) What is the producer surplus? d) What is the total wealth?

The demand for a good is P= 100 – 5Q. The supply is P= 40 + 3Q. Assuming a perfectly competitive market : a) What is the equilibrium price and quantity?b) What is the consumer surplus? c) What is the producer surplus? d) What is the total wealth?

If we say a good is “perfectly elastic”, then:

A seller can ‘rip-off’ a buyer when:

The demand for a good is P= 40 – 3Q. The supply is P= 20 + 2Q. Assuming a perfectly competitive market : a) What is the equilibrium price and quantity?b) What is the consumer surplus? c) What is the producer surplus? d) What is the total wealth?

Cost function for a hypothetical firm is TC ($) = 200 + 2Q + 0.5Q2 Please calculate the following cost items for producing 20 units of product: 1) Fixed Costs 2) Variable Costs 3) Total Costs 4) Average Total Cost 5) Marginal Cost (assuming that the firm is already producing 20 units, what is cost of producing one more unit)  

 Following table shows the demand for three goods: Price of good A Quantity Sold of good A Quantity Sold of good B Quantity Sold of good C $50 250 400  200 $60 220  500 140 1) Calculate cross-elasticity of demand between good A and B2) Based on your result in part 1 explain the relationship between Goods A and B (are they substitutes or complements)3) Calculate cross-elasticity of demand between good A and C4) Based on your result in part 3 explain the relationship between Goods A and C (are they substitutes or complements)

 Following table shows the demand for three goods: Price of good A Quantity Sold of good A Quantity Sold of good B Quantity Sold of good C $50 250 400  200 $60 220  280 140 1) Calculate cross-elasticity of demand between good A and B2) Based on your result in part 1 explain the relationship between Goods A and B (are they substitutes or complements)3) Calculate cross-elasticity of demand between good A and C4) Based on your result in part 3 explain the relationship between Goods A and C (are they substitutes or complements)

Please explain the following economic terms: 1) Resource pessimism2) Resource Curse

Please translate the sentence with abbreviations into a full English sentence.  Pt is WBAT to RLE.