Determine the price that no consumer is prepared to pay for this product

The inverse demand function of a group of consumers for a given type of widgets is given by the following expression: π = −10q + 2000[$] where q is the demand and π is the unit price for this product

I.            Determine the maximum consumption of these consumers

II.            Determine the price that no consumer is prepared to pay for this product

III.            Determine the maximum consumers’ surplus. Explain why the consumers will not be able to realize this surplus

IV.

V.            If the price π increases by 20%, calculate the change in consumption and the change in the revenue collected by the producers.

VI.            What is the price elasticity of demand for this product and this group of consumers when the price π is 1000 $/unit

VII.            Derive an expression for the gross consumers’ surplus and the net consumers’ surplus as a function of the demand. Check these expressions using the results of part d.

VIII.            Derive an expression for the net consumers’ surplus and the gross consumers’ surplus as a function of the price. Check these expressions using the results of part d.

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Explain the relevance of SSAE 18 and what does it report on.

Using an Internet web browser, search for AICPA’s Statement on Standards for Attestation Engagements (SSAE) No. 18, and perform the following: a. Explain the relevance of SSAE 18 and what….

What is the most profitable level of output per week for the new product

ABC plc is about to launch a new product. Facilities will allow the company to produce up to 20 units per week. The marketing department has estimated that at a….

Calculate the unit selling prices which will: (a) maximise revenue; and (b) maximise profit.

B Ltd manufactures blodgets. It has been ascertained that the market for blodgets is follows:   ● at unit price £20, no blodgets are demanded or sold; ● at unit….