Price as a tool for surplus in microeconomics

Is price a tool for changing surplus situations?

Calculating Consumer and Producer Surplus and Deadweight Loss

a)Calculate total consumer surplus at a price $8 and production of 6 million meals per day. b)For the same equilibrium, calculate total producer surplus If price remained at $8 but production were cut to 3 million meals per day: c)Calculate Producer Surplus and Consumer Surplus d)Calculate the deadweight loss from u ...continues

Elasticity-Midpoint

Using the midpoint formula, calculate elasticity for each of the following changes in demand by a household: P1 P2 Q1 Q2 .25 .15 300 400 My Answer: 400-300/(400+300)/2*100%=28.5% .15-.25/(.15+.25)/2*100%=.5% ChangeQ%/ChangeP%= 57 I'm terrible at math. Is this problem correct? Is my formula correct? ...continues

Marginal Products and Average Products

The number of repairs produced by a computer repair shop depends on the number of workers as follows: #of Workers #of Repairs 0 0 1 8 2 20 3 35 4 ...continues

Explain the concepts of total utility, marginal utility, and utility maximization.

Can you please explain the concepts of total utility, marginal utility, and utility maximization. Can you please define diminishing marginal utility and illustrate with two real-life examples - one for a business and one for an individual?

Question

What is the difference between the effect of short- and long-run price elasticity of demand to consumer's purchasing decision?

How does the price elasticity of demand affect a firm's pricing decisions?

How does the price elasticity of demand affect a firm's pricing decisions?

How does the price elasticity of demand affect a firm's pricing decisions?

How does the price elasticity of demand affect a firm's pricing decisions?

4908-microecon

please assist me with the attached

Question in regards to trends in consumption patterns

Can you please explain to me what trends in consumption patterns entails?