Consider a market characterized by the following inverse demand and supply functions: PX = 10 – 2QX and PX = 2 + 2QX. Compute the surplus producers receive when an $8 per unit price floor is imposed on the market.
Subject: Economics Multiple Choice Quiz ( MCQ ) and Answer
Consider a market characterized by the following inverse demand and supply functions: PX = 10 – 2QX and PX = 2 + 2QX. Compute the surplus consumers receive when an $8 per unit price floor is imposed on the market.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 – 2QX and PX = 2 + 2QX. An $8 per unit price floor will result in a
Consider a market characterized by the following inverse demand and supply functions: PX = 10 – 2QX and PX = 2 + 2QX. Compute the number of units and the price at which those units will be exchanged when there is an $8 per unit price floor.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 – 2QX and PX = 2 + 2QX. Compute the equilibrium price and quantity in this market.
Consider a market characterized by the following inverse demand and supply functions: PX = 10 – 2QX and PX = 2 + 2QX. Compute the surplus received by consumers and producers.
Suppose the market supply for good X is given by QX S = -100 + 5PX. If the equilibrium price of X is $100 per unit then producers’ revenue from X is
Suppose the market supply for good X is given by QX S = -100 + 5PX. If the equilibrium price of X is $100 per unit then producer surplus is
Suppose the market demand for good X is given by QX d = 20 – 2PX. If the equilibrium price of X is $5 per unit then consumers’ expenditure on X is
Suppose the market demand for good X is given by QX d = 20 – 2PX. If the equilibrium price of X is $5 per unit then consumer surplus is
Given a linear supply function of the form QX S = 3,000 + 3PX – 2Pr – Pw, find the inverse linear supply function assuming Pr = $1,000 and Pw = $100.
Given a linear supply function of the form QX S = -10 + 5PX, find the inverse linear supply function.
Given a linear demand function of the form QX d = 500 – 2PX – 3PY + 0.01M, find the inverse linear demand function assuming M = 20,000 and PY = 10.
Given a linear demand function of the form QX d = 100 – 0.5PX, find the inverse linear demand function.
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