3.The market for peanuts: is described by: QD= 30 - 5P and Qs = 10P.%3DP* equalsa. $0.5b. $1.0c. $1.5d. $2.0e. $3.0.Consumer Surplus equalsa. $18b. $25c. $38d. $45e. None of the above is correct.Producer Surplus equalsa. $16b. $24c. $20d. $30e. None of the above is correct.

P*equals : d. $2.00 Consumer surplus equals: e. None of the above is correct Producer surplus…

Answered: 3.The market for peanuts: is described…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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3.The market for peanuts: is described by: QD= 30 - 5P and Qs = 10P. P* equals a. $0.5 b. $1.0 c. $1.5 d. $2.0 e. $3.0. Consumer Surplus equals a. $18 b. $25 c. $38 d. $45 e. None of the above is correct. Producer Surplus equals a. $16 b. $24 c. $20 d. $30 e. None of the above is correct.