Figure 9.3.1 : I’m confused with the solution for question with figure 9.3.1 is:15 x 10 + 5 × 10 = 175But how come there is 5 x 10? I know that this is because 20 - 15 = 5, but where does "20" come from? Is it because the “Quantity” is 60, therefore 60 - 40? = 20? thats why 20 - 15 = 5? I’m confused where 20 comes from. Figure: 8.4.2:I know that the answer is “B”, but can someone please show me the calculation that I need to get this answer as this sort of questions will come up on my exam and I need to know these calculations to solve these types of questions. Figure 8.4.2Dollarsper sack(thousands)$380304283264258225214Answer: BDiff: 1Section: 8.40MCLa-DemandATCAVC24 58 10 12 14 16 18 20 22 24 26 Quantity of coffee(sacks of 60 kilos)17) Refer to Figure 8.4.2 above. How much is the profit lost when the farmer produces 6 sacks instead of 14sacks?A) $996B) $1.168C) $628D) None of the above. There is no profit lost because the farmer maximizes profit when it produces 6 sacksof coffee. Price 70(dollarsper widget) 60.3040302010B)-$150C)-$175D)-$200Answer: CDiff: 2Section: 9.31020 30Figure 9.3.140 50Supply, SDemand, D60 Quantityof widgets33) The market supply function is P-10-Q and the market demand function is P-70-2Q. What is thechange in consumer surplus associated with a minimum floor price of $407A)-$25

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Answered: 33) The market supply function is P-10+…

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 21RQ: What is the difference between the supply and the quantity supplied of a product, say milk? Explain...

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Figure 9.3.1 : I’m confused with the solution for question with figure 9.3.1 is:

15 x 10 + 5 × 10 = 175

But how come there is 5 x 10? I know that this is because 20 - 15 = 5, but where does "20" come from? Is it because the “Quantity” is 60, therefore 60 - 40? = 20? thats why 20 - 15 = 5? I’m confused where 20 comes from.

Figure: 8.4.2:

I know that the answer is “B”, but can someone please show me the calculation that I need to get this answer as this sort of questions will come up on my exam and I need to know these calculations to solve these types of questions.

Price 70
(dollars
per widget) 60.
30
40
30
20
10
B)-$150
C)-$175
D)-$200
Answer: C
Diff: 2
Section: 9.3
10
20 30
Figure 9.3.1
40 50
Supply, S
Demand, D
60 Quantity
of widgets
33) The market supply function is P-10-Q and the market demand function is P-70-2Q. What is the
change in consumer surplus associated with a minimum floor price of $407
A)-$25

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