Demand for a product Z at a price of $p per item is given by D (p) = 250 – 0.1p? – p thousand items and supply is given by p < 5 S(p) = {0.2p p2 5 thousand items (a) What is the shutdown price? [ Select ] [ Select ] (b) What is the produce revenue at a price of $25 per item? [ Select ] [ Select ] (c) What is the producer surplus at a price of $30 per item? [ Select ] [ Select ] (d) What is the equilibrium price? [ Select ] [ Select ] (e) What is the equilibrium quantity? [ Select ] [ Select ] (f) What is the total social gain at equilibrium? [ Select ] [ Select ]

Demand for a product Z at a price of $p per item is given by D (p) = 250 – 0.1p? – p thousand items and supply is given by p < 5 S(p) = {0.2p p2 5 thousand items (a) What is the shutdown price? [ Select ] [ Select ] (b) What is the produce revenue at a price of $25 per item? [ Select ] [ Select ] (c) What is the producer surplus at a price of $30 per item? [ Select ] [ Select ] (d) What is the equilibrium price? [ Select ] [ Select ] (e) What is the equilibrium quantity? [ Select ] [ Select ] (f) What is the total social gain at equilibrium? [ Select ] [ Select ]

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 2E

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