Demand Supply (table 4-14) P = 60 - 2QD P = 15 + QS QD = 30 - 0.5P QS = P - 15 21. Refer to Table 4-14. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. The equilibrium price and quantity for Pauline's Pickled Pomegranates are $30 and 15 thousand units. What is the value of consumer surplus? A) $225 thousand B) $50 thousand C) 112.5 thousand D) 337.5 thousand
Demand Supply (table 4-14) P = 60 - 2QD P = 15 + QS QD = 30 - 0.5P QS = P - 15 21. Refer to Table 4-14. The equations above describe the demand and supply for Pauline's Pickled Pomegranates. The equilibrium price and quantity for Pauline's Pickled Pomegranates are $30 and 15 thousand units. What is the value of consumer surplus? A) $225 thousand B) $50 thousand C) 112.5 thousand D) 337.5 thousand
Chapter7: Market Efficiency And Welfare
Section: Chapter Questions
Problem 1P
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Question
Demand Supply (table 4-14)
P = 60 - 2QD P = 15 + QS
QD = 30 - 0.5P QS = P - 15
21. Refer to Table 4-14. The equations above describe the demand and supply for Pauline's
Pickled Pomegranates. The
Pomegranates are $30 and 15 thousand units. What is the value of
A) $225 thousand B) $50 thousand
C) 112.5 thousand D) 337.5 thousand
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