Answered: If market demand for a good is Q = 250…

If market demand for a good is Q = 250 -2P,and supply of the good is Q = 8P, consumer surplus is given by а. 8000 b. 12000 C. 2500 d. None of those above.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

If market demand for a good is Q = 250 -2P,and supply of the good is Q = 8P, consumer surplus is given by:
а.
8000
b.
12000
C.
2500
d.
None of those above.

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