Answered: Suppose that the equations for supply… | bartleby

Economics For Today

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter3: Market Demand And Supply

Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency

Problem 10SQ

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Question

Suppose that the equations for supply and demand are given as follows:
QD = 120 – 3p
Qs = 30
At the equilibrium price and quantity, what is producer surplus?
a. $450
b. 600
c. $900
d. $1200

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