The market for movies has two segments, adults and senior citizens. The demand curve for movies by adults is P-20-QA, where P is the price of movies and QA is the quantity of movies demanded by adults. The demand curve for movies by senior citizens is P-10-(1/2)Qs, where P is the price of movies and Qs is the quantity of movies demanded by senior citizens. Using QM to represent the quantity demanded in the market, which of the following equations or sets of equations describes the market demand for movies? A) QM-0 when P>-20 QM-40-3P when P<20 B) QM-0 when P>=20 QM=20-P when 10<=P<20 QM=40-3P when P<10 C) QM-0 when P>=20 QM=30-(3/2)P when P<20 D) QM-40-3P when P>0 E) QM-30-(3/2)P when P>0 2) Alan's demand for a good is given by P-30-2Q. Peter's demand for the same good P-20-2Q. If Alan and Peter make up the entire consumer-side of the market for this good, what is total consumer surplus in this market when the price of the good is $10. A) 25 given by B) 100 C) 125 D) 112.5 E) 200

The market for movies has two segments, adults and senior citizens. The demand curve for movies by adults is P-20-QA, where P is the price of movies and QA is the quantity of movies demanded by adults. The demand curve for movies by senior citizens is P-10-(1/2)Qs, where P is the price of movies and Qs is the quantity of movies demanded by senior citizens. Using QM to represent the quantity demanded in the market, which of the following equations or sets of equations describes the market demand for movies? A) QM-0 when P>-20 QM-40-3P when P<20 B) QM-0 when P>=20 QM=20-P when 10<=P<20 QM=40-3P when P<10 C) QM-0 when P>=20 QM=30-(3/2)P when P<20 D) QM-40-3P when P>0 E) QM-30-(3/2)P when P>0 2) Alan's demand for a good is given by P-30-2Q. Peter's demand for the same good P-20-2Q. If Alan and Peter make up the entire consumer-side of the market for this good, what is total consumer surplus in this market when the price of the good is $10. A) 25 given by B) 100 C) 125 D) 112.5 E) 200

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 10PA

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