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4) The demand curve for a good is given by P-1000-25QD. The supply curve is given by P=500+25QS. At market equilibrium, price elasticity of demand is A) -1/25 B) -1/3 C) -25 D) -3 E) -10

4) The demand curve for a good is given by P-1000-25QD. The supply curve is given by P=500+25QS. At market equilibrium, price elasticity of demand is A) -1/25 B) -1/3 C) -25 D) -3 E) -10

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 is given by P%320-2Q. 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 B) 100 C) 125 D) 112.5 E) 200 3) The demand curve for a good is given by P=1000-25QD. The supply curve is given by P3500+25QS. At market equilibrium, consumer surplus is A) 12,500 В) 3,125 C) 1,250 D) 2,500 E) 25,000 4) The demand curve for a good is given by P=1000-25QD. The supply curve is given by St P-500+25QS. At market equilibrium, price elasticity of demand is А) -1/25 В) -1/3 C) -25 D) -3 E) -10 5) The demand for good X can be described by the equation Qx=500-5Px-2Py-0.51, where Qx is the quantity of good X demanded, Px is the price of good X, Py is the price of a different good Y, and I is the consumer's income. A) X is a normal good. B) X is an inferior good. C) X and Y are complements. D) both (A) and (C). E) both (B) and (C). A-1
Transcribed Image Text: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 is given by P%320-2Q. 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 B) 100 C) 125 D) 112.5 E) 200 3) The demand curve for a good is given by P=1000-25QD. The supply curve is given by P3500+25QS. At market equilibrium, consumer surplus is A) 12,500 В) 3,125 C) 1,250 D) 2,500 E) 25,000 4) The demand curve for a good is given by P=1000-25QD. The supply curve is given by St P-500+25QS. At market equilibrium, price elasticity of demand is А) -1/25 В) -1/3 C) -25 D) -3 E) -10 5) The demand for good X can be described by the equation Qx=500-5Px-2Py-0.51, where Qx is the quantity of good X demanded, Px is the price of good X, Py is the price of a different good Y, and I is the consumer's income. A) X is a normal good. B) X is an inferior good. C) X and Y are complements. D) both (A) and (C). E) both (B) and (C). A-1
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