4. Suppose that the demand function for knit gloves is given by 150-5P + 3Pc +41 Q= = Where P = the price the gloves, P. = the price of knit caps, and I = Income (average annual disposable income, in thousands of dollars). What is the consumer surplus if P=10, Pc=30 and I= 15 (,000)? a. 6,250 b. 7,500 c. 12,500 d. 15,000

4. Suppose that the demand function for knit gloves is given by 150-5P + 3Pc +41 Q= = Where P = the price the gloves, P. = the price of knit caps, and I = Income (average annual disposable income, in thousands of dollars). What is the consumer surplus if P=10, Pc=30 and I= 15 (,000)? a. 6,250 b. 7,500 c. 12,500 d. 15,000

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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