Answered: Demand for park visits is Q =10,000…

Demand for park visits is Q =10,000 −100P. How many visitors will attend if the park charges a $20.00 admission fee? A. 2,000 B. 4,000 C. 6,000 D. 8,000

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 2QFR

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Question

Demand for park visits is Q =10,000 −100P. How many visitors will attend if the park charges a $20.00 admission fee?

A. 2,000

B. 4,000

C. 6,000

D. 8,000

2. Suppose the demand for vanilla ice cream was described by the equation Q = 20 – p, and the supply was described by Q = 10 + p. What are the equilibrium price (P*) and quantity(Q*)?

A. P* = -40, Q* = 20

B. P* = 5, Q* = 15

C. P* = 10, Q* = 50

D. P* = 25, Q* = -25

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