Suppose students in Business Economics course have the following demand for an Economics textbook: Qd=440-2p. The seller, Harry Hartog, of the textbook presents the supply curve given by Qs=-40+4p. p is the price of the textbook,

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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V1
Suppose students in Business Economics
course have the following demand for an
Economics textbook: Qd=440-2p. The
seller, Harry Hartog, of the textbook
presents the supply curve given by
Qs=-40+4p. p is the price of the textbook,
Qs is the quantity supplied and Qd is the
quantity demanded. Suppose the university
asked the book seller in the campus, Harry
Hartog, to charge $70 per book. What is the
change in Producer Surplus?
Enter numbers only. No symbols or word in
the answer.
Answer: 2600
Transcribed Image Text:Suppose students in Business Economics course have the following demand for an Economics textbook: Qd=440-2p. The seller, Harry Hartog, of the textbook presents the supply curve given by Qs=-40+4p. p is the price of the textbook, Qs is the quantity supplied and Qd is the quantity demanded. Suppose the university asked the book seller in the campus, Harry Hartog, to charge $70 per book. What is the change in Producer Surplus? Enter numbers only. No symbols or word in the answer. Answer: 2600
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