Suppose the demand and supply curves for good X are both linear. The demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is ________, total producer surplus is ________, and total social surplus is ________. $144,000; $120,000; $264,000 $144,000; $672,000; $384,000 $120,000; $144,000; $264,000 $28; $6; $16 $672,000; $144,000; $384,000
Suppose the demand and supply curves for good X are both linear. The demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is ________, total producer surplus is ________, and total social surplus is ________. $144,000; $120,000; $264,000 $144,000; $672,000; $384,000 $120,000; $144,000; $264,000 $28; $6; $16 $672,000; $144,000; $384,000
Managerial Economics: A Problem Solving Approach
5th Edition
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Chapter6: Simple Pricing
Section: Chapter Questions
Problem 8MC
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Suppose the demand and supply curves for good X are both linear. The demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is ________, total producer surplus is ________, and total social surplus is ________.
- $144,000; $120,000; $264,000
- $144,000; $672,000; $384,000
- $120,000; $144,000; $264,000
- $28; $6; $16
- $672,000; $144,000; $384,000
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