The next 3 questions involve the following supply and demand equations: Supply: p= q+10 Demand: p= 50 – 3q 11. What is the market equilibrium price and quantity? (A) p* = 10, q* = 10 (B) p* = 20, q* = 10 (C) p* = 20, q* = 20 (D) p* = 10, q* = 20 12. The government enacts a price floor of $32. What is the Total Surplus? (A) $168. (B) $152. (C) $208. (D) None of the above 4 13.What is the Deadweight Loss? (A) $32 (B) $90 (C) $64 (D) None of the above
The next 3 questions involve the following supply and demand equations: Supply: p= q+10 Demand: p= 50 – 3q 11. What is the market equilibrium price and quantity? (A) p* = 10, q* = 10 (B) p* = 20, q* = 10 (C) p* = 20, q* = 20 (D) p* = 10, q* = 20 12. The government enacts a price floor of $32. What is the Total Surplus? (A) $168. (B) $152. (C) $208. (D) None of the above 4 13.What is the Deadweight Loss? (A) $32 (B) $90 (C) $64 (D) None of the above
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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
Transcribed Image Text:The next 3 questions involve the following supply and demand equations:
Supply: p= q+10
Demand: p = 50 – 3q
11. What is the market equilibrium price and quantity?
(A) p* = 10, q* = 10
(В) р* %3D 20, q" %3D 10
(C) p* = 20, q* = 20
(D) p* = 10, q* = 20
12. The government enacts a price floor of $32. What is the Total Surplus?
(A) $168.
(B) $152.
(C) $208.
(D) None of the above
4
13.What is the Deadweight Loss?
(A) $32
(B) $90
(C) $64
(D) None of the above
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