The sugar market has a supply curve with formula: Ps= 5 + 0.1Qs, and demand curve: Pd = 68-0.32Qd The government imposes a price floor of 22.9 Approximately what is the new equilibrium quantity for sugar? 141 95 124 100

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question
The sugar market has a supply curve with formula: Ps = 5 + 0.1Qs, and demand curve: Pd = 68-0.32Qd
The government imposes a price floor of 22.9
Approximately what is the new equilibrium quantity for sugar?
141
95
124
12
100
Transcribed Image Text:The sugar market has a supply curve with formula: Ps = 5 + 0.1Qs, and demand curve: Pd = 68-0.32Qd The government imposes a price floor of 22.9 Approximately what is the new equilibrium quantity for sugar? 141 95 124 12 100
The sugar market has a supply curve with formula: Ps= 5 + 0.1Qs, and demand curve: Pd = 68-0.32Qd
What is the consumer surplus?
2548
3176
3600
11
2792
Transcribed Image Text:The sugar market has a supply curve with formula: Ps= 5 + 0.1Qs, and demand curve: Pd = 68-0.32Qd What is the consumer surplus? 2548 3176 3600 11 2792
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 3 images

Blurred answer
Knowledge Booster
Taxes And Efficiency
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education