Determine the producer surplus ps

Assignment Help Econometrics

Reference no: EM13186712

Consider a market where demand is D: P = 30 - Q and supply is S: P = 0.5Q.

1. Equilibrium quantity Qe is

a. $17

b. $18

c. $19

d. $20

2. Equilibrium is price Pe

a. 10

b. 11

c. 12

d. 13

3. Consumer surplus CS is

a. $199

b. $200

c. $201

d. $202

4. Producer surplus PS is

a. $98

b. $99

c. $100

d. $101

5. Total surplus TS is

a. $220

b. $300

c. $323

d. $444

6. When the government imposes a price floor = $20, disequilibrium between quantity demanded and quantity supplied results in

a. Deficit = 10

b. Surplus = 10

c. Deficit = 30

d. Surplus = 30

7. Total surplus TS' with the price floor is

a. $220

b. $225

c. $230

d. $235

Reference no: EM13186712

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