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Please explain how to solve these questions with answers. 1.
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Please explain how to solve these questions with answers. 

1. Suppose the demand curve is: P = 200 ? 2QD and the supply curve is: P = 100 + 3QS.  What is producer surplus in the market at the equilibrium price and quantity?


$3200


 $600


$2400


$4000

 


 Cannot be determined from the information given.



2. Assume that Qd = 80-2P and Qs = 2P-20 and the market is in equilibrium. If the government imposes a price ceiling at $20 in this market, what is the loss in producer surplus?

A.

$125

B.

$75

C.

$100

D.

$200

E.

There is no loss because the price ceiling is not effective


3. If the demand curve for product J increases as the result of a price increase in product K, then

A.

J and K are complementary goods.

B.

the number of consumers of product K has increased.

C.

J and K are substitute goods.

D.

goods J and K are not related.

E.

the income of consumers of product K has increased.


Please explain how to solve these questions with answers.

 

1. Suppose the demand curve is: P = 200 ? 2QD and the supply curve is: P = 100 + 3QS. What is producer surplus in

 

the market at the...

 







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