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dupoyjohn134 dupoyjohn134
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5 years ago

Question 1.

Table 4-6

DemandSupply
P = 80 - QDP = 50 + 1/2 QS
QD = 80 - PQS = 2P - 100

Refer to Table 4-6. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units. What is the value of consumer surplus?

• $100 thousand

• $200 thousand

• $600 thousand

• $800 thousand

Question 2.

Table 4-6

DemandSupply
P = 80 - QDP = 50 + 1/2 QS
QD = 80 - PQS = 2P - 100

Refer to Table 4-6. The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick. The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units. What is the value of producer surplus?

• $100 thousand

• $200 thousand

• $600 thousand

• $800 thousand
Textbook 
Microeconomics

Microeconomics


Edition: 7th
Authors:
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jesika1122jesika1122
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dupoyjohn134 Author
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#2
5 years ago
Thanks for your help!
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