Question : Table 4-11 Demand Supply P = 80 – QD : 1387477

 

 

Table 4-11

 

Demand

Supply

P = 80 – QD

P = 50 + 1/2 QS

QD = 80 – P

QS = 2P – 100

 

9) Refer to Table 4-11.  The equations above describe the demand and supply for Chef Ernie’s Sushi-on-a-Stick. What are the equilibrium price and quantity (in thousands) for Chef Ernie’s sushi?

A) $80 and 80 thousand

B) $60 and 20 thousand

C) $50 and 100 thousand

D) $40 and 50 thousand

 

10) Refer to Table 4-11.  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?

A) $100 thousand

B) $200 thousand

C) $600 thousand

D) $800 thousand

 

 

11) Refer to Table 4-11.  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?

A) $100 thousand

B) $200 thousand

C) $600 thousand

D) $800 thousand

 

 

12) Refer to Table 4-11.  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 economic surplus in this market?

A) $300 thousand

B) $600 thousand

C) $1,200 thousand

D) $1,600 thousand

 

Table 4-12

 

Demand

Supply

P = 50 — 2QD

P = 35 + QS

QD = 25 — 0.5P

QS = P — 35

 

 

13) Refer to Table 4-12.  The equations above describe the demand and supply for Bubba’s Fried Jellybeans. What are the equilibrium price and quantity (in thousands) for Bubba’s Fried Jellybeans?

A) $80 and 40 thousand

B) $60 and 10 thousand

C) $20 and 20 thousand

D) $40 and 5 thousand

 

 

14) Refer to Table 4-12.  The equations above describe the demand and supply for Bubba’s Fried Jellybeans. The equilibrium price and quantity for Bubba’s Fried Jellybeans are $40 and 5 thousand units. What is the value of consumer surplus?

A) $5 thousand

B) $12.5 thousand

C) $25 thousand

D) $37.5 thousand

 

 

15) Refer to Table 4-12.  The equations above describe the demand and supply for Bubba’s Fried Jellybeans. The equilibrium price and quantity for Bubba’s Fried Jellybeans are $40 and 5 thousand units. What is the value of producer surplus?

A) $5 thousand

B) $12.5 thousand

C) $25 thousand

D) $37.5 thousand

 

16) Refer to Table 4-12.  The equations above describe the demand and supply for Bubba’s Fried Jellybeans. The equilibrium price and quantity for Bubba’s Fried Jellybeans are $40 and 5 thousand units. What is the value of economic surplus in this market?

A) $5 thousand

B) $12.5 thousand

C) $25 thousand

D) $37.5 thousand

 

 

17) The following equations represent the demand and supply for bird feeders.

QD = 35 – P

QS = -5 + 3P

 

What is the equilibrium price (P) and quantity (Q – in thousands) of bird feeders?

A) P = $10; Q = 25 thousand

B) P = $35; Q = 20 thousand

C) P = $20; Q = 20 thousand

D) P = $5; Q = 30 thousand

 

 

18) The following equations represent the demand and supply for kumquats.

QD = 60 – 3P

QS = -20 + 5P

 

What is the equilibrium price (P) and quantity (Q – in thousands) of kumquats?

A) P = $5; Q = 20 thousand

B) P = $30; Q = 5 thousand

C) P = $20; Q = 10 thousand

D) P = $10; Q = 30 thousand