10. Suppose the market demand for good X is given by Q, = 20 - 2Px. If the equilibrium price of X is $5 per
10. Suppose the market demand for good X is given by Q, = 20 - 2Px. If the equilibrium price of X is $5 per unit, then consumers' expenditure on X is: A. $5. B. $25. C. $50. D. This cannot be determined from the information contained in the question.11. Suppose the market supply for good X is given by Q,$ = -100 + 5Px. If the equilibrium price of X is $100 per unit, then producer surplus is: A. $400. B. $1,600. C. $16,000. D. None of the statements associated with this question are correct.12. Suppose the market supply for good X is given by Q,$ = -100 + 5Px. If the equilibrium price of X is $100 per unit, then producers' revenue from X is: A. $100. B. $20,000. C. $40,000. D. This cannot be determined from the information contained in the question.13. Consider a market characterized by the following inverse demand and supply functions: Px = 10 - 20x and Px = 2 + 20x Compute the surplus consumers receive when an $8 per unit price floor is imposed on the market. A. $0 B. $1 C. $3 D. $514. Consider a market characterized by the following inverse demand and supply functions: Px = 10 - 20x and Px = 2 + 20x Compute the surplus producers receive when an $8 per unit price floor is imposed on the market. A. $1 B. $2 C. $3 D. $515. Consider a market characterized by the following inverse demand and supply functions: Px = 10 - 20x and Px = 2 + 20x Compute the loss in social welfare when an $8 per unit price floor is imposed on the market. A. $0 B. $1 C. $2 D. $3
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