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

Question

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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10. Suppose the market demand for good X is given by Q, = 20 - 2Px. If the equilibrium price of X is $5 per

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