Question
24. If the market is in equilibrium, what is the sum of consumer surplus plus producer surplus? A. 28,640 B. 30,520 C. 35,100 D. 38,640
24. If the market is in equilibrium, what is the sum of consumer surplus plus producer surplus? A. 28,640 B. 30,520 C. 35,100 D. 38,640
Notes. The following figure represents estimates for the demand and the supply of apricots in southern France, where quantities are in 100 kg per month and prices are the price per 100 kg in euros.
p=2+1/700*Qs
Qs=-1,400+700*P
P=14-1/2300QD
QD=32,200-2,300P
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Theories Of Value From Adam Smith To Piero Sraffa
Authors: Ajit Sinha
2nd Edition
0429807716, 9780429807718
