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
A
You might also like to view...
To calculate GDP using the expenditure approach, in part it is necessary to add exports and subtract imports
Indicate whether the statement is true or false
How are intermediate goods treated in the calculation of GDP?
A) Their value is counted separately, and their value is also included as part of the value of the final good for which they are an input. B) Their value is counted separately, but is not included as part of the value of the final good for which they are an input. C) They are included only if they are imported. D) Their value is not counted separately, but included as part of the value of the final good for which they are an input.