Refer to Table 4-6. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units
What is the value of economic surplus in this market?
A) $600 thousand B) $1,050 thousand C) $1,500 thousand D) $2,100 thousand
A
You might also like to view...
The Road Runner Club contributes money to Senator Sly's reelection campaign fund, and Senator Sly helps pass legislation to add more jogging paths across the state. From this we can definitively conclude:
A. that political corruption has occurred. B. that logrolling has occurred. C. that a principal-agent problem has occurred. D. nothing; the Road Runner Club may have donated to Senator Sly because he already supported the jogging paths.
Use the figure below to answer the following question.
If a price ceiling in this market is set at P1, producer surplus is represented as which area on the graph?
A. b. B. c. C. c + b + d. D. b + c.