The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the competitive market equilibrium?
A. $4.5 million
B. $9 million
C. $13.5 million
D. $27 million
C. $13.5 million
Economics
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A company will strive to minimize
A) transaction costs. B) costs of internal operations. C) total costs of transactions and internal operations combined. D) variable costs.
Economics
Compare the following three ways to model expectations: animal spirits, adaptive expectations, and rational expectations
What will be an ideal response?
Economics