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 consumer surplus at the competitive market equilibrium?

Assume that we only have data on total cost when output is equal to zero and no other cost information at our disposal. How could we possibly know what the fixed costs are for the firm?

What will be an ideal response?

If you place $100 in a bank account that pays 6% at the end of each year, and you leave your $100 and all your interest in the bank, how much will you have in the bank at the end of 7 years with annual compounding?

A) (106)7 B) 7 ? (106) C) 100 ? (1.60)7 D) 100 ? (1.06)7