Suppose the market supply curve is p = 5Q. At a price of 10, producer surplus equals

The relationship between education and economic growth can best be summarized by saying that

A) educated people are less apt to consume goods that deplete economic resources, which encourages economic growth. B) educational expenditures tend to divert funds from productive investments, which discourages economic growth. C) educational expenditures tend to be inflationary, which discourages economic growth. D) education has benefits beyond those who receive the education, which encourages economic growth.

If an increase in price from $1.20 to $2 per unit leads to an increase in quantity supplied from 20 to 100 units,

a. demand is elastic b. demand is inelastic c. demand is unit elastic d. supply is elastic e. supply is inelastic