Suppose that the demand curve for an advanced technology product for businesses is given by P =10,000 - 4Q3 and supply is P = 2,000 + 4Q3. The equilibrium price is ____ and the equilibrium quantity is ____.

A) $6,000: 10 B) $10; 6,000 C) $70,000; 10 D) $30,000; 20 A) $6,000: 10 B) $10; 6,000 C) $70,000; 10 D) $30,000; 20

Exam 3: Using Supply and Demand to Analyze Markets

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Suppose that the demand curve for an advanced technology product for businesses is given by P =10,000 - 4Q³ and supply is P = 2,000 + 4Q³. The equilibrium price is and the equilibrium quantity is .

(Multiple Choice)

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Question 141

Suppose that a minimum price (price floor) is legislated. To calculate producer surplus:

(Multiple Choice)

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Question 142

(Figure: Market for Asparagus I) Relative to the initial market equilibrium, at a price ceiling of $2, what is the amount of surplus transferred from producers to consumers?

(Multiple Choice)

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Question 143

(Figure: Price and Quantity VI) Refer to Figure: Price and Quantity VI to answer the following questions. a. What is the level of consumer and producer surplus? b. If consumers are willing to buy 10 more units of the good at any price, what happens to consumer and producer surplus?

(Essay)

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Question 144

(Figure: Market For Ammunition I) The deadweight loss following the implementation of the quota of 200 boxes/week is:

(Multiple Choice)

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Question 145

To calculate deadweight loss:

(Multiple Choice)

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Question 146

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Suppose that the demand curve for an advanced technology product for businesses is given by P =10,000 - 4Q³ and supply is P = 2,000 + 4Q³. The equilibrium price is and the equilibrium quantity is .

Suppose that a minimum price (price floor) is legislated. To calculate producer surplus:

(Figure: Market for Asparagus I) Relative to the initial market equilibrium, at a price ceiling of $2, what is the amount of surplus transferred from producers to consumers?

(Figure: Price and Quantity VI) Refer to Figure: Price and Quantity VI to answer the following questions. a. What is the level of consumer and producer surplus? b. If consumers are willing to buy 10 more units of the good at any price, what happens to consumer and producer surplus?

(Figure: Market For Ammunition I) The deadweight loss following the implementation of the quota of 200 boxes/week is:

To calculate deadweight loss:

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