Multiple Choice
The demand and supply curves for Fuji apples are given by QD = 50 - 6P and QS = 4P - 2, where P is price per bag and Q is in thousands of bags. What are consumer surplus and producer surplus at the equilibrium price?
A) CS = $450; PS = $44,180
B) CS = $856,000; PS = $1,126,113
C) CS = $29,422; PS = $7,657
D) CS = $29,422; PS = $44,180
Correct Answer:
Verified
Correct Answer:
Verified
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