Homework Help: microeconomics

Posted by sarah on Wednesday, February 13, 2013 at 11:23pm.

1. Market demand is given as QD = 250 – 0.5P. Market supply is given as QS = 2P. In a perfectly competitive equilibrium, what will be the value of consumer surplus?

a.$10 000
b.$20 000
c.$40 000
d.$80 000

2. Market demand is given as QD = 250 – 0.5P. Market supply is given as QS = 2P. In a perfectly competitive equilibrium, what will be the value of producer surplus?

a.$10 000
b.$20 000
c.$40 000
d.$80 000

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