1. Which of the following supply curves (where P is price per bushel and QS measures number of bushels) generates $64 of producer surplus at a market price of $10 per bushel?
a. QS = 6P - 8
b. QS = 10P - 3
c. QS = 7.5P - 1.5
d. QS = 2P - 4
2. (Figure 3.3) The decrease in supply from S1 to S2 will cause consumer surplus to ______ and producer surplus to ______.
a. increase by $8.75; increase by $6.67
b. decrease by $5.50; increase by $3
c. increase by $6; decrease by $18
d. decrease by $10.50; decrease by $4.50
3. (Figure 3.7) Suppose the government mandates a price ceiling of $8 per pound. What happens to consumer surplus?
a. Consumer surplus increases from $400 to $1,200.
b. Consumer surplus decreases from $600 to $450.
c. Consumer surplus increases from $900 to $1,600.
d. Consumer surplus increases from $1,800 to $2,100.
This question was answered on: Jan 30, 2021
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