Scenario: The retail market for beef in Argentina is given by the following demand and supply schedules, where the price is in Argentine pesos per kilo and the quantity is millions of kilos per year.
Demand: QD = 220 P,
Supply: QS = 20 + P.

-Refer to the scenario above.In the initial competitive market equilibrium,consumer surplus is ________ million pesos,producer surplus is ________ million pesos,and social surplus is ________ million pesos.
A) 5,000; 5,000; 10,000
B) 10,000; 10,000; 20,000
C) 5,000; 10,000; 15,000
D) 10,000; 5,000; 15,000

Question

Scenario: The retail market for beef in Argentina is given by the following demand and supply schedules, where the price is in Argentine pesos per kilo and the quantity is millions of kilos per year.
Demand: QD = 220 P,
Supply: QS = 20 + P.
 
-Refer to the scenario above.In the initial competitive market equilibrium,consumer surplus is ________ million pesos,producer surplus is ________ million pesos,and social surplus is ________ million pesos.
A) 5,000; 5,000; 10,000 
B) 10,000; 10,000; 20,000 
C) 5,000; 10,000; 15,000 
D) 10,000; 5,000; 15,000

Quizplus · Accepted Answer

Consumer surplus is the area above the supply curve and below the demand curve up to the equilibrium price, producer surplus is the area below the price and above the supply curve up to the equilibrium. Social surplus is the sum of consumer and producer surplus. Without specific details on the scenario, the correct answer cannot be determined from the provided information. However, based on the format of the question, it seems like a hypothetical scenario was intended to be given. In such cases, the answer would depend on the specifics of the supply and demand curves, prices, and quantities involved.

Scenario: the Retail Market for Beef in Argentina Is Given