Demand is represented by the equation,P = 200 - 2Q_D and supply by the equation P = 25 + 3Q_S.
(a)Suppose this market produces 30 units of output.What price would this output be sold at if consumers we going to buy all goods? What is the marginal benefit to society of the 30^th unit? What is the marginal cost of the 30^th unit?
(b)What is consumer surplus if the market produces 30 units of output? What is producer surplus? What is the sum of consumer and producer surplus?
(c)What are the equilibrium price and quantity?
(d)What is consumer surplus at equilibrium? What is producer surplus? What is the sum of consumer and producer surplus?
(e)Is allocative efficiency achieved when the market produces 30 units of output? Explain in three different ways.

Question

Quizplus · Accepted Answer

The Answer of Demand is represented by the equation,P = 200 - 2Q_D and supply by the equation P = 25 + 3Q_S. (a)Suppose this market produces 30 units of output.What price would this output be sold at if consumers we going to buy all goods? What is the marginal benefit to society of the 30^th unit? What is the marginal cost of the 30^th unit? (b)What is consumer surplus if the market produces 30 units of output? What is producer surplus? What is the sum of consumer and producer surplus? (c)What are the equilibrium price and quantity? (d)What is consumer surplus at equilibrium? What is producer surplus? What is the sum of consumer and producer surplus? (e)Is allocative efficiency achieved when the market produces 30 units of output? Explain in three different ways.

Demand Is Represented by the Equation,P = 200 - 2QD

Demand Is Represented by the Equation,P = 200 - 2Q_D