Author Question: Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand ... (Read 107 times)

itsmyluck · **on:** Jun 29, 2018

Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are 20 and 30 thousand units.

What is the value of economic surplus in this market?
A) 600 thousand B) 1,050 thousand C) 1,500 thousand D) 2,100 thousand

Question 2

If the price of pineapple juice was 4.50 a gallon and it is now 5.75 a gallon, what is the percentage change in price?

A) 7.8 percent B) 12.5 percent C) 27.7 percent D) 57.5 percent