« previous next »

Author Question: Consider a market that has linear supply and demand curves, and is in equilibrium. The area above ... (Read 79 times)

lb_gilbert

  • Hero Member
  • *****
  • Posts: 588
on: Jun 29, 2018
Consider a market that has linear supply and demand curves, and is in equilibrium. The area above the price line and below the demand curve is
 
  A) consumer surplus.
  B) producer surplus.
  C) marginal cost.
  D) marginal benefit.

Question 2

A straight-line demand curve with negative slope intersects the horizontal axis at 100 tons per week. At the midpoint on the demand curve (corresponding to 50 tons per week) the price elasticity of demand is
 
  A) 0.
  B) 0.5.
  C) 1.0.
  D) unknown without more information.


nhea

  • Sr. Member
  • ****
  • Posts: 305
Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Alzheimer's disease affects only about 10% of people older than 65 years of age. Most forms of decreased mental function and dementia are caused by disuse (letting the mind get lazy).

Did you know?

Signs and symptoms that may signify an eye tumor include general blurred vision, bulging eye(s), double vision, a sensation of a foreign body in the eye(s), iris defects, limited ability to move the eyelid(s), limited ability to move the eye(s), pain or discomfort in or around the eyes or eyelids, red or pink eyes, white or cloud spots on the eye(s), colored spots on the eyelid(s), swelling around the eyes, swollen eyelid(s), and general vision loss.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

About one in five American adults and teenagers have had a genital herpes infection—and most of them don't know it. People with genital herpes have at least twice the risk of becoming infected with HIV if exposed to it than those people who do not have genital herpes.

The Pantanal, Brazil, seen here in flood condition, is a critical jaguar range area. The Pantanal, Brazil, seen here in flood condition, is a critical jaguar range area.
Prostate cancer. In this example, a large mass has grown into the urinary bladder. Prostate cancer i Prostate cancer. In this example, a large mass has grown into the urinary bladder. Prostate cancer i
The Parahippocampal Place Area The Parahippocampal Place Area
Stereotypes, which play such a profound role in social life, are a basic area of sociological ... Stereotypes, which play such a profound role in social life, are a basic area of sociological ...
Find the factor demand for labour and the amount of output it will produce. Show all ... Find the factor demand for labour and the amount of output it will produce. Show all ...
linear programming problem, applying simplex method and sensitivity analysis linear programming problem, applying simplex method and sensitivity analysis
Video: Global warming and its effect on climate change

For a complete list of videos, visit our video library