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Author Question: In the above figure, if the price is 1.25 per gallon of milk and 5 million gallons are produced and ... (Read 37 times)

newyorker26

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on: Jun 29, 2018
In the above figure, if the price is 1.25 per gallon of milk and 5 million gallons are produced and consumed, then the consumer surplus is ________ and the producer surplus is ________.
 
  A) 3.125 million; 3.125 million
  B) 12.5 million; 12.5 million
  C) 6.25 million; 6.25 million
  D) None of the above answers are correct.

Question 2

The table above shows information about the costs and benefits of a steel smelter that pollutes the air of a city.
 
  If the marginal external cost is 10 per ton at every quantity of steel produced, the equilibrium quantity when the steel industry is unregulated is ________ tons per week. A) 5
  B) 15
  C) 20
  D) 25


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stanleka1

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

C


newyorker26

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Reply 2 on: Jun 29, 2018
:D TYSM

momolu

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Reply 3 on: Yesterday
Wow, this really help

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