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Author Question: In a competitive market, the demand and supply curves are Q = 12 - P and Q = 5P, respectively. If ... (Read 30 times)

CBme

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on: Jul 1, 2018
In a competitive market, the demand and supply curves are Q = 12 - P and Q = 5P, respectively. If output is fixed at Q = 11, what is the amount of the resulting deadweight loss?
 
  A) 0
  B) 0.6
  C) 11.4
  D) 15

Question 2

In a competitive market, the demand and supply curves are Q = 12 - P and Q = 5P, respectively. If output is fixed at Q = 5, what is the amount of the resulting deadweight loss?
 
  A) 0
  B) 5
  C) 10
  D) It cannot be determined without more information.
Microeconomics ¦ Perloff ¦ 8th Edition
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ryrychapman11

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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

C


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