ECON 1B03 Study Guide - Final Guide: Pencil, Economic Equilibrium, E-Reader
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ECON 1B03 Full Course Notes
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Answer all questions on the scan sheet using hb pencil. Hand in the scan and this sheet separately. It will shift upward: it will shift downward, it may shift up or down, depending on the amount of the tax. Market demand for e-readers is qd = 200 - 0. 5p and market supply is qs = p - 25: refer to scenario 1. What is equilibrium price and quantity (p, q)? (, 150: (, 145) (, 120, (, 125, refer to scenario 1. What is the value of consumer surplus in the market: ,250, ,625, ,812. 50, , refer to scenario 1. What is the value of producer surplus in the market: ,750, ,625, ,812. 50, , refer to scenario 1. Suppose the government didn"t like the equilibrium price and decided to impose a price ceiling. Which of the following possible prices would lead to a binding price ceiling: , , , , refer to scenario 1.
