Equilibrium quantity and price-consumer surplus

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Consider a market where demand is D: P = 24 – Q and supply is S: P = 2 + Q. 1. Equilibrium quantity Qe is a. 10 b. 11 c. 12 d. 13 2. Equilibrium price Pe is a. $11 b. $12 c. $13 d. $14 3. Consumer surplus CS is a. $50 b. $55 c. $60 d. $60.5 4. Producer surplus PS is a. $50 b. $55 c. $60 d. $60.5 5. Total surplus TS is a. $120 b. $121 c. $122 d. $123 Impose a specific tax T = $2 on each unit sold in the above market. 6. Post-tax quantity Q’ is a. 10 b. 11 c. 12 d. 13 7. Post-tax consumer price Pc is a. $11 b. $12 c. $13 d. $14 8. Consumer surplus CS’ is a. $50 b. $55 c. $60 d. $60.5 9. Producer surplus PS’ is a. $50 b. $55 c. $60 d. $60.5 10. Tax revenue TR of the government is a. $15 b. $18 c. $19 d. $20 11. Total surplus TS’ is a. $120 b. $121 c. $122 d. $123

Reference no: EM131086029

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