COMPLETE QUESTION:
Demand Supply
P = 50 - QD P = 10 + 1/3 QS
QD = 50 - P QS = 3P - 30
Refer to Table 4-6.ȱȱ
The equations above describe the demand and supply for Aunt Maudȇs
Premium Hand Lotion.ȱȱ
The equilibrium price and quantity for Aunt Maudȇs lotion are $20 and
30 thousand units.ȱȱ
What is the value of consumer surplus?
Answer: $450,000
Explanation:
P = 50 - QD P = 10 + 1/3 QS
QD = 50 - P QS = 3P - 30
Using the above equation,
Consumer surplus = $450,000
Answer:
B.
Explanation:
Sorry if I'm wrong. good luck
Answer:
A) ans: supply of food
B) ans: popcorn at this store is inelastic
C) ans: $70,000
Answer: Sunk cost
Explanation:
Sunk cost also sometimes referred to as past cost is a cost that has already been spent by an individual or firm and cannot be recovered.
From the question, if $500 was spent last week in fixing the transmission in a car and the brakes are now acting up, and one has to decide qwhether to fix them or trade the car in for a newer model.
The amount spent on the brake situation in this case is a sunk cost as it has already been incurred and nothing can be done about it anymore.
