Problem 01-03
Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations:
B(Q) = 100 + 36Q 4Q2 and C(Q) =80 + 12Q.
(Note: MB(Q) = 36 8Q and MC(Q) = 12.)
Instructions: Use a negative sign (-

award:
0 out of
10.00 points
Problem 02-09 (Algo)
The supply curve for product X is given by QXS = -440 + 20PX .
a. Find the inverse supply curve.
P = n/r
+ n/r
Q
b. How much surplus do producers receive when Qx = 420? When Qx = 980?
When QX = 420: $n/r
W

10.00 points
Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 500 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers r

award:
0 out of
10.00 points
Problem 01-03
Suppose that the total benefit and total cost from a continuous activity are, respectively, given by the following equations:
B(Q) = 100 + 36Q 4Q2 and C(Q) =80 + 12Q.
(Note: MB(Q) = 36 8Q and MC(Q) = 12.)
Instruc

Problem 02-09 (Algo)
The supply curve for product X is given by QXS = -340 + 10PX .
a. Find the inverse supply curve.
P=+Q
b. How much surplus do producers receive when Qx = 350? When Qx = 1,000?
When QX = 350: $
When QX = 1,000: $
check my workreferences

0 out of
10.00 points
Problem 01-04 (Algo)
A firm's current profits are $800,000. These profits are expected to grow indefinitely at a constant annual rate of 5 percent. If the
firm's opportunity cost of funds is 8 percent, determine the value of the firm

Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 380 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers receive when P

10.00 points
Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 500 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers r

Problem 03-11 (Algo)
Revenue at a major cellular telephone manufacturer was $1.8 billion for the nine months ending March 2, up 75 percent over
revenues for the same period last year. Management attributes the increase in revenues to a 138 percent increas

Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 380 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers receive when P

Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 300 - 2PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers receive when P

award:
0 out of
10.00 points
Problem 02-09 (Algo)
The supply curve for product X is given by QXS = -440 + 20PX .
a. Find the inverse supply curve.
P = n/r
+ n/r
Q
b. How much surplus do producers receive when Qx = 420? When Qx = 980?
When QX = 420: $n/r
W

Problem 01-04 (Algo)
A firm's current profits are $850,000. These profits are expected to grow indefinitely at a constant annual rate of 5 percent. If the
firm's opportunity cost of funds is 8 percent, determine the value of the firm:
Instructions: Round

Problem 04-06 (Algo)
In the below figure, a consumer is initially in equilibrium at point C. The consumers income is $500, and the budget line through
point C is given by $500 = $50X + $100Y. When the consumer is given a $50 gift certificate that is good

Problem 01-15 (Algo)
Approximately 14 million Americans are addicted to drugs and alcohol. The federal government estimates that these addicts cost
the U.S. economy $300 billion in medical expenses and lost productivity. Despite the enormous potential mar

Micro Chapter 2
Model: oversimplified representation of reality
assumes other things are equal
Production Possibility Frontier
graph of tradeoff between quantity between 2 items
efficiency: the line of the graph
under is inefficient
over: only possible wi

Problem 04-06 (Algo)
In the below figure, a consumer is initially in equilibrium at point C. The consumers income is $500, and the budget line through
point C is given by $500 = $50X + $100Y. When the consumer is given a $50 gift certificate that is good

Micro Chapter 4
Willingness to Pay and Demand Curve
Individual consumer surplus=willingness to pay- price paid
found by area under demand curve, but over price
Producer surplus and Supply Curve
Cost: lowest price seller is willing to go
Producer surplus:

Micro Chapter 6
Elasticity
responsiveness to change
price elasticity of demand
A= deltaQ/intitialQ
B=deltaP/intitialP
Quanity, Price
A/B= price elasticity of demand (q/p)
Law of demand: as price goes up, demand goes down
An alternate way:
midpoint method

Micro Chapter 5
Price Ceiling: price can't go above
binding if below equilibrium
inefficiencies:
creates shortages
deadweight loss
consumers willing to pay more don't necessarily get item
wasted resources: people use resources to find shortage
forced low

MIcro Chapter 3
Supply and Demand a Model of a competitve market
competitve market: many buyers/sellers for same good
5 keys of supply and demand model
1) demand curve
2) supply curve
3) set of factors that cause the demand/ supply curve to shift
4) marke

Chapter 1
The invisible hand
economics: social science that studies the production distribution and consumption of goods
and services
market economy: production and consumption are uncentralized
command economy: central authority that controls production

The Public Good and the Public choice
Private choice
Public
A good choice brings rewards a bad choice brings a punishment.
The Public choice will affect everyone
Govt wants to maximize social well-being. When govt intervenes in rental housing they create

award:
0 out of
10.00 points
Problem 02-09 (Algo)
The supply curve for product X is given by QXS = -440 + 20PX .
a. Find the inverse supply curve.
P = n/r
+ n/r
Q
b. How much surplus do producers receive when Qx = 420? When Qx = 980?
When QX = 420: $n/r
W

Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 300 - 2PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers receive when P

Problem 02-09 (Algo)
The supply curve for product X is given by QXS = -340 + 10PX .
a. Find the inverse supply curve.
P=+Q
b. How much surplus do producers receive when Qx = 350? When Qx = 1,000?
When QX = 350: $
When QX = 1,000: $
check my workreferences

Problem 02-18 (Algo)
From California to New York, legislative bodies across the United States are considering eliminating or reducing the surcharges
that banks impose on noncustomers, who make $10 million in withdrawals from other banks ATM machines. On a

Problem 02-05 (Algo)
The demand curve for product X is given by QXd = 520 - 5PX.
a. Find the inverse demand curve.
PX = - QXd
Instructions: Round your answer to the nearest penny (2 decimal places).
b. How much consumer surplus do consumers receive when P