Economics Questions (Supply and Demand Chapter)

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Jiji Sand
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Hello everyone,

Could anyone of you help me to solve these 10 questions below? They are all from Supply and Demand Chapter!

Q 1. Suppose there are 7 potential buyers in the market of cake, and their willingness to pay for a piece of cake is listed in the table below.

[ Buyer ] [ Willingness to pay ($) ]
Chris 7
Joe 9
Mark 11
Jen 12
Amy 14
Helen 16
Cat 18

When the price of the cake is $14 per piece, the consumer surplus is [Answer] dollars.

Q2. Suppose that the quantity demanded and the quantity supplied in the market for apple under certain price levels are listed in the table below.

[ Price ($) ] [ Quantity demanded (kg) ] [ Quantity supplied (kg) ]
5 2874 6466
4 3300 5800
3 4300 4300
2 5200 3150
1 6000 2900

Suppose the demand curve is non-increasing and the supply curve non-decreasing. When the price is $6, there will be an excess supply of at least [Answer] kgs of apple.

Q3. Given the following supply and demand function, the consumer surplus under the market equilibrium is [Answer] dollars.

Supply: Q = 0.9P - 2
Demand: Q = -0.3P + 19

Q4. Given the following supply and demand function, the producer surplus under the market equilibrium is [Answer] dollars.

Supply: Q = 0.9P - 2
Demand: Q = -0.3P + 19

Q5. Given the following supply and demand function, the total economic surplus under the market equilibrium is [Answer] dollars.

Supply: P = 2.5Q + 1
Demand: P = -2.2Q + 25

Q6. The demand for gold (tons per day) by UK and US are given by the following equations.

UK: QUK = 980 - 2.9P
US: QUS = 813 - 2.6P

At the price is 100 dollars per ton, their total quantity demanded for gold is [Answer] tons per day.

Q7. Suppose there are two buyers in a market with the following demand functions.

Demand 1: P = 228 - 1.6Q
Demand 2: P = 167 - 0.6Q

Which of the following points is not on the market demand curve?

Select one:
a. P = 197.50, Q = 19.06
b. P = 167, Q = 38.12
c. P = 55.67, Q = 274.71
d. P = 111.33, Q = 165.69

Q8. Suppose there are two buyers in a market with the following demand functions.

Demand 1: P = 228 - 1.6Q
Demand 2: P = 167 - 0.6Q

When the market price is [Answer], the total quantity demanded is 250.

Q9. Suppose there are two producers in a market with the following supply functions.

Supply 1: P = 6 + 0.3Q
Supply 2: P = 17 + 0.7Q

Which of the following points is not on the market supply curve?

Select one:
a. P = 11.50, Q = 18.33
b. P = 34.00, Q = 115.19
c. P = 25.50, Q = 77.14
d. P = 17, Q = 36.67

Q10. Suppose there are two producers in a market with the following supply functions.

Supply 1: P = 6 + 0.3Q
Supply 2: P = 17 + 0.7Q

When the price is [Answer], the total quantity supplied is 250.


I would really appreciate on any of comments!
Thanks!!
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TSR Jessica
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Sorry you've not had any responses about this. Are you sure you've posted in the right place? Here's a link to our subject forum which should help get you more responses if you post there.
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