Suppose Julia and Zach are the only consumers of milk. Julia's demand for milk is defined as QdJulia = 12 - 3P at prices below $4 and zero for prices above $4. Zach's demand for milk is defined as QdZach = 10 - 2P at prices below $5 and zero for prices above $5. Market demand when price is $4 is:

A. QdMarket = 12 - 3P.

B. QdMarket = 10 - 2P.

C. QdMarket = 22 - 3P.

D. QdMarket = 22 - 5P.


D. QdMarket = 22 - 5P.

Economics

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Suppose there are two countries that are identical in every way with the following exception: Country A has a higher saving rate than country B. Given this information, we know with certainty that

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Economics

Suppose that Tom bought a bike from Helen for $195. If Helen's reservation price was $185, and Tom's reservation price was $215, the total economic surplus from this transaction was:

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Economics