The market supply curve for music downloads is Q = 135(P-1 ) where Q is millions of downloads and P is the price in dollars per track
If the current price is $1.20 per download, what is the change in producer surplus if the price increases by $0.20 per track?
A) $5.4 million
B) $8.1 million
C) $10.8 million
D) $27 million
B
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What Supreme Court case ruled separate education for blacks and whites was constitutional provided that it was equal?
a. Plessy vs. Ferguson b. Munn vs. Illinois c. The Dred Scott Case d. Brown vs. Board of Education
How might command-and-control regulations be described?
a. Highly incentivized b. Easy to implement c. Inflexible d. Flexible
For a monopolist, at the profit-maximizing level of output:
A. marginal revenue is greater than average revenue. B. price is greater than marginal revenue. C. price is equal to marginal revenue. D. average revenue is greater than price.
Capitalism is an economic system that:
a. Gives private individuals and corporations the right to own productive resources b. Gives the government the right to tax individuals and corporations c. Produces more consumer goods than capital goods d. Produces more capital goods than consumer goods