Market Equilibrium and Consumer/Producer Surplus
AP Microeconomics · Flashcards
AP MICROECONOMICS · FLASHCARDS
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QUESTION
State the formula for consumer surplus.
QUESTION
What is market equilibrium?
QUESTION
Find the equilibrium quantity if demand is
Q
d
=
50
−
P
Q_d = 50 - P
Q
d
=
50
−
P
and supply is
Q
s
=
2
P
Q_s = 2P
Q
s
=
2
P
.
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ANSWER
Equilibrium quantity
Q
=
20
Q = 20
Q
=
20
. Substitute
P
=
10
P = 10
P
=
10
into either equation to find
Q
Q
Q
.
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