The Quantity Demanded (In Units of a Hundred) of the Miniature

question 73

Multiple Choice

The quantity demanded (in units of a hundred) of the miniature cameras per week is related to the unit price (in dollars) by and the quantity (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price (in dollars) by If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus.Please round the answers to the nearest dollar.

• A)The consumers' surplus: $26,704, the producers' surplus: $142,718
• B)The consumers' surplus: $142,718, the producers' surplus: $26,704
• C)The consumers' surplus: $18,333, the producers' surplus: $20,000
• D)The consumers' surplus: $20,000, the producers' surplus: $18,333
• E)The consumers' surplus: $44,040, the producers' surplus: $21,478

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Definitions:

T.Thomas Fortune

An African American journalist, editor, and writer, recognized as a leading advocate of civil rights and economic empowerment for African Americans in the late 19th and early 20th centuries.

Freeman

Historically, an individual who was not a serf or slave and possessed certain rights; in the context of American history, often refers to a former slave who has been emancipated.

Progressive Era

A period of widespread social activism and political reform across the United States, roughly from the 1890s to the 1920s.

Double Tax

The imposition of two or more taxes on the same income, asset, or financial transaction.