Suppose That the Demand Curve for Brown Rice Is Given

question 127

Multiple Choice

Suppose that the demand curve for brown rice is given by P= 50,000 - 3Q², and supply is P = -10,000 + 3Q². The equilibrium price is ____ and the equilibrium quantity is ____.

• A) $110,000; 200
• B) $20,000; 100
• C) $100; 20,000
• D) $2,000; 1,000

---

Definitions:

Decreasing

A process or trend of becoming smaller or less in amount, size, degree, or value.

Lagrange Multipliers

A method used in optimization to find the maximum or minimum of a function subject to constraints.

Marginal Cost of Production

Another term for Marginal Cost, emphasizing the specific focus on production expenses.

Cost Minimization Problem

The process of finding the least expensive way to produce a given level of output or to achieve a particular production objective.