The Supply and Demand for Solar Panels Are Given by Q^S

question 37

Multiple Choice

The supply and demand for solar panels are given by Q^S = 5P - 5,000 and Q^D = 15,000 - 5P, where P is price per solar panel and Q measures the quantity of solar panels. Suppose the government provides a $500 subsidy per solar panel. The total cost of the subsidy to the government is:

• A) $2,500,000.00.
• B) $7,800,000.00.
• C) $3.125,000.00.
• D) $4,500,000.00.

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Definitions:

Mutually Exclusive

Two events that cannot happen at the same time, meaning the occurrence of one event means the other cannot occur.

P(A)

The probability of an event A occurring in a given statistical experiment or context.

P(B)

P(B) denotes the probability of an event B occurring in the context of probability theory and statistics.

Mutually Exclusive

Describes two events that cannot occur at the same time. The occurrence of one event means the other cannot occur.