Suppose That the Demand Curve for Brown Rice Is Given

question 65

Essay

Suppose that the demand curve for brown rice is given by 50,000 - 3Q² and supply is P = -10,000 + 3Q².
a. Find the equilibrium price and quantity.
b. Calculate the consumer surplus at the equilibrium price.
c. Calculate the producer surplus at the equilibrium price.

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Definitions:

Peripheral Route

A method of persuasion that uses low elaboration—where people minimally process the message. This method usually results in development of weaker attitudes.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired together; a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Central Route

A method of persuasion that uses high elaboration—where people pay attention to the arguments and consider all the information in the message. This method usually results in development of stronger attitudes.

Stereotyping

The act of generalizing a set of characteristics to all members of a group, often leading to oversimplified perceptions or judgments.