Suppose That King Kanuta from Problem 11 Demands That Each

question 9

Multiple Choice

Suppose that King Kanuta from Problem 11 demands that each of his subjects give him 3 coconuts for every coconut that they consume. The king puts all of the coconuts that he collects in a large pile and burns them. The supply of coconuts is given by S(p_s) = 100p_s, where p_s is the price received by suppliers. The demand for coconuts by the king's subjects is given by D(p_d) = 7,650 - 100p_d, where p_d is the price paid by consumers. In equilibrium, the price received by suppliers will be

• A) $153.
• B) $18.
• C) $27.
• D) $38.25.
• E) None of the above.

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Definitions:

Prefrontal Lobe

A part of the frontal lobes of the brain involved in decision making, social behavior, and personality expression.

Hippocampus

A major component of the brains of humans and other vertebrates, involved in the consolidation of information from short-term memory to long-term memory and spatial navigation.

Short-term Memory

The part of the memory system where information is stored for a brief period of time, typically from several seconds to a minute, before it is either discarded or transferred to long-term memory.

Hippocampus

A major component of the brain in humans and other vertebrates, playing critical roles in the consolidation of information from short-term memory to long-term memory and spatial navigation.