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:

Genetically Determined

Traits or characteristics that are inherited from one's parents through genes.

Ego

The component of the mind in psychoanalytic theory that mediates between the unconscious desires of the id and the moral constraints of the superego.

Present Behavior

The current actions or mannerisms exhibited by an individual, as observed or reported at a given time.

Conscious Plans

Thoughtfully considered actions or decisions one intends to carry out, fully aware and deliberate.