Consider the following demand and supply equations for oil market in the US. Answer the next 3 questions according to these equations. Demand p=580 -…
September 3, 2020
given z=f(x,y)=x 2 +y 2 /2, g(t)=f(x 0 +th, y 0 +tk), h and k are arbitrary. suppose(x 0, y 0 ) is a point where f(x,y) is minimized.
September 3, 2020

Imagine Livia values a car at $30k and Sunrise Chevrolet values the same car at $20k. If a transaction is completed between these two agents, the transaction will generate

  • $6,000 worth of buyer surplus and $4,000 of seller surplus
  • $1,000 worth of buyer surplus and unknown amount of seller surplus
  • No surplus
  • $6,000 worth of buyer surplus and unknown amount of seller surplus
  • $4,000 worth of seller surplus and unknown amount of buyer surplus
KM
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