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Economics Problem

  • 21-10-2010 7:04pm
    #1
    xp90
    Banned (with Prison Access) Posts: 583 ✭✭✭


    Trying to study for an exam tomorrow, this appeared in a past paper and cant seem to work it out, could anyone help? much appreciated!


    You are the assistant of a telecommunications company and your best estimate of the demand for telecommunication services is given by Qd = 250 – 5P and the market supply of telecommunication services is given by Qs = 4P – 110. There is a tax reform that leads to a change in the supply function to Qs = 2.5P – 110. What is the consumer surplus given the tax reform?

    a) 10
    b) 500
    c) 250
    d) 48


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