4. Suppose Eddie’s demand curve for text messages is T=150-500Pt, where T stands for the number

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4. Suppose Eddie's demand curve for text messages is T=150-500Pt, where T stands for the
number of text messages and Pt represents the price of text messages. What is Eddie's consumer
surplus if Pt = $.10 per message?

A. $5
B. $10
C. $20
D. $50

8. When the marginal product of an input is ______ than the average product, the marginal units
of the input _____ the average product.
A. Larger; lower
B. Smaller; raise
C. Smaller; do not affect
D. Larger; raise

19. Suppose the market demand function for ice cream is and the market supply
function for ice cream is , both measured in millions of gallons of ice cream per
year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The loss in
consumer surplus due to the tax is
A. $3
B. $1.80
C. $2
D. $1.20

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