1. Let (inverse) demand be Pb = 97 - 5 Qb and (inverse) supply be Pv = 23 + 4 Qv. How much consumer surplus is created in the market depicted? Answer: your answer Price ($) $ 120 $100 $80 $60 $40 $20 $0 dee ce 0 2 4 Demand 6 Submit 8 Supply 10 Quantity 12 Eqm 14 16 18 20

1. Let (inverse) demand be Pb = 97 - 5 Qb and (inverse) supply be Pv = 23 + 4 Qv. How much consumer surplus is created in the market depicted? Answer: your answer Price ($) $ 120 $100 $80 $60 $40 $20 $0 dee ce 0 2 4 Demand 6 Submit 8 Supply 10 Quantity 12 Eqm 14 16 18 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

....

1.
Let (inverse) demand be Pb = 97 - 5 Qb and (inverse) supply be Pv = 23 + 4 Qv. How much
consumer surplus is created in the market depicted?
Answer: your answer
Price ($)
$120
$100
$80
$ 60
$40
$20
$0
0
2
4
Demand
6
Submit
S
8
Supply
10
Quantity
12
Eqm
14
16
18
20

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