130 100 Supply 70 60 Demand 50 45 40 30 20 10+ 10 20 30 s0 60 70 B0 90 100 110 120 13o 140 150 1so 170 Qae 40 Refer to the above figure. Assume demand increases, which causes the equilibrium price to increase from $50 to $70. The increase in producer surplus to producers already in the market would be O $1,60o. O $600. O $800.

130 100 Supply 70 60 Demand 50 45 40 30 20 10+ 10 20 30 s0 60 70 B0 90 100 110 120 13o 140 150 1so 170 Qae 40 Refer to the above figure. Assume demand increases, which causes the equilibrium price to increase from $50 to $70. The increase in producer surplus to producers already in the market would be O $1,60o. O $600. O $800.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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