16. Use the following supply and demand data for a cake business to draw a supply and demand curve. Circle the equilibrium point. How many cakes should the entrepreneur supply each week? Why? What price should the entrepreneur charge for each cake? Why? Supply Quantity per wk. 2 4 6 8 12 14 Price per cake $5 $10 $15 $20 $30 $35 Demand Quantity per wk. 19 16 13 10 7 4 Price per cake $10 $15 $20 $25 $30 $35

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

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