20 Price 18 16+ 14 Supply 12 10 6 Demand 2. 10 20 Quantiy 30 40 60 70 80 a. At the equilibrium price, calculate the total surplus in the market. b. Do you expect sellers to produce at Q-50? Or not, why? Explain using no more than 50 words.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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M5
9. Suppose you have the following market:
IPrice
20
18 +
16
14
Supply
12
10
8
6
Demand
10
20
30
40
50
50
70
80
Quantiry
a. At the equilibrium price, calculate the total surplus in the market.
b. Do you expect sellers to produce at Q- 50? Or not, why? Explain using no
more than 50 words.
O a on N
Transcribed Image Text:9. Suppose you have the following market: IPrice 20 18 + 16 14 Supply 12 10 8 6 Demand 10 20 30 40 50 50 70 80 Quantiry a. At the equilibrium price, calculate the total surplus in the market. b. Do you expect sellers to produce at Q- 50? Or not, why? Explain using no more than 50 words. O a on N
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