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.

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.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 6QR

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Question

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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