9. Toasters again! The demand and supply schedule for toasters, is given below. a. Graph the supply and demand curves to scale and identify the areas that represent the consumer surplus and producer surplus ($) (millions) (millions) 120 10 100 10 20 80 20 30 60 30 40 40 40 50 20 50 60 60 b. What are the equilibrium quantity and price? Qe P. = %3D c. Calculate consumer surplus, producer surplus and total surplus.
9. Toasters again! The demand and supply schedule for toasters, is given below. a. Graph the supply and demand curves to scale and identify the areas that represent the consumer surplus and producer surplus ($) (millions) (millions) 120 10 100 10 20 80 20 30 60 30 40 40 40 50 20 50 60 60 b. What are the equilibrium quantity and price? Qe P. = %3D c. Calculate consumer surplus, producer surplus and total surplus.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Homework 4 - Compatibility Mode Saved to this PC
O Search
Joseph Mercado
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m12 A A Aa A E-E
AaBbCcI AaBbCcl AaBbC AaB Aabbccc
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Subtitle
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9. Toasters again! The demand and supply schedule for toasters, is given below.
a. Graph the supply and demand curves to scale and identify the areas that represent
the consumer surplus and producer surplus
($)
(millions)
(millions)
120
10
100
10
20
80
20
30
60
30
40
40
50
20
50
60
60
b. What are the equilibrium quantity and price?
P. =
c. Calculate consumer surplus, producer surplus and total surplus.
Foan
hp
t3
fg
fo
10
4+
#3
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立](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F312d8763-4e5f-430b-b9b4-0d2c69ac117c%2F8959bcfe-5551-4f14-8fdd-6966fcc72e09%2Flrzupbk_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Homework 4 - Compatibility Mode Saved to this PC
O Search
Joseph Mercado
Layout
References
Mailings
Review
View
Help
m12 A A Aa A E-E
AaBbCcI AaBbCcl AaBbC AaB Aabbccc
OFind
Repla
A Select
ab x, x A- D A-
m。 ,田、
1 Normal 1 No Spac. Heading 1
Title
Subtitle
Font
Paragraph
Styles
Editing
9. Toasters again! The demand and supply schedule for toasters, is given below.
a. Graph the supply and demand curves to scale and identify the areas that represent
the consumer surplus and producer surplus
($)
(millions)
(millions)
120
10
100
10
20
80
20
30
60
30
40
40
50
20
50
60
60
b. What are the equilibrium quantity and price?
P. =
c. Calculate consumer surplus, producer surplus and total surplus.
Foan
hp
t3
fg
fo
10
4+
#3
%24
&
立
![wok 4 Compatibility Mode Saved to this PC
9Search
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-A A Aa Ap
AaBbCel AaBbCcl AaBbC AaB Aabc
岛。出。
1 Normal 1 No Spac. Heading 1
Title
Subtiti
ant
Paragraph
Styles
10. Toasters last time! With the same data as the last problem. What happens if
government imposes a price ceiling of $30.
a. How many toasters will be sold?
b. What is consumer surplus with price ceiling?
c. What is producer surplus with price ceiling?
d. What is the total surplus with price ceiling?
e. How did the price ceiling change the total surplus compared to free market
equilibrium of #9?
Feous
bp
s米
fho
%23
近](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F312d8763-4e5f-430b-b9b4-0d2c69ac117c%2F8959bcfe-5551-4f14-8fdd-6966fcc72e09%2Fqpgvf3g_processed.jpeg&w=3840&q=75)
Transcribed Image Text:wok 4 Compatibility Mode Saved to this PC
9Search
References
Mailings
Review
View
Help
-A A Aa Ap
AaBbCel AaBbCcl AaBbC AaB Aabc
岛。出。
1 Normal 1 No Spac. Heading 1
Title
Subtiti
ant
Paragraph
Styles
10. Toasters last time! With the same data as the last problem. What happens if
government imposes a price ceiling of $30.
a. How many toasters will be sold?
b. What is consumer surplus with price ceiling?
c. What is producer surplus with price ceiling?
d. What is the total surplus with price ceiling?
e. How did the price ceiling change the total surplus compared to free market
equilibrium of #9?
Feous
bp
s米
fho
%23
近
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