Hand written solutions are strictly prohibited 16. The table below gives the demand and supplyschedules for sandwiches.Price(dollars per sandwich)034561232Quantitydemanded(sandwiches per hour)300250200150Quantitysupplied100500050100150200250300a. What is the maximum price that a consumer iswilling to pay for the 200th sandwich?2b. What is the minimum price that a producer iswilling to accept for the 200th sandwich?4c. If 200 sandwiches a day are available, what isthe total surplus?mcpoasPER$5MА1fooferSpAZinS

This can be defined as a concept that shows the summation of the surplus of both parties that…

a. What is the maximum price that a consumer is willing to pay for the 200th sandwich? 2 b. What is the minimum price that a producer is willing to accept for the 200th sandwich? 4 c. If 200 sandwiches a day are available, what is the total surplus?

a. What is the maximum price that a consumer is willing to pay for the 200th sandwich? 2 b. What is the minimum price that a producer is willing to accept for the 200th sandwich? 4 c. If 200 sandwiches a day are available, what is the total surplus?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Hand written solutions are strictly prohibited

16. The table below gives the demand and supply
schedules for sandwiches.
Price
(dollars per sandwich)
0
3456123
2
Quantity
demanded
(sandwiches per hour)
300
250
200
150
Quantity
supplied
100
50
0
0
50
100
150
200
250
300
a. What is the maximum price that a consumer is
willing to pay for the 200th sandwich?
2
b. What is the minimum price that a producer is
willing to accept for the 200th sandwich?
4
c. If 200 sandwiches a day are available, what is
the total surplus?
mc
po
as
PER
$5
M
А1
fo
of
er
Sp
A
Z
in
S

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