Alice, Amber, and Andi make and sell pottery. Alice is willing to sell a 5 inch pot for $20, Amber is willing to sell a 5 inchpot for $22, and Andi is willing to sell a 5 inch pot for $46.If each of the ladies is able to sell one 5 inch pot for $50, what is their combined producer surplus?combined producer surplus: $If the price of a 5 inch pot is $30, which of the ladies will sell their pots?Andi onlyAlice onlyAlice, Amber, and AndiAlice and Amber

Alice is willing to sell the pot at- $20Amber is willing to sell the pot at- $22Andi is willing to…

Answered: Alice, Amber, and Andi make and sell…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the following information to answer Questions 1 - 3 In a competitive market for whole milk, the market demand is QD = 1000 – 50P and the market supply is QS = 150P, where Q denotes the quantity in gallons and P denotes the price in dollars. [1] Calculate the competitive market equilibrium price? [2] Calculate the competitive market equilibrium quantity? [3] At the competitive market equilibrium price and quantity, calculate the value for consumer surplus? Hint: it might be helpful to construct a graph.
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show on the graph where is the opportunity cost is measured
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