As part of a market research project, you survey six random people to see how much gas per week they would buy at various prices. The data you collect is in the accompanying table. What is the total demand in your survey for gas at $1.50 per gallon?

Q: c. How much total consumer surplus will each of them receive at a price of $32?

A: Last parts C and d are answered below:

Q: Can you please answer all the question A through H.

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Q: Is a competitive market “efficient”? Define efficiency and explain.

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A: The term "maturity risk premium" (MRPs) describes receiving a higher return for keeping a securities…

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A: The LM curve depicts the equilibrium points of the money market for different interest rates and…

Q: You work for the Committee for Economic Evaluation in the small nation of Kinsdale. Your current job…

A: GDP is the gross domestic product.  GDP is defined as the monetary value of all the goods and…

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A: Resource allocation refers to the process of distributing available resources among different uses,…

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.