Assume all benefits accrue to the buyer and all costs are borne by the seller. The demand curve is P(Qd)=MWTP(Q)= 16 – (18/10) x Q. Supply is perfect elastic at P=$5. How much surplus is generated at the efficient outcome? Round to two digits and do not enter a currency symbol. If your answer is $1.125, enter 1.13.

Assume all benefits accrue to the buyer and all costs are borne by the seller. The demand curve is P(Qd)=MWTP(Q)= 16 – (18/10) x Q. Supply is perfect elastic at P=$5. How much surplus is generated at the efficient outcome? Round to two digits and do not enter a currency symbol. If your answer is $1.125, enter 1.13.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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