**QUESTION 16**Consider a market where the demand and supply for the good are described by the following equations:\[ Q_D = 22.5 - 3P \]\[ Q_S = 22.5 + 1.5P \]If the market is perfectly competitive, the good is rival and excludable, and there are no externalities, the total surplus is:- $1,933.00- $600.00- $1,800.00- $1,200.00

Total surplus is the sum of consumer and producer surplus , here we calculate total surplus and…

Consider a market where the demand and supply for the good are described by the following equations: Qp = 225 3P and Q = 22.5 + 1.5P If the market is perfectly competitive, the good is rival and excludable, and there are no externalities, the total surplus is O$1,933.00 $600.00 C$1,800.00 $1,200.00

Consider a market where the demand and supply for the good are described by the following equations: Qp = 225 3P and Q = 22.5 + 1.5P If the market is perfectly competitive, the good is rival and excludable, and there are no externalities, the total surplus is O$1,933.00 $600.00 C$1,800.00 $1,200.00

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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