Answered: Use the linear demand and supply curves…

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 linear demand and supply curves shown below to answer the following questions.You must show all calculations step-by-step or no credit will be given.

a) The market or equilibrium price is $__________.

b) When 10,000 units are produced and consumed, total consumer surplus is $__________, and total producer surplus is $__________.

Price (dollars)
60
52.50
50
42.50
40-
37.50
30
20
15
10
AP
0
10,000
S
20,000 30,000 40,000
15,000
Quantity demanded and supplied
D
50,000
Qd'
60,000

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d) At the market price in part a, the net gain to producers when they supply 10,000 units is $__________.

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c) At the market price in part a, the net gain to consumers when 10,000 units are purchased is $__________.

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