QUESTION 9 The graph below represents the market demand curve for a product, where p is the price and Q is the total quantity in this market. In this perfectly competitive market, the current price of this product is p%3D7. Use the graph to compute the consumer surplus (CS) in this market. 13 9 7 Demand 4 6. a. CS=6 b. CS=0 c. CS=32 d. CS=8 e. CS=18
QUESTION 9 The graph below represents the market demand curve for a product, where p is the price and Q is the total quantity in this market. In this perfectly competitive market, the current price of this product is p%3D7. Use the graph to compute the consumer surplus (CS) in this market. 13 9 7 Demand 4 6. a. CS=6 b. CS=0 c. CS=32 d. CS=8 e. CS=18
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Transcribed Image Text:QUESTION 9
The graph below represents the market demand curve for a product, where p is the price and Q is the total quantity in this market. In this perfectly competitive market, the
current price of this product is p%3D7. Use the graph to compute the consumer surplus (CS) in this market.
13
9
7
Demand
4
6.
a. CS=6
b. CS=0
c. CS=32
d. CS=8
e. CS=18
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