If the market is described by the given Demand curve, and Supply curve S3, what is total market surplus? 18 Price 16 14 12 10 8 6 4 2 0 2 4 Typed numeric answer will be automatically saved. 6 8 10 Demand 12 14 16 S4 S3 S2 S1 Quantit 18 20

If the market is described by the given Demand curve, and Supply curve S3, what is total market surplus? 18 Price 16 14 12 10 8 6 4 2 0 2 4 Typed numeric answer will be automatically saved. 6 8 10 Demand 12 14 16 S4 S3 S2 S1 Quantit 18 20

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If the market is described by the given Demand curve, and Supply curve 53, what is total market surplus?
18 Price
16
14
12
10
8
6
4
2
0
2
4
Typed numeric answer will be automatically saved.
6
8
10
Demand
12
14
16
S4
S3
S2
S1
Quantit
18 20

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9. Let (inverse) demand be Pb = 84 - 1 Qb and (inverse) supply be Pv = 20 + 2 Qv. What quantity will buyers purchase if the market is competitive? Answer: your answer Submit Price ($) $200 $ 180 $ 160 $140 $120 $100 $80 $ 60 $40 $20 $0 0 10 20 Demand 30 40 Supply 50 Eqm 60 70 80 90
FoisPas, a French restaurant in Westwood, has decided to increase the price of its Sunday brunch from $30 to $34. Following this price increase, the number of reservations on a typical Sunday dropped from 60 to 55. Which statement is correct? O FoisPas was initially maximizing revenues, as demand was unit-elastic at the initial price O The total costs faced of FoisPas on a typical Sunday must have increased for sure O The price increase led to a decrease in total revenues as demand was elastic at the initial price O FoisPas faces a horizontal demand curve O The price increase had a positive impact on total revenue as demand was inelastic at the initial price