Muka Ari SO Que of 20 Show Transcribed Text The graph represents the market for artichokes (in pounds per week) at a Midwest farmers' market. Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph, show the area representing consumer surplus in this market, and then determine how much consumer surplus will be generated by the market each week. Instructions: Use the tool provided 'CS' to illustrate this area on the graph. I just need to know the coordinates (Mine aren't right) CS " ко 7 2 3 100 SAVE c Show Transcribed Text Consumer surplus: $

When the price is above the equilibrium, explain how market forces move me market price to equilibrium. Do the same when the price is below the equilibrium.

Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. What is the quantity demanded and the quantity supplied at a price of 210? At what price is the quantity supplied equal to 48,000? Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from line table? What HIE die equilibrium price and equilibrium quantity? If the price was 120, what would the quantities demanded and supplied he? Would a shortage or surplus exist? If so, how large would the shortage or surplus he?

What would be the impact of imposing a price flour below the equilibrium price?

What is total surplus? How is it illustrated on a demand and supply diagram?

How can you locate the equilibrium point on a demand and supply graph?