Oli va Noemi PRINT LAST NAME, FIRST NAME NAME SECTION# CONSUMERS, PRODUCERS, AND MARKET EFFICIENCY Use the graph below to answer questions 1 through 6. Price ($) 20 Supply 15 10 7.50 Demand 20 40 60 80 Quantity and the marginal cost of the 20th unit is $15; $7.50 $5; $5 The marginal benefit of the 20th unit is 1. $7.50; $15 $10; $10 -a. C. b. d. and the marginal cost of the 40th unit is $15; $7.50 $5; $5 The marginal benefit of the 40th unit is $7.50; $15 $10; $10 a. C. - (b. d. units and If the price of this product is $10 per unit, consumers will purchase consumer surplus will equal $ 3. 20; 50 20; 200 40; 50 d. 40; 200 C. units and producer surplus If the price of this product is $10 per unit, firms will sell will equal $ 20; 25 b. 20; 100 40; 25 d. 40; 100 a. C. 5. The efficient level of output is units because marginal benefit (MB) equals at this output level and the sum of consumer and producer surplus is 40; MC; maximized 20; 40; maximized 40; 40; 0 20; MC; 0 C. a. b. d. If the quantity exchanged in this market is limited to 20 units, the resulting deadweight loss is equal to: $50. 6. ъ. $75. $100. d. $150. C. a. 127 Chapter 6 Assignments 2. 4.

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