Practice Use the graph below to practice the calculations. Price $24 Supply $18 $12 $8 a12 $4 Demand 0. 450 900 1,200 Quantity If the market is in equilibrium, price is $12 and quantity is 900. Calculate Consumer surplus = %3D Producer surplus = Total surplus = %3D If the product price is $18, only 450 units will be exchanged. Calculate Consumer surplus = Producer surplus = Total surplus = %3D Deadweight 1 C12
Practice Use the graph below to practice the calculations. Price $24 Supply $18 $12 $8 a12 $4 Demand 0. 450 900 1,200 Quantity If the market is in equilibrium, price is $12 and quantity is 900. Calculate Consumer surplus = %3D Producer surplus = Total surplus = %3D If the product price is $18, only 450 units will be exchanged. Calculate Consumer surplus = Producer surplus = Total surplus = %3D Deadweight 1 C12
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Practice Pack
If the market is in equilibrium,
![Practice
Use the graph below to practice the calculations.
Price
$24
Supply
$18
$12
$8
a12
$4
Demand
0.
450
900
1,200
Quantity
If the market is in equilibrium, price is $12 and quantity is 900. Calculate
Consumer surplus =
%3D
Producer surplus =
Total surplus =
%3D
If the product price is $18, only 450 units will be exchanged. Calculate
Consumer surplus =
Producer surplus =
Total surplus =
%3D
Deadweight 1
C12](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2fc99bce-2e4d-4bfc-be9f-ddde7d751cae%2F4d56782b-05b7-431b-8779-29959663fa7f%2Fqkt2mxw.jpeg&w=3840&q=75)
Transcribed Image Text:Practice
Use the graph below to practice the calculations.
Price
$24
Supply
$18
$12
$8
a12
$4
Demand
0.
450
900
1,200
Quantity
If the market is in equilibrium, price is $12 and quantity is 900. Calculate
Consumer surplus =
%3D
Producer surplus =
Total surplus =
%3D
If the product price is $18, only 450 units will be exchanged. Calculate
Consumer surplus =
Producer surplus =
Total surplus =
%3D
Deadweight 1
C12
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