Price 110 + 100 + Supply 90 80 70 60 + Demand 50 45 40 30 20 10 + +++ ++ 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 Buantity 12. Assume that demand increases (shifts to the right), raising the equilibrium price from $50 to $70. How much does producer surplus increase due to new producers entering the market? a) $400. b) $800. c) $1,200. d) $900.

Price 110 + 100 + Supply 90 80 70 60 + Demand 50 45 40 30 20 10 + +++ ++ 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 Buantity 12. Assume that demand increases (shifts to the right), raising the equilibrium price from $50 to $70. How much does producer surplus increase due to new producers entering the market? a) $400. b) $800. c) $1,200. d) $900.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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