Price (dollars per pound) 19 3 X 8.000 4.000 Supply 12,000 Demand Quantity (pounds) Refer to Figure 4-4. The figure above represents the market for pecans. Assume that this is a competitive market. If 4,0 pounds of pecans are sold. O consumer surplus equals zero. O the marginal benefit of each of the 4,000 pounds of pecans equals $3. loss in oual to $12,000

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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Figure 4-4 Price (dollars per pound) $9 6 3 4,000 8,000 12,000 Supply Demand Quantity (pounds) Refer to Figure 4-4. The figure above represents the market for pecans. Assume that this is a competitive market. If 4,000 pounds of pecans are sold, O consumer surplus equals zero. O the marginal benefit of each of the 4,000 pounds of pecans equals $3. O the deadweight loss is equal to $12,000. O marginal benefit is equal to marginal cost.

 

 

Figure 4-4
Price
(dollars
per pound)
$9
6
x
4,000
8.000
Supply
12.000
Demand
Quantity
(pounds)
Refer to Figure 4-4. The figure above represents the market for pecans. Assume that this is a competitive market. If 4,000
pounds of pecans are sold,
O consumer surplus equals zero.
O the marginal benefit of each of the 4,000 pounds of pecans equals $3.
O the deadweight loss is equal to $12,000
O marginal benefit is equal to marginal cost
Transcribed Image Text:Figure 4-4 Price (dollars per pound) $9 6 x 4,000 8.000 Supply 12.000 Demand Quantity (pounds) Refer to Figure 4-4. The figure above represents the market for pecans. Assume that this is a competitive market. If 4,000 pounds of pecans are sold, O consumer surplus equals zero. O the marginal benefit of each of the 4,000 pounds of pecans equals $3. O the deadweight loss is equal to $12,000 O marginal benefit is equal to marginal cost
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