Price of shrimp (per pound) $22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0 S 250 500 750 1,000 1,250 1.500 1.750 Quantity of shrimp (in pounds) Show your work. a. If the there is a limit on sales to 500 pounds, the quota rent per pound = $ b. Consumer surplus = $

Price of shrimp (per pound) $22.50 20.00 17.50 15.00 12.50 10.00 7.50 5.00 2.50 0 S 250 500 750 1,000 1,250 1.500 1.750 Quantity of shrimp (in pounds) Show your work. a. If the there is a limit on sales to 500 pounds, the quota rent per pound = $ b. Consumer surplus = $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Price of
shrimp
(per pound)
$22.50
20.00
17.50
15.00
12.50
10.00
7.50
5.00
2.50
S
0 250 500 750 1,000 1,250 1.500 1.750
Quantity of shrimp (in pounds)
Show your work.
a. If the there is a limit on sales to 500 pounds, the quota rent per pound = $
b. Consumer surplus = $

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Step 1: Define demand-supply equilibrium:

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Step 3: Calculate consumer surplus:

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