Suppose there is a downward sloping demand curve that has a y-intercept of 60 and anupward sloping supply curve that has a y-intercept of 8. If the competitive equilibrium Priceis 38 and Quantity is 48 what would be the size of the overall total surplus (consumersurplus plus producer surplus) for this market? (Please answer to 2 decimal places asneeded)Your Answer:42Answer

In a free economy, equilibrium can be attained by the intersection of the demand curve and the…

puppose there is a downward sloping demand curve that has a y-intercept of 60 and an upward sloping supply curve that has a y-intercept of 8. If the competitive equilibrium P is 38 and Quantity is 48 what would be the size of the overall total surplus (consumer surplus plus producer surplus) for this market? (Please answer to 2 decimal places as needed) Your Answer: 42

puppose there is a downward sloping demand curve that has a y-intercept of 60 and an upward sloping supply curve that has a y-intercept of 8. If the competitive equilibrium P is 38 and Quantity is 48 what would be the size of the overall total surplus (consumer surplus plus producer surplus) for this market? (Please answer to 2 decimal places as needed) Your Answer: 42

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 33RQ: What is total surplus? How is it illustrated on a demand and supply diagram?

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