Quantity Demanded Quantity Supplied Price (dollars per bunch) (bunches per week) 10 100 40 12 90 60 14 80 80 16 70 100 18 60 120 1) What is the equilibrium price and quantity in this market? Is the market efficient or not? Explais 2) Calculate the consumer surplus, producer surplus, and total surplus in the market. 3) If the sellers supply 60 bunches of roses per week: What is the minimum price that producers are willing to accept for the 60th bunch? What is the maximum price that consumers are willing to pay for the 60th bunch? Is this market efficient? Why or why not?

Quantity Demanded Quantity Supplied Price (dollars per bunch) (bunches per week) 10 100 40 12 90 60 14 80 80 16 70 100 18 60 120 1) What is the equilibrium price and quantity in this market? Is the market efficient or not? Explais 2) Calculate the consumer surplus, producer surplus, and total surplus in the market. 3) If the sellers supply 60 bunches of roses per week: What is the minimum price that producers are willing to accept for the 60th bunch? What is the maximum price that consumers are willing to pay for the 60th bunch? Is this market efficient? Why or why not?

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3PA

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