Question 13, Additional Problem 3 The table shows the demand schedule for personal trainer services and the supply schedule of personal trainer services. If all personal trainers agree to charge $80 an hour, how do consumer surplus and producer surplus change? What is the deadweight loss created? When the personal trainers increase the price they charge from $60 an hour to $80 an hour, consumer surplus increases by $

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Question 13, Additional Problem 3
The table shows the demand schedule for personal trainer services and the supply schedule of
personal trainer services.
If all personal trainers agree to charge $80 an hour, how do consumer surplus and producer
surplus change? What is the deadweight loss created?
(18 complete)
When the personal trainers increase the price they charge from $60 an hour to $80 an hour,
consumer surplus increases by $
22
Transcribed Image Text:Question 13, Additional Problem 3 The table shows the demand schedule for personal trainer services and the supply schedule of personal trainer services. If all personal trainers agree to charge $80 an hour, how do consumer surplus and producer surplus change? What is the deadweight loss created? (18 complete) When the personal trainers increase the price they charge from $60 an hour to $80 an hour, consumer surplus increases by $ 22
Price Quantity demanded Quantity supplied
(hours per day)
(dollars per hour)
0
20
40
60
80
100
100
80
60
40
20
0
0
0
20
40
60
80
Transcribed Image Text:Price Quantity demanded Quantity supplied (hours per day) (dollars per hour) 0 20 40 60 80 100 100 80 60 40 20 0 0 0 20 40 60 80
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