Suppose that the supply and demand schedules for a product are as follows: Price Quantity demanded Quantity supplied $1 $5 $10 $15 $20 $25 $30 The equilibrium price is $ The buyer's reservation price is $ 1,200 1,000 800 600 400 200 0 N and the equilibrium quantity is The consumer surplus when the market is in equilibrium is $ 0 100 200 300 400 500 600 and the seller's reservation price is $ S and the producer surplus is $

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 31RQ: What is consumer surplus? How is it illustrated on a demand and supply diagram?
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31°C
Partly sunny
Suppose that the supply and demand schedules for a product are as follows:
Price Quantity demanded Quantity supplied
$1
$5
$10
$15
$20
$25
$30
The equilibrium price is $
The buyer's reservation price is $
1,200
1,000
800
600
400
200
0
and the equilibrium quantity is
The consumer surplus when the market is in equilibrium is $
and the seller's reservation price is $
The quantity traded after the imposition of the price floor is
0
The deadweight loss after the imposition of the price floor
100
200
300
400
500
600
If a price floor is imposed on the market, based on the table the maximum price that could be charged is $
Q
and the producer surplus is $
122141
92
940
Transcribed Image Text:ed out of question 31°C Partly sunny Suppose that the supply and demand schedules for a product are as follows: Price Quantity demanded Quantity supplied $1 $5 $10 $15 $20 $25 $30 The equilibrium price is $ The buyer's reservation price is $ 1,200 1,000 800 600 400 200 0 and the equilibrium quantity is The consumer surplus when the market is in equilibrium is $ and the seller's reservation price is $ The quantity traded after the imposition of the price floor is 0 The deadweight loss after the imposition of the price floor 100 200 300 400 500 600 If a price floor is imposed on the market, based on the table the maximum price that could be charged is $ Q and the producer surplus is $ 122141 92 940
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