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Suppose the demand and supply curves for good X are both linear. The demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is total producer surplus is and total social surplus is 1. $144,000; $120,000; $264,000 2. $144,000; $672,000; $384,000 3. $120,000; $144,000; $264,000

Suppose the demand and supply curves for good X are both linear. The demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is total producer surplus is and total social surplus is 1. $144,000; $120,000; $264,000 2. $144,000; $672,000; $384,000 3. $120,000; $144,000; $264,000

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Suppose the demand and supply curves for good X are both linear. The demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is total producer surplus is and total social surplus is 1. $144,000; $120,000; $264,000 2. $144,000; $672,000; $384,000 3. $120,000; $144,000; $264,000
Transcribed Image Text:Suppose the demand and supply curves for good X are both linear. The demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is total producer surplus is and total social surplus is 1. $144,000; $120,000; $264,000 2. $144,000; $672,000; $384,000 3. $120,000; $144,000; $264,000
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