Calculate the following at the equilibrium price of $7.00.a. The weekly consumer surplus at the market equilibrium price.Instructions: Enter your response rounded to the nearest penny (two decimal places).per week.b. The weekly producer surplus at the market equilibrium price.Instructions: Enter your response rounded to the nearest penny (two decimal places).per week.c. The maximum weekly amount that producers and consumers in Lincoln would bewilling to pay to be able to buy and sell used DVDs in any given week (total economicsurplus).Instructions: Enter your response rounded to the nearest penny (two decimal places).+Aper week. Suppose the weekly demand and supply curves for used DVDs in Lincoln, Nebraska, are as shown in the diagram:Market for used DVDsPrice ($/DVD)AB0DESFGHQuantity (DVDs/week)Use the following values for the graph above:A8.00B7.50C7.00DEFGHI5.504.00241032Calculate the following at the equilibrium price of $7.00.

a. Weekly Consumer Surplus 2.00 b. Weekly Producer Surplus 6.00 c. Total Economic Surplus…

Answered: Calculate the following at the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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