The figure shows the pizza market. A) If the price of a slice of 4-point pizza is $3, what is the consumer surplus of the 50th slice? B) If the price of a slice of pizza is $3, what is the producer surplus for the 50th slice of pizza? C) What is the efficient quantity? What is the equilibrium quantity? What is the loss when the equilibrium quantity is produced?
The figure shows the pizza market. A) If the price of a slice of 4-point pizza is $3, what is the consumer surplus of the 50th slice? B) If the price of a slice of pizza is $3, what is the producer surplus for the 50th slice of pizza? C) What is the efficient quantity? What is the equilibrium quantity? What is the loss when the equilibrium quantity is produced?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The figure shows the pizza market. A) If the

Transcribed Image Text:Price (dollars per slice of pizza)
5
+
3
2
1
0
25
S = MSC
D = MSB
50 75 100 125
Quantity (slices of pizza per year)
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