The graph shows the market for hamburgers, and the consumer surplus and producer surplus. What is total surplus? Total surplus is $ If the quantity demanded of hamburgers decreases by 80 an hour at each price, the demand curve shifts leftward from D to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and labelit PS Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? Total surplus A 9.00 8.00- 7.00- 6.00 5.00- 3.00- 2.00 1.00 0.00 0 Price (dollars per hamburger) 9.00 8.00 7.00- 6.00- 5.00- 4.00- 3.00- 2.00- 1.00- 0.00- $ D₁ Do 20 40 60 80 100 120 140 160 180 Quantity (hamburgers per hour) Price (dollars per hamburger) S D 20 40 60 80 100 120 140 160 160 Quantity (hamburgers per hour) Q Q G Q Q >>> Draw only the objects specified in the question.

The graph shows the market for hamburgers, and the consumer surplus and producer surplus. What is total surplus? Total surplus is $ If the quantity demanded of hamburgers decreases by 80 an hour at each price, the demand curve shifts leftward from D to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and labelit PS Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? Total surplus A 9.00 8.00- 7.00- 6.00 5.00- 3.00- 2.00 1.00 0.00 0 Price (dollars per hamburger) 9.00 8.00 7.00- 6.00- 5.00- 4.00- 3.00- 2.00- 1.00- 0.00- $ D₁ Do 20 40 60 80 100 120 140 160 180 Quantity (hamburgers per hour) Price (dollars per hamburger) S D 20 40 60 80 100 120 140 160 160 Quantity (hamburgers per hour) Q Q G Q Q >>> Draw only the objects specified in the question.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The diagram at right shows the structure of cost and demand facing a monopolistically competitive firm in the short run. The profit-maximizing output level is units of output. (Enter your response as an integer.) The profit-maximizing price is $. (Enter your response as an integer.) Total revenue is $ (Enter your response as an integer.) Total cost is $. (Enter your response as an integer.) Total profit or loss is $ (Enter your response as an integer and include a negative sign where appropriate.) In the long run, firms will OA. exit, shifting the demand facing the remaining firms to the right until the firms earn an economic profit. B. exit, shifting the demand facing the remaining firms to the right until the firms earn a normal profit. OC. enter, shifting the demand facing the remaining firms to the left until the firms earn a normal profit. OD. enter, shifting the demand facing the remaining firms to the left until the firms earn an economic profit. $14 $13 $12 $11 $7 MR 15 20…
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