Use the following values for the graph above: A 20.00 19.00 $ с 18.00 D 14.00 E 10.00 F 5 G 10 H 30 Calculate the following at the equilibrium price of $18.00. a. The weekly consumer surplus at the market equilibrium price. Instructions: Enter your response rounded to the nearest penny (two decimal places). $ 50 per week. b. The weekly producer surplus at the market equilibrium price. Instructions: Enter your response rounded to the nearest penny (two decimal places). 100 per week. I 100 c. The maximum weekly amount that producers and consumers in Lincoln would be willing to pay to be able to buy and sell used DVDs in any given week (total economic surplus). Instructions: Enter your response rounded to the nearest penny (two decimal places).

Use the following values for the graph above: A 20.00 19.00 $ с 18.00 D 14.00 E 10.00 F 5 G 10 H 30 Calculate the following at the equilibrium price of $18.00. a. The weekly consumer surplus at the market equilibrium price. Instructions: Enter your response rounded to the nearest penny (two decimal places). $ 50 per week. b. The weekly producer surplus at the market equilibrium price. Instructions: Enter your response rounded to the nearest penny (two decimal places). 100 per week. I 100 c. The maximum weekly amount that producers and consumers in Lincoln would be willing to pay to be able to buy and sell used DVDs in any given week (total economic surplus). Instructions: Enter your response rounded to the nearest penny (two decimal places).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Handwritten solution not required

Suppose the weekly demand and supply curves for used DVDs in Lincoln, Nebraska, are as shown in the diagram:
Price ($/DVD)
A
B
C
D
E
Market for used DVDs
F
G
H
Quantity (DVDs/week)
D

Use the following values for the graph above:
A
20.00
B
19.00
$
C
18.00
D
14.00
E
10.00
F
5
G
10
H
30
Calculate the following at the equilibrium price of $18.00.
a. The weekly consumer surplus at the market equilibrium price.
Instructions: Enter your response rounded to the nearest penny (two decimal places).
$ 50 per week.
b. The weekly producer surplus at the market equilibrium price.
Instructions: Enter your response rounded to the nearest penny (two decimal places).
100 per week.
I
100
c. The maximum weekly amount that producers and consumers in Lincoln would be willing to pay to be able to buy and
sell used DVDs in any given week (total economic surplus).
Instructions: Enter your response rounded to the nearest penny (two decimal places).

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