Use the graph above to answer the following questions: Show your work. 5. What is consumer surplus in this market if the price is $60? 6. What is consumer surplus in this market if the price is $30? 7. How would consumer, producer, and total surplus change if the price market price decreases from $60 to $30?
Use the graph above to answer the following questions: Show your work. 5. What is consumer surplus in this market if the price is $60? 6. What is consumer surplus in this market if the price is $30? 7. How would consumer, producer, and total surplus change if the price market price decreases from $60 to $30?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Solve all the parts and please answer correctly
Transcribed Image Text:Price
$150
$120
$90
S60
$30
I
I
+
I
10 20 30 40 50 Quantity
Use the graph above to answer the following questions: Show your work.
5. What is consumer surplus in this market if the price is $60?
6. What is consumer surplus in this market if the price is $30?
7.
How would consumer, producer, and total surplus change if the price market price
decreases from $60 to $30?
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