Bundle: Economics: Private And Public Choice, Loose-leaf Version, 16th + Mindtap Economics, 1 Term (6 Months) Printed Access Card
16th Edition
ISBN: 9781337956666
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 10, Problem 4CQ
To determine
Identify the effect of pessimistic thought on the speed and strengthen the recovery.
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3
Producer Surplus, PS
$12
$11
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Legend
●Demand
● Supply
Price
$10
$9
$8
$7
$6
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$5
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1
2 3
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Tons of Wheat (in thousands)
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a. Indicate the consumer surplus if the market is in equilibrium.
Instructions: Use the tool provided "Consumer Surplus, CS" to shade in the consumer surplus area on the graph.
b. Indicate the producer surplus if the market is in equilibrium.
Instructions: Use the tool provided "Producer Surplus, PS" to shade in the producer surplus area on the graph.
Figure 4-4
PRICE
a
P
B
Q
a
QUANTITY
Supply
Refer to Figure 4-4. The movement from point A to point B on the graph is called
a decrease in supply.
an increase in supply.
an increase in the quantity supplied.
a decrease in the quantity supplied.
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Chapter 10 Solutions
Bundle: Economics: Private And Public Choice, Loose-leaf Version, 16th + Mindtap Economics, 1 Term (6 Months) Printed Access Card
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