Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
13th Edition
ISBN: 9781337742375
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 17, Problem 5WNG
To determine
Movements of rise in labor along the production function and thereby change in the Long Run
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3
Producer Surplus, PS
$12
$11
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Print
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Legend
●Demand
● Supply
Price
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$9
$8
$7
$6
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1
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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.
Chapter 17 Solutions
Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
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